Funds › Lindsell Train (Nick Train) › Q4 2022Lindsell Train (Nick Train) 13F holdings, Q4 2022 Lindsell Train (Nick Train) disclosed 29 US equity positions worth $5.3bn in its Q4 2022 13F filing. Its largest position is MDLZ at 25.3% of the reported book, followed by PEP and INTU. Versus Q3 2022 it opened 0 new positions, added to 4, reduced 7 and exited 0.
$5.3bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
29 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
25.3% Largest position The largest single position as a share of the reported equity book.
99.1% Top 10 weight The ten largest positions together, as a share of the reported equity book.
8 Effective positions 1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
67 Quarters on file since Q4 2009 Quarters for which this manager's 13F holdings are on record. Holdings Against Q3 2022: 0 new , 4 added , 7 reduced , 0 exited
29 rows
Stock Sector Weight Value Shares Δ shares Action MDLZ MONDELEZ INTL INC Consumer Defensive 25.3% $1.3bn 19.95m −4.1% reduced PEP PEPSICO INC Consumer Defensive 12.2% $644m 3.56m −4.3% reduced INTU INTUIT Technology 10.7% $566m 1.45m −3.8% reduced FICO FAIR ISAAC CORP Technology 10.6% $557m 931,762 +1.6% added WWEUSD WORLD WRESTLING ENTMT INC – 9.7% $511m 7.46m −7.6% reduced DIS DISNEY WALT CO Communication Services 9.0% $472m 5.43m −0.3% held PYPL PAYPAL HLDGS INC Financial Services 7.2% $377m 5.29m −1.2% reduced EBAY EBAY INC. Consumer Cyclical 5.9% $312m 7.52m −0.5% reduced MANCHESTER UTD PLC NEW no ticker – 4.9% $257m 11.02m +0.9% added BF/A BROWN FORMAN CORP – 3.7% $192m 2.93m −0.5% reduced BF/B BROWN FORMAN CORP – 0.4% $19.1m 290,307 0.0% held CAZOO GROUP LTD no ticker – 0.05% $2.6m 16.58m 0.0% held EL LAUDER ESTEE COS INC Consumer Defensive 0.04% $2.3m 9,425 +7.1% added EFX EQUIFAX INC Industrials 0.03% $1.8m 9,400 0.0% held AXP AMERICAN EXPRESS CO Financial Services 0.03% $1.7m 11,600 0.0% held NKE NIKE INC Consumer Cyclical 0.03% $1.6m 13,900 0.0% held ORCL ORACLE CORP Technology 0.03% $1.5m 18,600 0.0% held SPGI S&P GLOBAL INC Financial Services 0.03% $1.5m 4,400 0.0% held V VISA INC Financial Services 0.03% $1.4m 6,800 0.0% held GOOGL ALPHABET INC Communication Services 0.03% $1.4m 16,000 0.0% held JNJ JOHNSON & JOHNSON Healthcare 0.03% $1.4m 7,900 0.0% held KO COCA COLA CO Consumer Defensive 0.03% $1.3m 21,100 0.0% held CL COLGATE PALMOLIVE CO Consumer Defensive 0.03% $1.3m 16,900 0.0% held HSY HERSHEY CO Consumer Defensive 0.02% $1.2m 5,100 0.0% held VRSK VERISK ANALYTICS INC Industrials 0.02% $1.1m 6,500 0.0% held TROW PRICE T ROWE GROUP INC Financial Services 0.02% $1.0m 9,600 0.0% held ADBE ADOBE INC Technology 0.02% $1.0m 3,010 +20% added CME CME GROUP INC Financial Services 0.02% $942k 5,600 0.0% held MSGS MADISON SQUARE GRDN SPRT COR Communication Services 0.01% $605k 3,300 0.0% held
Sector mix Consumer Defensive 37.6% Technology 21.4% Unclassified 18.7% Communication Services 9.0% Financial Services 7.3% Consumer Cyclical 6.0% Industrials 0.06% Healthcare 0.03% Book over time Every quarter on file (67) Where Lindsell Train (Nick Train) was early 6 rows
Stock First reported Entry rank Initial weight Peak weight Quarters held Status Stock since HSY HERSHEY CO Q1 2010 4 of 125 1.5% 2.4% 42 Exited by Q3 2025 +288% MDLZ MONDELEZ INTL INC Q4 2012 1 of 145 20.6% 31.8% 55 Held at last filing, Q2 2026 +127% PYPL PAYPAL HLDGS INC Q3 2015 4 of 322 8.9% 15.9% 44 Held at last filing, Q2 2026 +39% KHC KRAFT HEINZ COMPANY Q3 2015 7 of 173 4.4% 4.7% 11 Exited by Q2 2018 −12% BF/B BROWN FORMAN CORP Q1 2018 6 of 106 0.6% 1.8% 34 Held at last filing, Q2 2026 −51% TKO TKO GROUP HOLDINGS INC Q3 2023 3 of 142 10.0% 16.1% 12 Held at last filing, Q2 2026 +139%
Concentration and tenure
25.5% Median largest position, all quarters The largest single position as a share of the reported equity book.
99.7% Median top 10 weight, all quarters The ten largest positions together, as a share of the reported equity book.
Concentrated Style, by median largest position
11 Median completed holding, quarters