Lindsell Train
Nick TrainLondon, X0files as Lindsell Train Ltd
$2.6bn in 28 US stocks at the end of 30 June 2026. The top 10 are 90.7% of the money. It changed about 7.5% of the portfolio this quarter.
Value
$2.6bn
Stocks
28
Top 10 share
90.7%
Turnover
7.5%
What changed this quarter
New
Bought for the first time this quarter.
- KKRKKR2.3% of the fund
- Warner Music GroupWMG<0.1% of the fund
Added
Bought more of a stock they already held.
- EquifaxEFX<0.1% of the fund+3%
- Verisk AnalyticsVRSK<0.1% of the fund+13%
Cut
Sold some of their stake.
- AlphabetGOOGL17.5% of the fund-25%
- TKO Group HoldingsTKO16.1% of the fund-14%
- Fair IsaacFICO10.3% of the fund-9%
- Thermo Fisher ScientificTMO9.8% of the fund-17%
- Walt DisneyDIS9.5% of the fund-19%
- IntuitINTU6.6% of the fund-9%
- Mondelez InternationalMDLZ5.6% of the fund-28%
- PepsiCoPEP5.3% of the fund-20%
- PayPal HoldingsPYPL5.2% of the fund-24%
- eBayEBAY4.7% of the fund-42%
- Manchester UnitedMANU2.4% of the fund-12%
- Brown FormanBF-A2.2% of the fund-17%
- Brown FormanBF-B1.4% of the fund-12%
- American ExpressAXP<0.1% of the fund-16%
Sold out
Sold their entire stake.
- Colgate-PalmoliveCL-100%
Holdings
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| AlphabetGOOGL | 17.5% | $460m | 1,286,845 | -25% |
| TKO Group HoldingsTKO | 16.1% | $423m | 2,098,862 | -14% |
| Fair IsaacFICO | 10.3% | $270m | 226,186 | -9% |
| Thermo Fisher ScientificTMO | 9.8% | $258m | 514,512 | -17% |
| Walt DisneyDIS | 9.5% | $251m | 2,607,846 | -19% |
| IntuitINTU | 6.6% | $174m | 666,883 | -9% |
| Mondelez InternationalMDLZ | 5.6% | $148m | 2,565,453 | -28% |
| PepsiCoPEP | 5.3% | $139m | 1,023,706 | -20% |
| PayPal HoldingsPYPL | 5.2% | $137m | 3,162,672 | -24% |
| eBayEBAY | 4.7% | $125m | 1,116,001 | -42% |
| Manchester UnitedMANU | 2.4% | $63m | 2,758,446 | -12% |
| KKRKKR | 2.3% | $61m | 667,780 | New |
| Brown FormanBF-A | 2.2% | $58m | 2,134,789 | -17% |
| Brown FormanBF-B | 1.4% | $37m | 1,379,324 | -12% |
| VisaV | 0.1% | $4m | 10,500 | Held |
| S&P GlobalSPGI | 0.1% | $3m | 7,400 | Held |
| Canadian Pacific Kansas CityCP | <0.1% | $3m | 30,000 | Held |
| American ExpressAXP | <0.1% | $3m | 7,600 | -16% |
| EquifaxEFX | <0.1% | $2m | 11,800 | +3% |
| Verisk AnalyticsVRSK | <0.1% | $2m | 9,500 | +13% |
| CME GroupCME | <0.1% | $2m | 6,900 | Held |
| AdobeADBE | <0.1% | $1m | 7,000 | Held |
| Warner Music GroupWMG | <0.1% | $1m | 50,000 | New |
| OracleORCL | <0.1% | $1m | 9,000 | Held |
| Estee Lauder CompaniesEL | <0.1% | $1m | 15,000 | Held |
| Madison Square Garden SportsMSGS | <0.1% | $1m | 2,800 | Held |
| Coca-ColaKO | <0.1% | $975,240 | 12,000 | Held |
| NikeNKE | <0.1% | $862,050 | 21,000 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 38.0% since 30 June 2025.
Where the money is
Media & telecom43.2%
Technology17.0%
Everyday goods14.6%
Health care9.8%
Financial services7.9%
Retail & consumer7.2%
Industrials0.2%
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.