Funds › Lindsell Train (Nick Train) › Q1 2025Lindsell Train (Nick Train) 13F holdings, Q1 2025 Lindsell Train (Nick Train) disclosed 29 US equity positions worth $3.6bn in its Q1 2025 13F filing. Its largest position is TKO at 14.4% of the reported book, followed by INTU and FICO. Versus Q4 2024 it opened 2 new positions, added to 1, reduced 11 and exited 1.
$3.6bn 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.
14.4% Largest position The largest single position as a share of the reported equity book.
95.8% Top 10 weight The ten largest positions together, as a share of the reported equity book.
10 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 Q4 2024: 2 new , 1 added , 11 reduced , 1 exited
29 rows
Stock Sector Weight Value Shares Δ shares Action TKO TKO GROUP HOLDINGS INC Communication Services 14.4% $519m 3.39m −6.6% reduced INTU INTUIT Technology 12.6% $455m 741,017 −3.7% reduced FICO FAIR ISAAC CORP Technology 12.3% $443m 240,300 −6.0% reduced DIS DISNEY WALT CO Communication Services 11.7% $423m 4.28m −4.0% reduced MDLZ MONDELEZ INTL INC Consumer Defensive 11.3% $408m 6.02m −28% reduced PEP PEPSICO INC Consumer Defensive 10.2% $368m 2.45m −4.0% reduced PYPL PAYPAL HLDGS INC Financial Services 7.5% $272m 4.17m −2.6% reduced TMO THERMO FISHER SCIENTIFIC INC Healthcare 7.0% $253m 508,790 +25% added EBAY EBAY INC. Consumer Cyclical 6.3% $228m 3.37m −7.6% reduced BF/A BROWN FORMAN CORP – 2.5% $92.1m 2.75m −1.6% reduced MANCHESTER UTD PLC NEW no ticker – 1.8% $66.1m 5.05m −13% reduced BF/B BROWN FORMAN CORP – 1.5% $53.5m 1.58m −3.6% reduced V VISA INC Financial Services 0.1% $3.9m 11,200 0.0% held AXP AMERICAN EXPRESS CO Financial Services 0.09% $3.1m 11,600 0.0% held SPGI S&P GLOBAL INC Financial Services 0.08% $3.0m 5,900 0.0% held GOOGL ALPHABET INC Communication Services 0.08% $2.8m 18,225 – new ORCL ORACLE CORP Technology 0.07% $2.7m 19,200 0.0% held EFX EQUIFAX INC Industrials 0.07% $2.5m 10,300 0.0% held CME CME GROUP INC Financial Services 0.06% $2.3m 8,600 0.0% held VRSK VERISK ANALYTICS INC Industrials 0.06% $2.2m 7,300 0.0% held CL COLGATE PALMOLIVE CO Consumer Defensive 0.05% $1.9m 20,100 0.0% held KO COCA COLA CO Consumer Defensive 0.04% $1.5m 21,100 0.0% held ADBE ADOBE INC Technology 0.04% $1.4m 3,560 0.0% held NKE NIKE INC Consumer Cyclical 0.04% $1.3m 20,400 0.0% held TROW PRICE T ROWE GROUP INC Financial Services 0.03% $1.1m 12,000 0.0% held EL LAUDER ESTEE COS INC Consumer Defensive 0.03% $952k 14,425 0.0% held HSY HERSHEY CO Consumer Defensive 0.02% $872k 5,100 0.0% held CP CANADIAN PACIFIC KANSAS CITY Industrials 0.02% $853k 12,150 – new MSGS MADISON SQUARE GRDN SPRT COR Communication Services 0.02% $643k 3,300 0.0% held
Exited since Q4 2024 1 row
Stock Prior weight Prior value GOOG ALPHABET INC 0.08% $3.4m
Sector mix Communication Services 26.1% Technology 25.0% Consumer Defensive 21.6% Financial Services 7.9% Healthcare 7.0% Consumer Cyclical 6.4% Unclassified 5.9% Industrials 0.2% 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