Michael Lindsell, Nick Train - Lindsell Train 13F Activity & Position Changes (Q3 2020)

According to the SEC 13F filed on Nov 12, 2020, the Lindsell Train portfolio showed several notable changes in holdings as of quarter-end Sep 30, 2020. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q3 2020, the filing reported:

New Buys - None reported

Increases - Brown Forman Inc, CME Group Inc., Manchester United, Pepsico, Inc.

Reductions - Walt Disney Company (The), eBay Inc., Intuit Inc., Mondelez International, Inc., PayPal Holdings, Inc.

Complete Exits - None reported

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2020	BF-A Brown Forman Inc	Brown Forman Inc	Buy	+30,000	+1.1%	$184.88K	2,691,833
Q3 2020	CME CME Group Inc.	CME Group Inc.	Buy	+300	+5.7%	$937.00	5,600
Q3 2020	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-302,002	-4.9%	$730.18K	5,884,790
Q3 2020	EBAY eBay Inc.	eBay Inc.	Sell	-420,000	-4.2%	$498.33K	9,564,871
Q3 2020	INTU Intuit Inc.	Intuit Inc.	Sell	-162,497	-6.6%	$744.69K	2,282,856
Q3 2020	MANU Manchester United	Manchester United	Buy	+72,134	+0.6%	$168.81K	11,609,826
Q3 2020	MDLZ Mondelez International, Inc.	Mondelez International, Inc.	Sell	-2,481,272	-7.7%	$1.72M	29,916,486
Q3 2020	PEP Pepsico, Inc.	Pepsico, Inc.	Buy	+40,500	+0.8%	$692.14K	4,993,824
Q3 2020	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-530,700	-9.7%	$977.07K	4,959,012