Lindsell Train portfolio & holdings

Lindsell Train's hyper-concentrated $2.63B US book — just 28 positions with the top five at 63% — saw its most consequential move this quarter in a broad trimming of its highest-conviction names, pointing to valuation discipline rather than any thesis change. GOOGL was cut 24.5% yet still anchors the portfolio at a commanding 17.5%; MDLZ was trimmed 28% to 5.6%; PYPL shed 24% to 5.2%; and EBAY was slashed 42% to 4.7%, the sharpest reduction in the filing and notable given Lindsell Train's characteristically low-turnover style — that magnitude of trim on EBAY warrants attention. Against those reductions, Katz initiated KKR at 2.3%, a meaningful new position that's slightly atypical for a firm traditionally drawn to asset-light consumer franchises and media IP; it may reflect growing comfort with alternative asset managers as quasi-compounders. TKO (16.1%) and FICO (10.3%) remain untouched, reaffirming conviction in sports/entertainment rights and credit-scoring moats. The simultaneous trimming of four large positions while adding an alternatives manager suggests the team is harvesting gains from re-rated consumer internet names and diversifying at the margin. Watch whether KKR gets added to meaningfully next quarter — if it approaches 5%+, it signals a genuine new pillar for the portfolio.