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Funds (13F)

Lindsell Train Ltd

Backtest from 9 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+12.8%
S&P 500 +13.9%
Last 12 months
−4.6%
S&P 500 +12.1%
Sharpe ratio
0.66
S&P 500 0.77
Biggest drop
−32.8%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $55.9k$49.3k
Lindsell Train LtdS&P 500 $10,000 in Lindsell Train Ltd from 9 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Lindsell Train Ltd's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Lindsell Train Ltd's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+12.8%+13.9%
Total return+393%+459%
Last 12 months−4.6%+12.1%
Last 3 months−1.1%—
Last month+5.0%—
This year so far−8.2%—
Volatility a year17.5%16.0%
Sharpe ratio0.660.77
Biggest drop−32.8%−31.8%
Beta to the S&P 5000.911.00
Alpha a year (t-statistic)+0.4% (0.15)—
Share of weeks up55%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
GOOGL18.1%——
TKO16.7%——
FICO10.7%——
TMO10.2%——
DIS9.9%——
INTU6.9%——
MDLZ5.9%——
PEP5.5%——
PYPL5.4%——
EBAY4.9%——
MANU2.5%——
KKR2.4%——
V0.1%——
SPGI0.1%——
CP0.1%——
AXP0.1%——
EFX0.1%——
VRSK0.1%——
CME0.1%——
ADBE0.1%——
WMG0.1%——
ORCL0.1%——
EL0.1%——
MSGS0.0%——
KO0.0%——
NKE0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest9 Aug 2013 to 2 Nov 2026+12.8%+13.9%0.660.77−32.8%0.91+0.4% (0.15)
2018 onwards5 Jan 2018 to 2 Nov 2026+10.9%+13.9%0.490.66−32.8%0.89−1.2% (−0.34)
Last three years3 Nov 2023 to 2 Nov 2026+11.7%+21.8%0.511.16−15.7%0.68−3.2% (−0.47)
Last year7 Nov 2025 to 2 Nov 2026−3.8%+14.2%−0.360.84−15.7%0.62−12.4% (−0.79)
DateCompanyAction
17 Jul 2026WMGBought
17 Jul 2026KKRBought
16 May 2025GOOGLBought
16 May 2025CPBought
24 Jan 2025TMOBought
18 Oct 2024VRSKBought
18 Oct 2024VBought
18 Oct 2024TROWBought
18 Oct 2024TKOBought
18 Oct 2024SPGIBought
18 Oct 2024PYPLBought
18 Oct 2024PEPBought
18 Oct 2024ORCLBought
18 Oct 2024NKEBought
18 Oct 2024MSGSBought
18 Oct 2024MDLZBought
18 Oct 2024MANUBought
18 Oct 2024KVUEBought
18 Oct 2024KOBought
18 Oct 2024JNJBought
18 Oct 2024INTUBought
18 Oct 2024HSYBought
18 Oct 2024FICOBought
18 Oct 2024ELBought
18 Oct 2024EFXBought

Dated at the rebalance that made the change.

DateCompanyAction
17 Jul 2026CLSold
1 May 2026TROWSold
14 Nov 2025HSYSold
24 Jan 2025KVUESold
24 Jan 2025JNJSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest