Nick Train

Net selling

Lindsell Train Ltd — managed by Nick Train; US equity positions disclosed quarterly via SEC 13F

Data as of 2026-06-30 (filed 2026-07-15) · Source: SEC EDGAR

Portfolio value$2.63B (−16%)

Holdings28 (+1)

Top holdingAlphabet Inc

Below band3

New

Added

Exited

By what price implies: 12 demand a demanding growth rate, 3 modest.

13F × valuation

Valuation posture

Of 9 valued US positions, 3 trade below a conservative value band (as of 2026-08-25):

IntuitINTU30% · below
Adobe IncADBE21% · below
Paypal Hldgs IncPYPL7% · below

13F · concentration

Lonely conviction

Held by ≤2 tracked superinvestors, each ≥3% of this portfolio (as of 2026-06-30):

Tko Group Holdings IncTKO16% · 1

SEC 13F · latest filing

Holdings

Security	Value	Valuation	Holders	Shares	Weight	Signal
Alphabet IncGOOGL	$459.9M	—	41	1,286,845	17.5%	Core 6q
Tko Group Holdings IncTKO	$422.5M	—	1	2,098,862	16.1%	Core 8q
Fair Isaac CorpFICO	$270.2M	—	7	226,186	10.3%	Core 8q
Thermo Fisher Scientific IncTMO	$258.0M	—	14	514,512	9.8%	Core 7q
Disney Walt CoDIS	$251.0M	—	22	2,607,846	9.5%	Core 8q
IntuitINTU	$174.1M	Below value	10	666,883	6.6%	—
Mondelez Intl IncMDLZ	$148.4M	—	7	2,565,453	5.6%	—
Pepsico IncPEP	$138.6M	—	13	1,023,706	5.3%	—
Paypal Hldgs IncPYPL	$136.6M	Below value	9	3,162,672	5.2%	—
Ebay IncEBAY	$124.7M	—	5	1,116,001	4.7%	—
Manchester Utd PlcMANU	$63.3M	—	3	2,758,446	2.4%	—
Kkr & Co IncKKR	$61.3M	—	8	667,780	2.3%	—
Brown Forman CorpBF.A	$58.4M	—	3	2,134,789	2.2%	—
Brown Forman CorpBF.B	$36.8M	—	7	1,379,324	1.4%	—
Visa IncV	$3.6M	—	32	10,500	0.1%	—
S&P Global IncSPGI	$3.0M	—	18	7,400	0.1%	Adding 4q
Canadian Pacific Kansas CityCP	$2.6M	—	7	30,000	0.1%	No trim 6q
American Express CoAXP	$2.6M	—	16	7,600	0.1%	—
Equifax IncEFX	$1.9M	—	10	11,800	0.1%	Adding 4q
Verisk Analytics IncVRSK	$1.7M	—	5	9,500	0.1%	—
Cme Group IncCME	$1.5M	—	6	6,900	0.1%	—
Adobe IncADBE	$1.4M	Below value	13	7,000	0.1%	No trim 8q
Warner Music Group CorpWMG	$1.4M	—	2	50,000	0.1%	—
Oracle CorpORCL	$1.3M	—	15	9,000	0.1%	—
Lauder Estee Cos IncEL	$1.2M	—	5	15,000	0.0%	—

Alphabet IncGOOGLCore 6q
Value$459.9MValuation—Holders41Weight17.5%
Tko Group Holdings IncTKOCore 8q
Value$422.5MValuation—Holders1Weight16.1%
Fair Isaac CorpFICOCore 8q
Value$270.2MValuation—Holders7Weight10.3%
Thermo Fisher Scientific IncTMOCore 7q
Value$258.0MValuation—Holders14Weight9.8%
Disney Walt CoDISCore 8q
Value$251.0MValuation—Holders22Weight9.5%
IntuitINTU—
Value$174.1MValuationBelow valueHolders10Weight6.6%
Mondelez Intl IncMDLZ—
Value$148.4MValuation—Holders7Weight5.6%
Pepsico IncPEP—
Value$138.6MValuation—Holders13Weight5.3%
Paypal Hldgs IncPYPL—
Value$136.6MValuationBelow valueHolders9Weight5.2%
Ebay IncEBAY—
Value$124.7MValuation—Holders5Weight4.7%
Manchester Utd PlcMANU—
Value$63.3MValuation—Holders3Weight2.4%
Kkr & Co IncKKR—
Value$61.3MValuation—Holders8Weight2.3%
Brown Forman CorpBF.A—
Value$58.4MValuation—Holders3Weight2.2%
Brown Forman CorpBF.B—
Value$36.8MValuation—Holders7Weight1.4%
Visa IncV—
Value$3.6MValuation—Holders32Weight0.1%
S&P Global IncSPGIAdding 4q
Value$3.0MValuation—Holders18Weight0.1%
Canadian Pacific Kansas CityCPNo trim 6q
Value$2.6MValuation—Holders7Weight0.1%
American Express CoAXP—
Value$2.6MValuation—Holders16Weight0.1%
Equifax IncEFXAdding 4q
Value$1.9MValuation—Holders10Weight0.1%
Verisk Analytics IncVRSK—
Value$1.7MValuation—Holders5Weight0.1%
Cme Group IncCME—
Value$1.5MValuation—Holders6Weight0.1%
Adobe IncADBENo trim 8q
Value$1.4MValuationBelow valueHolders13Weight0.1%
Warner Music Group CorpWMG—
Value$1.4MValuation—Holders2Weight0.1%
Oracle CorpORCL—
Value$1.3MValuation—Holders15Weight0.1%
Lauder Estee Cos IncEL—
Value$1.2MValuation—Holders5Weight0.0%

Showing top 25 of 28 positions

Exited this quarter (1)Colgate Palmolive Co

What is a superinvestor

About this investor

Portfolio overview

Lindsell Train Ltd's most recent 13F filing, for the quarter ended 2026-06-30, reports 28 positions worth $2.63B. The top 5 holdings represent 63% of that value, a concentrated portfolio.

The single largest position is Alphabet Inc at 17.5% of the portfolio, followed by Tko Group Holdings Inc at 16.1% and Fair Isaac Corp at 10.3%.

Against the prior quarter, Nick Train opened 2 new positions, exited 1, added to 5, and trimmed 14. The largest new buy was Kkr & Co Inc. The most notable sale was the full exit from Colgate Palmolive Co.

Across all 8 quarters on file, Tko Group Holdings Inc has appeared in every filing, as has Fair Isaac Corp. Tko Group Holdings Inc currently ranks second by value.

A 13F is filed roughly 45 days after quarter-end and covers only long positions in US-listed equities, so it is a lagging and partial view of the portfolio. Source: SEC EDGAR.

Nick Train has no positions in the strike zone right now. Browse the whole market by value band

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-07-15

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