Funds › Lindsell Train (Nick Train) › Q2 2025Lindsell Train (Nick Train) 13F holdings, Q2 2025 Lindsell Train (Nick Train) disclosed 29 US equity positions worth $4.2bn in its Q2 2025 13F filing. Its largest position is TKO at 13.6% of the reported book, followed by INTU and DIS. Versus Q1 2025 it opened 0 new positions, added to 5, reduced 16 and exited 0.
$4.2bn 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.
13.6% Largest position The largest single position as a share of the reported equity book.
94.4% 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 Q1 2025: 0 new , 5 added , 16 reduced , 0 exited
29 rows
Stock Sector Weight Value Shares Δ shares Action TKO TKO GROUP HOLDINGS INC Communication Services 13.6% $577m 3.17m −6.5% reduced INTU INTUIT Technology 12.4% $524m 665,786 −10% reduced DIS DISNEY WALT CO Communication Services 11.9% $507m 4.09m −4.5% reduced FICO FAIR ISAAC CORP Technology 9.6% $408m 223,114 −7.2% reduced MDLZ MONDELEZ INTL INC Consumer Defensive 9.1% $385m 5.71m −5.1% reduced GOOGL ALPHABET INC Communication Services 8.4% $357m 2.03m +11029% added TMO THERMO FISHER SCIENTIFIC INC Healthcare 8.2% $347m 854,612 +68% added PYPL PAYPAL HLDGS INC Financial Services 7.9% $337m 4.53m +8.6% added PEP PEPSICO INC Consumer Defensive 7.6% $320m 2.43m −1.1% reduced EBAY EBAY INC. Consumer Cyclical 5.8% $245m 3.28m −2.5% reduced MANCHESTER UTD PLC NEW no ticker – 2.0% $85.7m 4.81m −4.8% reduced BF/A BROWN FORMAN CORP – 1.8% $75.1m 2.73m −0.7% reduced BF/B BROWN FORMAN CORP – 1.0% $44.4m 1.65m +4.7% added ORCL ORACLE CORP Technology 0.09% $3.8m 17,500 −8.9% reduced V VISA INC Financial Services 0.08% $3.6m 10,000 −11% reduced AXP AMERICAN EXPRESS CO Financial Services 0.08% $3.3m 10,200 −12% reduced SPGI S&P GLOBAL INC Financial Services 0.07% $3.1m 5,900 0.0% held EFX EQUIFAX INC Industrials 0.06% $2.7m 10,300 0.0% held VRSK VERISK ANALYTICS INC Industrials 0.05% $2.1m 6,600 −9.6% reduced CME CME GROUP INC Financial Services 0.05% $2.0m 7,400 −14% reduced NKE NIKE INC Consumer Cyclical 0.03% $1.4m 20,400 0.0% held ADBE ADOBE INC Technology 0.03% $1.4m 3,560 0.0% held CL COLGATE PALMOLIVE CO Consumer Defensive 0.03% $1.4m 15,000 −25% reduced KO COCA COLA CO Consumer Defensive 0.03% $1.3m 19,000 −10.0% reduced EL LAUDER ESTEE COS INC Consumer Defensive 0.03% $1.2m 14,425 0.0% held TROW PRICE T ROWE GROUP INC Financial Services 0.03% $1.2m 12,000 0.0% held CP CANADIAN PACIFIC KANSAS CITY Industrials 0.02% $1.1m 13,300 +9.5% added HSY HERSHEY CO Consumer Defensive 0.02% $846k 5,100 0.0% held MSGS MADISON SQUARE GRDN SPRT COR Communication Services 0.02% $690k 3,300 0.0% held
Sector mix Communication Services 34.0% Technology 22.1% Consumer Defensive 16.7% Financial Services 8.2% Healthcare 8.2% Consumer Cyclical 5.8% Unclassified 4.8% Industrials 0.1% 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