Funds › Lindsell Train (Nick Train) › Q4 2023Lindsell Train (Nick Train) 13F holdings, Q4 2023 Lindsell Train (Nick Train) disclosed 30 US equity positions worth $5.2bn in its Q4 2023 13F filing. Its largest position is MDLZ at 23.7% of the reported book, followed by FICO and INTU. Versus Q3 2023 it opened 2 new positions, added to 2, reduced 7 and exited 2.
$5.2bn 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.
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 Q3 2023: 2 new , 2 added , 7 reduced , 2 exited
30 rows
Stock Sector Weight Value Shares Δ shares Action MDLZ MONDELEZ INTL INC Consumer Defensive 23.7% $1.2bn 16.85m −3.8% reduced FICO FAIR ISAAC CORP Technology 13.7% $704m 603,921 −15% reduced INTU INTUIT Technology 13.3% $685m 1.10m −9.8% reduced PEP PEPSICO INC Consumer Defensive 10.7% $551m 3.25m −2.3% reduced DIS DISNEY WALT CO Communication Services 9.7% $502m 5.55m −0.6% reduced TKO TKO GROUP HOLDINGS INC Communication Services 9.3% $480m 5.89m −0.2% held PYPL PAYPAL HLDGS INC Financial Services 6.3% $323m 5.26m −1.1% reduced EBAY EBAY INC. Consumer Cyclical 4.7% $243m 5.58m −9.7% reduced MANCHESTER UTD PLC NEW no ticker – 4.4% $226m 11.10m 0.0% held BF/A BROWN FORMAN CORP – 3.4% $175m 2.94m 0.0% held BF/B BROWN FORMAN CORP – 0.3% $16.6m 290,307 0.0% held SPGI S&P GLOBAL INC Financial Services 0.05% $2.6m 5,900 0.0% held EFX EQUIFAX INC Industrials 0.05% $2.5m 10,300 0.0% held GOOG ALPHABET INC Communication Services 0.05% $2.4m 16,850 – new AXP AMERICAN EXPRESS CO Financial Services 0.04% $2.2m 11,600 0.0% held ADBE ADOBE INC Technology 0.04% $2.1m 3,560 0.0% held ORCL ORACLE CORP Technology 0.04% $2.0m 19,200 0.0% held V VISA INC Financial Services 0.04% $2.0m 7,700 +5.5% added CME CME GROUP INC Financial Services 0.04% $1.8m 8,600 0.0% held VRSK VERISK ANALYTICS INC Industrials 0.03% $1.7m 7,300 0.0% held NKE NIKE INC Consumer Cyclical 0.03% $1.7m 15,900 0.0% held EL LAUDER ESTEE COS INC Consumer Defensive 0.03% $1.7m 11,425 +8.6% added CL COLGATE PALMOLIVE CO Consumer Defensive 0.03% $1.6m 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% $951k 5,100 0.0% held JNJ JOHNSON & JOHNSON Healthcare 0.02% $951k 6,065 0.0% held MSGS MADISON SQUARE GRDN SPRT COR Communication Services 0.01% $600k 3,300 0.0% held KVUE KENVUE INC Consumer Defensive 0.01% $317k 14,739 0.0% held CAZOO GROUP LTD no ticker – 0.0% $76.8k 37,309 – new
Exited since Q3 2023 2 rows
Stock Prior weight Prior value GOOGL ALPHABET INC 0.04% $2.2m CAZOO GROUP LTD no ticker 0.01% $452k
Sector mix Consumer Defensive 34.5% Technology 27.0% Communication Services 19.1% Unclassified 8.1% Financial Services 6.5% Consumer Cyclical 4.8% Industrials 0.08% 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