Funds › Lindsell Train (Nick Train) › Q3 2025Lindsell Train (Nick Train) 13F holdings, Q3 2025 Lindsell Train (Nick Train) disclosed 28 US equity positions worth $4.1bn in its Q3 2025 13F filing. Its largest position is TKO at 14.6% of the reported book, followed by GOOGL and DIS. Versus Q2 2025 it opened 0 new positions, added to 7, reduced 11 and exited 1.
$4.1bn Reported equity book Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
28 Positions Distinct securities in the equity book with a reported value above zero. Options are excluded.
14.6% Largest position The largest single position as a share of the reported equity book.
94.7% 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 Q2 2025: 0 new , 7 added , 11 reduced , 1 exited
28 rows
Stock Sector Weight Value Shares Δ shares Action TKO TKO GROUP HOLDINGS INC Communication Services 14.6% $597m 2.95m −6.9% reduced GOOGL ALPHABET INC Communication Services 13.3% $543m 2.23m +10% added DIS DISNEY WALT CO Communication Services 10.5% $427m 3.73m −8.8% reduced INTU INTUIT Technology 10.2% $418m 611,810 −8.1% reduced TMO THERMO FISHER SCIENTIFIC INC Healthcare 9.7% $397m 817,529 −4.3% reduced FICO FAIR ISAAC CORP Technology 8.2% $334m 222,955 −0.1% held MDLZ MONDELEZ INTL INC Consumer Defensive 7.7% $314m 5.03m −12% reduced PEP PEPSICO INC Consumer Defensive 7.6% $309m 2.20m −9.3% reduced PYPL PAYPAL HLDGS INC Financial Services 7.4% $301m 4.48m −1.0% reduced EBAY EBAY INC. Consumer Cyclical 5.5% $223m 2.46m −25% reduced BF/A BROWN FORMAN CORP – 1.8% $73.8m 2.74m +0.3% held MANCHESTER UTD PLC NEW no ticker – 1.6% $66.3m 4.38m −9.0% reduced BF/B BROWN FORMAN CORP – 1.1% $44.7m 1.65m 0.0% held V VISA INC Financial Services 0.08% $3.4m 10,000 0.0% held AXP AMERICAN EXPRESS CO Financial Services 0.08% $3.4m 10,200 0.0% held SPGI S&P GLOBAL INC Financial Services 0.08% $3.2m 6,500 +10% added EFX EQUIFAX INC Industrials 0.07% $2.7m 10,500 +1.9% added ORCL ORACLE CORP Technology 0.06% $2.5m 9,000 −49% reduced CP CANADIAN PACIFIC KANSAS CITY Industrials 0.05% $2.1m 28,500 +114% added CME CME GROUP INC Financial Services 0.05% $2.0m 7,400 0.0% held VRSK VERISK ANALYTICS INC Industrials 0.05% $1.9m 7,500 +14% added ADBE ADOBE INC Technology 0.04% $1.6m 4,500 +26% added NKE NIKE INC Consumer Cyclical 0.03% $1.4m 20,400 0.0% held EL LAUDER ESTEE COS INC Consumer Defensive 0.03% $1.4m 15,500 +7.5% added TROW PRICE T ROWE GROUP INC Financial Services 0.03% $1.2m 12,000 0.0% held KO COCA COLA CO Consumer Defensive 0.03% $1.2m 18,500 −2.6% reduced CL COLGATE PALMOLIVE CO Consumer Defensive 0.03% $1.2m 15,000 0.0% held MSGS MADISON SQUARE GRDN SPRT COR Communication Services 0.02% $749k 3,300 0.0% held
Exited since Q2 2025 1 row
Stock Prior weight Prior value HSY HERSHEY CO 0.02% $846k
Sector mix Communication Services 38.4% Technology 18.5% Consumer Defensive 15.4% Healthcare 9.7% Financial Services 7.7% Consumer Cyclical 5.5% Unclassified 4.5% 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