Funds › Lindsell Train (Nick Train) › Q2 2023Lindsell Train (Nick Train) 13F holdings, Q2 2023 Lindsell Train (Nick Train) disclosed 29 US equity positions worth $5.6bn in its Q2 2023 13F filing. Its largest position is MDLZ at 23.7% of the reported book, followed by WWEUSD and FICO. Versus Q1 2023 it opened 1 new position, added to 10, reduced 6 and exited 1.
$5.6bn 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.
23.7% 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 Q1 2023: 1 new , 10 added , 6 reduced , 1 exited
29 rows
Stock Sector Weight Value Shares Δ shares Action MDLZ MONDELEZ INTL INC Consumer Defensive 23.7% $1.3bn 18.27m −6.4% reduced WWEUSD WORLD WRESTLING ENTMT INC – 12.2% $687m 6.33m −15% reduced FICO FAIR ISAAC CORP Technology 11.5% $648m 800,997 −8.3% reduced INTU INTUIT Technology 11.2% $629m 1.37m −4.5% reduced PEP PEPSICO INC Consumer Defensive 11.2% $629m 3.40m −5.8% reduced DIS DISNEY WALT CO Communication Services 9.0% $503m 5.63m 0.0% held PYPL PAYPAL HLDGS INC Financial Services 6.4% $359m 5.39m +0.1% held EBAY EBAY INC. Consumer Cyclical 5.5% $307m 6.87m −7.0% reduced MANCHESTER UTD PLC NEW no ticker – 4.8% $270m 11.10m +0.3% held BF/A BROWN FORMAN CORP – 3.6% $200m 2.94m +0.2% held BF/B BROWN FORMAN CORP – 0.3% $19.4m 290,307 0.0% held EFX EQUIFAX INC Industrials 0.04% $2.4m 10,300 +9.6% added SPGI S&P GLOBAL INC Financial Services 0.04% $2.4m 5,900 +34% added ORCL ORACLE CORP Technology 0.04% $2.3m 19,200 0.0% held EL LAUDER ESTEE COS INC Consumer Defensive 0.04% $2.1m 10,525 +12% added AXP AMERICAN EXPRESS CO Financial Services 0.04% $2.0m 11,600 0.0% held GOOGL ALPHABET INC Communication Services 0.04% $2.0m 16,850 0.0% held NKE NIKE INC Consumer Cyclical 0.03% $1.8m 15,900 +14% added ADBE ADOBE INC Technology 0.03% $1.7m 3,560 +6.0% added V VISA INC Financial Services 0.03% $1.7m 7,300 +7.4% added VRSK VERISK ANALYTICS INC Industrials 0.03% $1.6m 7,300 +7.4% added CME CME GROUP INC Financial Services 0.03% $1.6m 8,600 +46% added CL COLGATE PALMOLIVE CO Consumer Defensive 0.03% $1.5m 20,100 +11% added TROW PRICE T ROWE GROUP INC Financial Services 0.02% $1.3m 12,000 +22% added JNJ JOHNSON & JOHNSON Healthcare 0.02% $1.3m 7,900 0.0% held HSY HERSHEY CO Consumer Defensive 0.02% $1.3m 5,100 0.0% held KO COCA COLA CO Consumer Defensive 0.02% $1.3m 21,100 0.0% held CAZOO GROUP LTD no ticker – 0.02% $978k 829,032 – new MSGS MADISON SQUARE GRDN SPRT COR Communication Services 0.01% $620k 3,300 0.0% held
Exited since Q1 2023 1 row
Stock Prior weight Prior value CAZOO GROUP LTD no ticker 0.04% $2.1m
Sector mix Consumer Defensive 35.0% Technology 22.8% Unclassified 21.0% Communication Services 9.0% Financial Services 6.6% Consumer Cyclical 5.5% Industrials 0.07% Healthcare 0.02% 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