Funds › Lindsell Train (Nick Train) › Q3 2023Lindsell Train (Nick Train) 13F holdings, Q3 2023 Lindsell Train (Nick Train) disclosed 30 US equity positions worth $5.0bn in its Q3 2023 13F filing. Its largest position is MDLZ at 24.4% of the reported book, followed by INTU and FICO. Versus Q2 2023 it opened 2 new positions, added to 0, reduced 8 and exited 1.
$5.0bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
30 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
24.4% 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 Q2 2023: 2 new , 0 added , 8 reduced , 1 exited
30 rows
Stock Sector Weight Value Shares Δ shares Action MDLZ MONDELEZ INTL INC Consumer Defensive 24.4% $1.2bn 17.51m −4.2% reduced INTU INTUIT Technology 12.5% $621m 1.21m −12% reduced FICO FAIR ISAAC CORP Technology 12.4% $618m 711,790 −11% reduced PEP PEPSICO INC Consumer Defensive 11.3% $563m 3.32m −2.2% reduced TKO TKO GROUP HOLDINGS INC Communication Services 10.0% $496m 5.90m – new DIS DISNEY WALT CO Communication Services 9.1% $453m 5.59m −0.9% reduced PYPL PAYPAL HLDGS INC Financial Services 6.2% $311m 5.31m −1.4% reduced EBAY EBAY INC. Consumer Cyclical 5.5% $272m 6.18m −10% reduced MANCHESTER UTD PLC NEW no ticker – 4.4% $220m 11.10m 0.0% held BF/A BROWN FORMAN CORP – 3.4% $171m 2.94m 0.0% held BF/B BROWN FORMAN CORP – 0.3% $16.8m 290,307 0.0% held GOOGL ALPHABET INC Communication Services 0.04% $2.2m 16,850 0.0% held SPGI S&P GLOBAL INC Financial Services 0.04% $2.2m 5,900 0.0% held ORCL ORACLE CORP Technology 0.04% $2.0m 19,200 0.0% held EFX EQUIFAX INC Industrials 0.04% $1.9m 10,300 0.0% held ADBE ADOBE INC Technology 0.04% $1.8m 3,560 0.0% held AXP AMERICAN EXPRESS CO Financial Services 0.03% $1.7m 11,600 0.0% held VRSK VERISK ANALYTICS INC Industrials 0.03% $1.7m 7,300 0.0% held CME CME GROUP INC Financial Services 0.03% $1.7m 8,600 0.0% held V VISA INC Financial Services 0.03% $1.7m 7,300 0.0% held EL LAUDER ESTEE COS INC Consumer Defensive 0.03% $1.5m 10,525 0.0% held NKE NIKE INC Consumer Cyclical 0.03% $1.5m 15,900 0.0% held CL COLGATE PALMOLIVE CO Consumer Defensive 0.03% $1.4m 20,100 0.0% held TROW PRICE T ROWE GROUP INC Financial Services 0.03% $1.3m 12,000 0.0% held KO COCA COLA CO Consumer Defensive 0.02% $1.2m 21,100 0.0% held HSY HERSHEY CO Consumer Defensive 0.02% $1.0m 5,100 0.0% held JNJ JOHNSON & JOHNSON Healthcare 0.02% $945k 6,065 −23% reduced MSGS MADISON SQUARE GRDN SPRT COR Communication Services 0.01% $582k 3,300 0.0% held CAZOO GROUP LTD no ticker – 0.01% $452k 829,032 0.0% held KVUE KENVUE INC Consumer Defensive 0.01% $296k 14,739 – new
Exited since Q2 2023 1 row
Stock Prior weight Prior value WWEUSD WORLD WRESTLING ENTMT INC 12.2% $687m
Sector mix Consumer Defensive 35.8% Technology 24.9% Communication Services 19.1% Unclassified 8.2% Financial Services 6.4% 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