Nick Train

Net selling

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

Data as of 2026-03-31 (filed 2026-04-24) · Source: SEC EDGAR

Portfolio value$3.14B（−20%）

Holdings27（−1）

Reporting quarterQ1 2026

Top holdingTko Group Holdings Inc

Portfolio overview

Lindsell Train Ltd's most recent 13F filing, for the quarter ended 2026-03-31, reports 27 positions worth $3.14B. The top 5 holdings represent 61% of that value, a concentrated portfolio.

The single largest position is Tko Group Holdings Inc at 15.7% of the portfolio, followed by Alphabet Inc at 15.6% and Intuit at 10.1%.

Against the prior quarter, Nick Train opened 0 new positions, exited 1, added to 8, and trimmed 17. The most notable sale was the full exit from Price T Rowe Group Inc.

Across all 8 quarters on file, Tko Group Holdings Inc has appeared in every filing, as has Intuit. Tko Group Holdings Inc currently ranks first 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.

High-conviction

S&P Global IncSPGIAdding · 3q

Added for 3 straight quarters.

Equifax IncEFXAdding · 3q

Added for 3 straight quarters.

Adobe IncADBEAdding · 3q

Added for 3 straight quarters.

Strike-zone picks

None of Nick Train's tracked holdings are in the strike zone right now.

Valuation as of 2026-07-02; method: conservative Greenwald value band + Owner-Earnings DCF. Position observation, not advice.

Next · is it cheap

Nick Train has no positions in the strike zone right now.

Browse the whole market by value band

Holdings

Security	Value	Valuation	Holders	Shares	Weight (prev→now)
Tko Group Holdings IncTKO	$493.9M	Above value	1	2,449,468	14.9% → 15.7% ▼
Alphabet IncGOOGL	$490.2M	Above value	34	1,704,639	16.6% → 15.6% ▼
IntuitINTU	$317.2M	Above value	9	733,699	10.3% → 10.1% ▲
Disney Walt CoDIS	$309.0M	Above value	20	3,206,407	10.0% → 9.9% ▼
Thermo Fisher Scientific IncTMO	$303.4M	Above value	11	617,211	10.1% → 9.7% ▼
Fair Isaac CorpFICO	$266.3M	Above value	7	249,422	9.3% → 8.5% ▲
Mondelez Intl IncMDLZ	$205.3M	Above value	4	3,561,964	6.1% → 6.5% ▼
Pepsico IncPEP	$198.3M	Above value	10	1,277,185	6.6% → 6.3% ▼
Paypal Hldgs IncPYPL	$189.0M	Within band	8	4,179,623	6.4% → 6.0% ▼
Ebay IncEBAY	$175.4M	Above value	5	1,927,485	4.6% → 5.6% ▼
Brown Forman CorpBF.A	$69.3M	Above value	3	2,585,222	1.8% → 2.2% ▼
Manchester Utd PlcMANU	$52.8M	—	3	3,142,000	1.5% → 1.7% ▼
Brown Forman CorpBF.B	$41.7M	Above value	4	1,576,049	1.1% → 1.3% ▼
Visa IncV	$3.1M	—	26	10,300	0.1% → 0.1% ▲
S&P Global IncSPGI	$3.1M	Above value	13	7,300	0.1% → 0.1% ▲
American Express CoAXP	$2.7M	Above value	13	9,000	0.1% → 0.1% ▼
Canadian Pacific Kansas CityCP	$2.4M	—	6	30,000	0.1% → 0.1%
Equifax IncEFX	$2.1M	Above value	7	11,500	0.1% → 0.1% ▲
Cme Group IncCME	$2.0M	Above value	5	6,900	0.1% → 0.1% ▼
Adobe IncADBE	$1.7M	Above value	10	7,000	0.0% → 0.1% ▲
Verisk Analytics IncVRSK	$1.6M	Above value	3	8,400	0.0% → 0.1% ▲
Oracle CorpORCL	$1.3M	Above value	9	9,000	0.0% → 0.0%
Nike IncNKE	$1.1M	Above value	6	20,800	0.0% → 0.0% ▲
Lauder Estee Cos IncEL	$1.1M	—	2	15,000	0.0% → 0.0% ▼
Coca Cola CoKO	$912,600	Above value	8	12,000	0.0% → 0.0% ▼

Tko Group Holdings IncTKO
Value$493.9MValuationAbove valueHolders1Weight (prev→now)14.9% → 15.7% ▼
Alphabet IncGOOGL
Value$490.2MValuationAbove valueHolders34Weight (prev→now)16.6% → 15.6% ▼
IntuitINTU
Value$317.2MValuationAbove valueHolders9Weight (prev→now)10.3% → 10.1% ▲
Disney Walt CoDIS
Value$309.0MValuationAbove valueHolders20Weight (prev→now)10.0% → 9.9% ▼
Thermo Fisher Scientific IncTMO
Value$303.4MValuationAbove valueHolders11Weight (prev→now)10.1% → 9.7% ▼
Fair Isaac CorpFICO
Value$266.3MValuationAbove valueHolders7Weight (prev→now)9.3% → 8.5% ▲
Mondelez Intl IncMDLZ
Value$205.3MValuationAbove valueHolders4Weight (prev→now)6.1% → 6.5% ▼
Pepsico IncPEP
Value$198.3MValuationAbove valueHolders10Weight (prev→now)6.6% → 6.3% ▼
Paypal Hldgs IncPYPL
Value$189.0MValuationWithin bandHolders8Weight (prev→now)6.4% → 6.0% ▼
Ebay IncEBAY
Value$175.4MValuationAbove valueHolders5Weight (prev→now)4.6% → 5.6% ▼
Brown Forman CorpBF.A
Value$69.3MValuationAbove valueHolders3Weight (prev→now)1.8% → 2.2% ▼
Manchester Utd PlcMANU
Value$52.8MValuation—Holders3Weight (prev→now)1.5% → 1.7% ▼
Brown Forman CorpBF.B
Value$41.7MValuationAbove valueHolders4Weight (prev→now)1.1% → 1.3% ▼
Visa IncV
Value$3.1MValuation—Holders26Weight (prev→now)0.1% → 0.1% ▲
S&P Global IncSPGI
Value$3.1MValuationAbove valueHolders13Weight (prev→now)0.1% → 0.1% ▲
American Express CoAXP
Value$2.7MValuationAbove valueHolders13Weight (prev→now)0.1% → 0.1% ▼
Canadian Pacific Kansas CityCP
Value$2.4MValuation—Holders6Weight (prev→now)0.1% → 0.1%
Equifax IncEFX
Value$2.1MValuationAbove valueHolders7Weight (prev→now)0.1% → 0.1% ▲
Cme Group IncCME
Value$2.0MValuationAbove valueHolders5Weight (prev→now)0.1% → 0.1% ▼
Adobe IncADBE
Value$1.7MValuationAbove valueHolders10Weight (prev→now)0.0% → 0.1% ▲
Verisk Analytics IncVRSK
Value$1.6MValuationAbove valueHolders3Weight (prev→now)0.0% → 0.1% ▲
Oracle CorpORCL
Value$1.3MValuationAbove valueHolders9Weight (prev→now)0.0% → 0.0%
Nike IncNKE
Value$1.1MValuationAbove valueHolders6Weight (prev→now)0.0% → 0.0% ▲
Lauder Estee Cos IncEL
Value$1.1MValuation—Holders2Weight (prev→now)0.0% → 0.0% ▼
Coca Cola CoKO
Value$912,600ValuationAbove valueHolders8Weight (prev→now)0.0% → 0.0% ▼

Showing top 25 of 27 positions

Exited this quarter (1)Price T Rowe Group Inc

Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-04-24

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