Lindsell Train
Lindsell Train
Lindsell Train (Lindsell Train) discloses a $3.14B portfolio across 27 US-listed positions in the latest 13F filing (2026Q1, filed Apr 24, 2026). The largest holding is TKO at 15.7% of the book. The biggest move of the quarter: added 20% to the INTU share count (position now $317M). Latticework's clone backtest puts this 13F book at -0.6%/yr vs SPY over 12.0 years.
About Lindsell Train
Lindsell Train — the London-based partnership run by Nick Train and Michael Lindsell — builds highly concentrated, low-turnover equity portfolios around what the firm describes as durable, difficult-to-disrupt consumer and financial franchises. The US-listed 13F sleeve, running 27 positions with roughly 61% in the top five, reflects that same logic applied to large-cap American names, currently anchored in media, software, and life-sciences infrastructure. The firm became notable in UK and global equity circles for multi-year compounding in holdings like Diageo, London Stock Exchange Group, and Nintendo — positions held for a decade or longer with minimal trading. What a reader should understand about the 13F specifically: Lindsell Train's primary assets under management are domiciled in UK and Irish UCITS vehicles, so this filing captures only the US-listed equity exposure and is a partial, potentially unrepresentative window into a book whose actual edge — low churn, franchise concentration, long holding periods — is better assessed through the firm's own fund disclosures than through quarterly 13F snapshots.
2026Q1 brief
Lindsell Train's $3.14B portfolio remains one of the most concentrated on the superinvestor map — top 5 positions at 61% — and Q1 2026 activity reinforces a deliberate pivot from consumer staples toward compounding-quality tech and media. The firm added ~20% to INTU (now 10.1% of the book) while slashing PEP by 29%, MDLZ by 20%, KO by 29%, and CL by 31% — a near-wholesale retreat from branded food and beverage names that had historically anchored the portfolio's 'durable franchise' thesis. TKO (15.7%) and GOOGL (15.6%) now jointly command nearly a third of assets, flanked by INTU, DIS (9.9%), and TMO (9.7%), forming a quintet of high-moat media, technology, and life-science tools franchises. The tiny ADBE add (+32%, 0.05%) looks like an exploratory foothold. The exit from TROW (previously 0.03%) is cosmetic but directionally consistent — shedding asset managers as fee-pressure narratives mount. Watch whether DIS (9.9%) is trimmed next quarter as Lindsell Train tests whether streaming economics justify holding a near-10% position.
AI-generated. Not investment advice.
In the news
all news →- Price to sales forward of Lindsell Train Investment Trust PLC – LSE:LTITradingView ·
- Price to earnings forward of Lindsell Train Investment Trust PLC – LSE:LTITradingView ·
- Lindsell Train Global Equity: July 2026 fund updateHargreaves Lansdown ·
- Lindsell Train Ltd Sells 370,736 Shares of TKO Group Holdings, Inc. $TKOMarketBeat ·
- Lindsell Train Ltd Sells 118,995 Shares of PayPal Holdings, Inc. $PYPLMarketBeat ·
- Intuit Inc. $INTU Shares Purchased by Lindsell Train LtdMarketBeat ·
Headlines via Google News. Links open in a new tab.
Holdings (27) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | TKO | 15.7% | $494M | |||
| 2 | GOOGL | 15.6% | $490M | |||
| 3 | INTU | 10.1% | $317M | |||
| 4 | DIS | 9.9% | $309M | |||
| 5 | TMO | 9.7% | $303M | |||
| 6 | FICO | 8.5% | $266M | |||
| 7 | MDLZ | 6.5% | $205M | |||
| 8 | PEP | 6.3% | $198M | |||
| 9 | PYPL | 6.0% | $189M | |||
| 10 | EBAY | 5.6% | $175M | |||
| 11 | BF/A | 2.2% | $69M | |||
| 12 | MANU | 1.7% | $53M | |||
| 13 | BF/B | 1.3% | $42M | |||
| 14 | V | 0.1% | $3M | |||
| 15 | SPGI | 0.1% | $3M | |||
| 16 | AXP | 0.1% | $3M | |||
| 17 | CP | 0.1% | $2M | |||
| 18 | EFX | 0.1% | $2M | |||
| 19 | CME | 0.1% | $2M | |||
| 20 | ADBE | 0.1% | $2M | |||
| 21 | VRSK | 0.1% | $2M | |||
| 22 | ORCL | <0.1% | $1M | |||
| 23 | NKE | <0.1% | $1M | |||
| 24 | EL | <0.1% | $1M | |||
| 25 | KO | <0.1% | $913K | |||
| 26 | MSGS | <0.1% | $900K | |||
| 27 | CL | <0.1% | $852K |
- 1TKOport15.7%val$494MTko Group Holdings Incthis Q hold·11q
- port15.6%val$490MAlphabet Inc-cl Athis Q hold·19q
- 3INTUport10.1%val$317MIntuit Incthis Q +20%·40q
- 4DISport9.9%val$309MWalt Disney Co/thethis Q hold·40q
- 5TMOport9.7%val$303MThermo Fisher Scientific Incthis Q hold·6q
- 6FICOport8.5%val$266MFair Isaac Corpthis Q hold·17q
- 7MDLZport6.5%val$205MMondelez International Inc-athis Q -20%·40q
- 8PEPport6.3%val$198MPepsico Incthis Q -29%·40q
- 9PYPLport6.0%val$189MPaypal Holdings Incthis Q hold·40q
- 10EBAYport5.6%val$175MEbay Incthis Q hold·40q
- 11BF/Aport2.2%val$69MBrown-forman Corp-class Athis Q hold·40q
- 12MANUport1.7%val$53MManchester Utd Plc Newthis Q hold·35q
- 13BF/Bport1.3%val$42MBrown-forman Corp-class Bthis Q hold·33q
- 14Vport0.1%val$3MVisa Inc-class A Sharesthis Q hold·24q
- 15SPGIport0.1%val$3MS&p Global Incthis Q hold·24q
- 16AXPport0.1%val$3MAmerican Express COthis Q hold·24q
- 17CPport0.1%val$2MCanadian Pacific Kansas Citythis Q hold·5q
- 18EFXport0.1%val$2MEquifax Incthis Q hold·24q
- 19CMEport0.1%val$2MCme Group Incthis Q hold·24q
- 20ADBEport0.1%val$2MAdobe Incthis Q +32%·24q
- 21VRSKport0.1%val$2MVerisk Analytics Incthis Q hold·24q
- 22ORCLport<0.1%val$1MOracle Corpthis Q hold·24q
- 23NKEport<0.1%val$1MNike Inc -cl Bthis Q hold·24q
- 24ELport<0.1%val$1MEstee Lauder Companies-cl Athis Q hold·24q
- 25KOport<0.1%val$913KCoca-cola Co/thethis Q -29%·24q
- 26MSGSport<0.1%val$900KMadison Square Garden Sportsthis Q hold·24q
- 27CLport<0.1%val$852KColgate-palmolive COthis Q -32%·24q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| INTU | Intuit Inc | ADD | 10.1% | +20% | $317M |
| PEP | Pepsico Inc | TRIM | 6.3% | -29% | $198M |
| MDLZ | Mondelez International Inc-a | TRIM | 6.5% | -20% | $205M |
| ADBE | Adobe Inc | ADD | 0.1% | +32% | $2M |
| TROW | T Rowe Price Group Inc | EXIT | <0.1% | -100% | $0 |
| KO | Coca-cola Co/the | TRIM | <0.1% | -29% | $913K |
| CL | Colgate-palmolive CO | TRIM | <0.1% | -32% | $852K |
- ADDINTU10.1%Intuit IncΔ +20%·$317M
- TRIMPEP6.3%Pepsico IncΔ -29%·$198M
- TRIMMDLZ6.5%Mondelez International Inc-aΔ -20%·$205M
- ADDADBE0.1%Adobe IncΔ +32%·$2M
- EXITTROW<0.1%T Rowe Price Group IncΔ -100%·$0
- TRIMKO<0.1%Coca-cola Co/theΔ -29%·$913K
- TRIMCL<0.1%Colgate-palmolive COΔ -32%·$852K
Frequently asked questions
- What stocks does Lindsell Train own?
- As of 2026Q1, Lindsell Train's 13F discloses 27 positions worth $3.14B. The top five holdings: TKO (15.7%), GOOGL (15.6%), INTU (10.1%), DIS (9.9%), TMO (9.7%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Lindsell Train buy this quarter?
- In 2026Q1, the filing shows 0 new positions and 2 additions to existing holdings. The largest positions touched by buying: INTU, ADBE.
- How big is Lindsell Train's portfolio?
- $3.14B across 27 positions per the latest 13F (filed Apr 24, 2026). The top five holdings account for 61% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001484150). Not investment advice.