Lindsell Train
Lindsell Train
Lindsell Train (Lindsell Train) discloses a $2.63B portfolio across 28 US-listed positions in the latest 13F filing (2026Q2, filed Jul 15, 2026). The largest holding is GOOGL at 17.5% of the book. The biggest move of the quarter: trimmed the GOOGL share count by 25% (position now $460M). Mechanically cloning this 13F returned 12.9%/yr over the past 12.2 years, versus 13.7%/yr for the S&P 500 across that identical 12.2-year window.
Holdings (28) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | GOOGL | 17.5% | $460M | |||
| 2 | TKO | 16.1% | $423M | |||
| 3 | FICO | 10.3% | $270M | |||
| 4 | TMO | 9.8% | $258M | |||
| 5 | DIS | 9.5% | $251M | |||
| 6 | INTU | 6.6% | $174M | |||
| 7 | MDLZ | 5.6% | $148M | |||
| 8 | PEP | 5.3% | $139M | |||
| 9 | PYPL | 5.2% | $137M | |||
| 10 | EBAY | 4.7% | $125M | |||
| 11 | MANU | 2.4% | $63M | |||
| 12 | KKR | 2.3% | $61M | |||
| 13 | BF/A | 2.2% | $58M | |||
| 14 | BF/B | 1.4% | $37M | |||
| 15 | V | 0.1% | $4M | |||
| 16 | SPGI | 0.1% | $3M | |||
| 17 | CP | 0.1% | $3M | |||
| 18 | AXP | 0.1% | $3M | |||
| 19 | EFX | 0.1% | $2M | |||
| 20 | VRSK | 0.1% | $2M | |||
| 21 | CME | 0.1% | $2M | |||
| 22 | ADBE | 0.1% | $1M | |||
| 23 | WMG | 0.1% | $1M | |||
| 24 | ORCL | 0.1% | $1M | |||
| 25 | EL | <0.1% | $1M | |||
| 26 | MSGS | <0.1% | $1M | |||
| 27 | KO | <0.1% | $975K | |||
| 28 | NKE | <0.1% | $862K |
- port17.5%val$460MAlphabet Inc-cl Athis Q -25%·20q
- 2TKOport16.1%val$423MTko Group Holdings Incthis Q hold·12q
- 3FICOport10.3%val$270MFair Isaac Corpthis Q hold·18q
- 4TMOport9.8%val$258MThermo Fisher Scientific Incthis Q hold·7q
- 5DISport9.5%val$251MWalt Disney Co/thethis Q hold·40q
- 6INTUport6.6%val$174MIntuit Incthis Q hold·40q
- 7MDLZport5.6%val$148MMondelez International Inc-athis Q -28%·40q
- 8PEPport5.3%val$139MPepsico Incthis Q hold·40q
- 9PYPLport5.2%val$137MPaypal Holdings Incthis Q -24%·40q
- 10EBAYport4.7%val$125MEbay Incthis Q -42%·40q
- 11MANUport2.4%val$63MManchester Utd Plc Newthis Q hold·36q
- 12KKRport2.3%val$61MKkr & CO Incthis Q New·—1q
- 13BF/Aport2.2%val$58MBrown-forman Corp-class Athis Q hold·40q
- 14BF/Bport1.4%val$37MBrown-forman Corp-class Bthis Q hold·34q
- 15Vport0.1%val$4MVisa Inc-class A Sharesthis Q hold·25q
- 16SPGIport0.1%val$3MS&p Global Incthis Q hold·25q
- 17CPport0.1%val$3MCanadian Pacific Kansas Citythis Q hold·6q
- 18AXPport0.1%val$3MAmerican Express COthis Q hold·25q
- 19EFXport0.1%val$2MEquifax Incthis Q hold·25q
- 20VRSKport0.1%val$2MVerisk Analytics Incthis Q hold·25q
- 21CMEport0.1%val$2MCme Group Incthis Q hold·25q
- 22ADBEport0.1%val$1MAdobe Incthis Q hold·25q
- 23WMGport0.1%val$1MWarner Music Group Corp-cl Athis Q New·—1q
- 24ORCLport0.1%val$1MOracle Corpthis Q hold·25q
- 25ELport<0.1%val$1MEstee Lauder Companies-cl Athis Q hold·25q
- 26MSGSport<0.1%val$1MMadison Square Garden Sportsthis Q hold·25q
- 27KOport<0.1%val$975KCoca-cola Co/thethis Q hold·25q
- 28NKEport<0.1%val$862KNike Inc -cl Bthis Q hold·25q
2026Q2 moves, by size (7)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| GOOGL | Alphabet Inc-cl A | TRIM | 17.5% | -25% | $460M |
| MDLZ | Mondelez International Inc-a | TRIM | 5.6% | -28% | $148M |
| PYPL | Paypal Holdings Inc | TRIM | 5.2% | -24% | $137M |
| EBAY | Ebay Inc | TRIM | 4.7% | -42% | $125M |
| KKR | Kkr & CO Inc | NEW | 2.3% | +100% | $61M |
| WMG | Warner Music Group Corp-cl A | NEW | 0.1% | +100% | $1M |
| CL | Colgate-palmolive CO | EXIT | <0.1% | -100% | $0 |
- TRIMGOOGL17.5%Alphabet Inc-cl AΔ -25%·$460M
- TRIMMDLZ5.6%Mondelez International Inc-aΔ -28%·$148M
- TRIMPYPL5.2%Paypal Holdings IncΔ -24%·$137M
- TRIMEBAY4.7%Ebay IncΔ -42%·$125M
- NEWKKR2.3%Kkr & CO IncΔ +100%·$61M
- NEWWMG0.1%Warner Music Group Corp-cl AΔ +100%·$1M
- EXITCL<0.1%Colgate-palmolive COΔ -100%·$0
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.
2026Q2 brief
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.
AI-generated. Not investment advice.
Filing history
Lindsell Train's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 28 | $2.63B |
| Q1 2026 — what changed → | 27 | $3.14B |
| Q4 2025 holdings | 28 | $3.94B |
| Q3 2025 — what changed → | 28 | $4.08B |
| Q2 2025 — what changed → | 29 | $4.24B |
| Q1 2025 — what changed → | 29 | $3.61B |
| Q4 2024 holdings | 28 | $4.00B |
| Q3 2024 holdings | 29 | $4.43B |
| Q2 2024 holdings | 29 | $4.33B |
| Q1 2024 holdings | 29 | $4.76B |
| Q4 2023 holdings | 30 | $5.16B |
| Q3 2023 holdings | 30 | $4.98B |
Values as disclosed at each quarter end. Older filings on EDGAR.
Multibaggers Lindsell Train held
Stocks up 5x or more since Lindsell Train first held them at conviction size — the holding record behind the returns. Longest unbroken run and largest book weight are shown for each.
- FICO22.4xFAIR ISAAC CORP17q straight · peak 15.08% · still holds
- GOOGL10.1xALPHABET INC-CL A14q straight · peak 16.58% · still holds
- EBAY5.3xEBAY INC49q straight · peak 18.2% · still holds
Price multiple since the first quarter we observed a conviction holding (2014Q1 at the earliest), not Lindsell Train's realized return — entry price and trades between filings aren't disclosed. Peak weight is share of disclosed US 13F book. All 129 multibaggers the cohort held →
Frequently asked questions
- What stocks does Lindsell Train own?
- As of 2026Q2, Lindsell Train's 13F discloses 28 positions worth $2.63B. The top five holdings: GOOGL (17.5%), TKO (16.1%), FICO (10.3%), TMO (9.8%), DIS (9.5%). 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 2026Q2, the filing shows 2 new positions and 0 additions to existing holdings. The largest positions touched by buying: KKR, WMG.
- How big is Lindsell Train's portfolio?
- $2.63B across 28 positions per the latest 13F (filed Jul 15, 2026). The top five holdings account for 63% of the disclosed book.
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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001484150). Not investment advice.