Lindsell Train · SEC Form 13F for Sep 30, 2026 · filed Nov 2, 2026
Lindsell Train
$2.4 billion in 28 stocks
Alphabet (Class A) is 16% of it, and five stocks make up 61%. Against Q2 2026: added to 1, trimmed 1.
Copying these filings against the S&P 500
Return per year, May 1, 2014 – Nov 11, 2026, dividends included. Calculated Nov 12, 2026; later filings are not in it. A simulation, not the fund’s return, and the gap changes a lot with the dates.
How this is calculated
We compare two imaginary portfolios over the same dates. One buys an S&P 500 fund (SPY) and keeps it. The other copies this investor: on the first trading day after each 13F filing becomes public, it sells what it holds and buys what the filing lists, in the same proportions, at that day’s closing price. It leaves out options, holds no cash and does not trade between filings.
We use daily prices from Yahoo Finance, dividends included, and check each against the price in the filings before using it. Some holdings have no daily prices, mostly companies that were later bought or delisted, and bonds. For those we use the price from each quarterly filing, which leaves out dividends. For this investor that is 12% of the copy.
Filings come out up to 45 days after the quarter ends, so the copy is always acting on old news. A holding first revealed in a corrected filing counts from the day the correction was filed. Shorts, cash, non-US listings, fees, costs and taxes are left out. The start date is simply where our data begins. This is not a prediction.
Calculation and data limitsWhat changed in Q3 2026
Change in shares since Q2 2026. Changes under 20% are in grey.
Opened0
None
Added to1 + 1 smaller
KKR & Co Inc+48.3%Warner Music Group Corp (Class A)+10.0%Trimmed1 + 16 smaller
Thermo Fisher Scientific−23.8%Estee Lauder Companies (Class A)−16.7%Alphabet (Class A)−12.5%Walt Disney−11.8%Mondelez International Inc (Class A)−11.1%Manchester Utd PLC−9.1%Brown-Forman Corp (Class A)−9.0%Tko Group Holdings Inc−7.6%and 9 more in the holdings below
Sold out0
None
The portfolio in one line
Each block is a holding, as wide as its share of the portfolio.
opened or added 20% or more trimmed 20% or more otherwise
28 matching positions
| Company | Weight | This quarter | Reported value | 8 quarters |
|---|---|---|---|---|
Alphabet (Class A)GOOGLPosition detailsQuote on Yahoo Finance ↗ 1,126,045 reported shares · $344.08 per unit · $387,449,564 reported value 7 recorded quarters of position-weight history; not proof of continuous ownership. | 16.44% | Reduce -12.50% | $387M | |
Tko Group Holdings IncTKOPosition detailsQuote on Yahoo Finance ↗ 1,939,162 reported shares · $179.72 per unit · $348,506,195 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 14.79% | Reduce -7.61% | $349M | |
Thermo Fisher ScientificTMOPosition detailsQuote on Yahoo Finance ↗ 391,841 reported shares · $747.93 per unit · $293,070,932 reported value Previous recorded weight: 9.81% 8 recorded quarters of position-weight history; not proof of continuous ownership. | 12.44% | Reduce -23.84% | $293M | |
Walt DisneyDISPosition detailsQuote on Yahoo Finance ↗ 2,299,341 reported shares · $104.90 per unit · $241,200,871 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 10.24% | Reduce -11.83% | $241M | |
IntuitINTUPosition detailsQuote on Yahoo Finance ↗ 627,583 reported shares · $275.71 per unit · $173,030,909 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 7.34% | Reduce -5.89% | $173M | |
PayPalPYPLPosition detailsQuote on Yahoo Finance ↗ 2,939,672 reported shares · $52.53 per unit · $154,420,970 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 6.55% | Reduce -7.05% | $154M | |
Mondelez International Inc (Class A)MDLZPosition detailsQuote on Yahoo Finance ↗ 2,281,067 reported shares · $63.96 per unit · $145,890,904 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 6.19% | Reduce -11.09% | $146M | |
Fair Isaac CorpFICOPosition detailsQuote on Yahoo Finance ↗ 212,785 reported shares · $592.47 per unit · $126,068,729 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 5.35% | Reduce -5.92% | $126M | |
PepsiCoPEPPosition detailsQuote on Yahoo Finance ↗ 950,988 reported shares · $126.72 per unit · $120,509,199 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 5.11% | Reduce -7.10% | $121M | |
Ebay IncEBAYPosition detailsQuote on Yahoo Finance ↗ 1,052,401 reported shares · $106.05 per unit · $111,607,126 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 4.74% | Reduce -5.70% | $112M | |
KKR & Co IncKKRPosition detailsQuote on Yahoo Finance ↗ 990,230 reported shares · $91.30 per unit · $90,407,999 reported value Previous recorded weight: 2.33% 2 recorded quarters of position-weight history; not proof of continuous ownership. | 3.84% | Add +48.29% | $90M | |
Manchester Utd PLCMANUPosition detailsQuote on Yahoo Finance ↗ 2,507,500 reported shares · $20.95 per unit · $52,532,125 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 2.23% | Reduce -9.10% | $53M | |
Brown-Forman Corp (Class A)BF/APosition detailsQuote on Yahoo Finance ↗ 1,941,817 reported shares · $26.83 per unit · $52,098,950 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 2.21% | Reduce -9.04% | $52M | |
Brown-Forman Corp (Class B)BF/BPosition detailsQuote on Yahoo Finance ↗ 1,327,624 reported shares · $26.20 per unit · $34,783,749 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 1.48% | Reduce -3.75% | $35M | |
VisaVPosition detailsQuote on Yahoo Finance ↗ 10,500 reported shares · $359.33 per unit · $3,772,965 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 0.16% | No change | $4M | |
S&P GlobalSPGIPosition detailsQuote on Yahoo Finance ↗ 7,400 reported shares · $394.47 per unit · $2,919,078 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 0.12% | No change | $3M | |
Canadian Pacific Kansas CityCPPosition detailsQuote on Yahoo Finance ↗ 30,000 reported shares · $85.10 per unit · $2,553,000 reported value 7 recorded quarters of position-weight history; not proof of continuous ownership. | 0.11% | No change | $3M | |
American ExpressAXPPosition detailsQuote on Yahoo Finance ↗ 7,200 reported shares · $304.10 per unit · $2,189,520 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 0.09% | Reduce -5.26% | $2M | |
CME Group IncCMEPosition detailsQuote on Yahoo Finance ↗ 6,900 reported shares · $261.98 per unit · $1,807,662 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 0.08% | No change | $2M | |
AdobeADBEPosition detailsQuote on Yahoo Finance ↗ 7,000 reported shares · $239.94 per unit · $1,679,580 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 0.07% | No change | $2M | |
Equifax IncEFXPosition detailsQuote on Yahoo Finance ↗ 11,800 reported shares · $137.24 per unit · $1,619,432 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 0.07% | No change | $2M | |
Verisk Analytics IncVRSKPosition detailsQuote on Yahoo Finance ↗ 9,500 reported shares · $167.85 per unit · $1,594,575 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 0.07% | No change | $2M | |
Warner Music Group Corp (Class A)WMGPosition detailsQuote on Yahoo Finance ↗ 55,000 reported shares · $27.61 per unit · $1,518,550 reported value 2 recorded quarters of position-weight history; not proof of continuous ownership. | 0.06% | Add +10.00% | $2M | |
OracleORCLPosition detailsQuote on Yahoo Finance ↗ 9,000 reported shares · $137.30 per unit · $1,235,700 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 0.05% | No change | $1M | |
Estee Lauder Companies (Class A)ELPosition detailsQuote on Yahoo Finance ↗ 12,500 reported shares · $92.77 per unit · $1,159,625 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 0.05% | Reduce -16.67% | $1M | |
Madison Square Garden SportsMSGSPosition detailsQuote on Yahoo Finance ↗ 2,700 reported shares · $405.21 per unit · $1,094,067 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 0.05% | Reduce -3.57% | $1M | |
Coca-ColaKOPosition detailsQuote on Yahoo Finance ↗ 11,500 reported shares · $86.08 per unit · $989,920 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 0.04% | Reduce -4.17% | $990K | |
NikeNKEPosition detailsQuote on Yahoo Finance ↗ 21,000 reported shares · $35.40 per unit · $743,400 reported value 8 recorded quarters of position-weight history; not proof of continuous ownership. | 0.03% | No change | $743K |
How to read this table
- Weight is a holding’s share of the reported portfolio, not of everything the manager runs.
- Price per unit is the reported value divided by the reported shares at quarter end.
- Some filings state dollar values in thousands. Those are shown here in dollars.
- Share changes compare two filings. They can reflect splits or corrections as well as trades.
- Every change is listed here. Across the site, an investor counts as adding or reducing only when the change is 20% or more, or a position is opened or closed.
- “N/A” means the two filings could not be compared, not that nothing changed.
- Filings do not show trade dates or reasons.
Source: SEC Form 13F for Sep 30, 2026, filed Nov 2, 2026 · Form 13F 0001172661-26-004793 ↗SEC filing index ↗ · A filing lists long US-listed positions at quarter end. It is not a live portfolio and gives no reasons for a change.
About Lindsell Train
Michael Lindsell and Nick Train established their firm in 2000 after developing a shared investment approach while working together in the early 1990s. Firm background ↗
In its portfolio for the quarter ended Mar 31, 2014, Lindsell Train’s largest reported positions included Mondelez International Inc, Ebay Inc, Dr Pepper Snapple Group Inc. Historical filing ↗
In the filing dated Nov 2, 2026, Lindsell Train reported as Lindsell Train Ltd with an office in London. Mathew McNeill, Chief Compliance Officer, signed the filing. SEC cover page ↗
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