Independent Franchise Partners LLP
London, X0
$15.2bn in 26 US stocks at the end of 30 June 2026. The top 10 are 63.7% of the money. It changed about 6.2% of the portfolio this quarter.
Value
$15.2bn
Stocks
26
Top 10 share
63.7%
Turnover
6.2%
What changed this quarter
New
Bought for the first time this quarter.
None this quarter.
Added
Bought more of a stock they already held.
- Bristol-Myers SquibbBMY8.2% of the fund+2%
- SolventumSOLV8.2% of the fund+3%
- Live Nation EntertainmentLYV7.2% of the fund+3%
- TransUnionTRU6.6% of the fund+15%
- KenvueKVUE6.3% of the fund+2%
- SalesforceCRM6.0% of the fund+44%
- AonAON5.8% of the fund+2%
- NewsNWSA5.2% of the fund+4%
- AirbnbABNB5.1% of the fund+3%
- Johnson & JohnsonJNJ5.1% of the fund+2%
- GartnerIT4.7% of the fund+21%
- Intercontinental ExchangeICE4.2% of the fund+6%
- Zillow GroupZ3.4% of the fund+24%
- FoxFOXA2.9% of the fund+3%
- Otis WorldwideOTIS2.4% of the fund+414%
- FoxFOX1.7% of the fund+3%
- Zillow GroupZG0.8% of the fund+34%
Cut
Sold some of their stake.
- eBayEBAY3.3% of the fund-33%
- Estee Lauder CompaniesEL2.6% of the fund-25%
- Warner Bros. DiscoveryWBD1.4% of the fund-6%
- Ryan Specialty HoldingsRYAN0.7% of the fund-6%
- CortevaCTVA0.6% of the fund-6%
- TKO Group HoldingsTKO0.6% of the fund-6%
Sold out
Sold their entire stake.
None this quarter.
Holdings
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Bristol-Myers SquibbBMY | 8.2% | $1.3bn | 21,792,841 | +2% |
| SolventumSOLV | 8.2% | $1.2bn | 16,170,038 | +3% |
| Live Nation EntertainmentLYV | 7.2% | $1.1bn | 6,013,439 | +3% |
| TransUnionTRU | 6.6% | $1.0bn | 13,976,652 | +15% |
| KenvueKVUE | 6.3% | $964m | 50,427,994 | +2% |
| SalesforceCRM | 6.0% | $912m | 5,818,837 | +44% |
| AonAON | 5.8% | $878m | 2,646,943 | +2% |
| NewsNWSA | 5.2% | $796m | 32,074,535 | +4% |
| AirbnbABNB | 5.1% | $776m | 5,423,764 | +3% |
| Johnson & JohnsonJNJ | 5.1% | $773m | 3,043,186 | +2% |
| GartnerIT | 4.7% | $724m | 5,582,962 | +21% |
| Intercontinental ExchangeICE | 4.2% | $647m | 5,253,130 | +6% |
| Zillow GroupZ | 3.4% | $514m | 16,300,754 | +24% |
| eBayEBAY | 3.3% | $508m | 4,546,653 | -33% |
| Philip Morris InternationalPM | 3.1% | $466m | 2,578,328 | Held |
| FoxFOXA | 2.9% | $438m | 8,398,658 | +3% |
| Estee Lauder CompaniesEL | 2.6% | $390m | 4,941,737 | -25% |
| Otis WorldwideOTIS | 2.4% | $369m | 5,152,104 | +414% |
| Warner Music GroupWMG | 2.3% | $352m | 12,997,804 | Held |
| FoxFOX | 1.7% | $257m | 5,482,675 | +3% |
| NewsNWS | 1.7% | $253m | 9,023,857 | Held |
| Warner Bros. DiscoveryWBD | 1.4% | $217m | 8,157,933 | -6% |
| Zillow GroupZG | 0.8% | $115m | 3,672,937 | +34% |
| Ryan Specialty HoldingsRYAN | 0.7% | $100m | 2,645,789 | -6% |
| CortevaCTVA | 0.6% | $94m | 1,115,112 | -6% |
| TKO Group HoldingsTKO | 0.6% | $86m | 429,092 | -6% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 1.4% since 30 June 2025.
Where the money is
Media & telecom23.0%
Health care21.5%
Technology14.9%
Everyday goods11.9%
Financial services10.7%
Industrials9.0%
Retail & consumer8.4%
Materials0.6%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.