Funds › Lindsell Train (Nick Train) › Q4 2025Lindsell Train (Nick Train) 13F holdings, Q4 2025 Lindsell Train (Nick Train) disclosed 28 US equity positions worth $3.9bn in its Q4 2025 13F filing. Its largest position is GOOGL at 16.6% of the reported book, followed by TKO and INTU. Versus Q3 2025 it opened 0 new positions, added to 4, reduced 13 and exited 0.
$3.9bn 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.
16.6% Largest position The largest single position as a share of the reported equity book.
94.9% 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 Q3 2025: 0 new , 4 added , 13 reduced , 0 exited
28 rows
Stock Sector Weight Value Shares Δ shares Action GOOGL ALPHABET INC Communication Services 16.6% $654m 2.09m −6.5% reduced TKO TKO GROUP HOLDINGS INC Communication Services 14.9% $589m 2.82m −4.6% reduced INTU INTUIT Technology 10.3% $404m 610,251 −0.3% held TMO THERMO FISHER SCIENTIFIC INC Healthcare 10.1% $400m 689,503 −16% reduced DIS DISNEY WALT CO Communication Services 10.0% $396m 3.48m −6.5% reduced FICO FAIR ISAAC CORP Technology 9.3% $366m 216,593 −2.9% reduced PEP PEPSICO INC Consumer Defensive 6.6% $259m 1.80m −18% reduced PYPL PAYPAL HLDGS INC Financial Services 6.4% $251m 4.30m −4.1% reduced MDLZ MONDELEZ INTL INC Consumer Defensive 6.1% $241m 4.48m −11% reduced EBAY EBAY INC. Consumer Cyclical 4.6% $181m 2.08m −15% reduced BF/A BROWN FORMAN CORP – 1.8% $72.2m 2.74m 0.0% held MANCHESTER UTD PLC NEW no ticker – 1.5% $57.3m 3.60m −18% reduced BF/B BROWN FORMAN CORP – 1.1% $43.0m 1.65m 0.0% held AXP AMERICAN EXPRESS CO Financial Services 0.09% $3.6m 9,800 −3.9% reduced SPGI S&P GLOBAL INC Financial Services 0.09% $3.6m 6,800 +4.6% added V VISA INC Financial Services 0.09% $3.5m 10,000 0.0% held EFX EQUIFAX INC Industrials 0.06% $2.4m 11,000 +4.8% added CP CANADIAN PACIFIC KANSAS CITY Industrials 0.06% $2.2m 30,000 +5.3% added CME CME GROUP INC Financial Services 0.05% $2.0m 7,400 0.0% held ADBE ADOBE INC Technology 0.05% $1.9m 5,300 +18% added ORCL ORACLE CORP Technology 0.04% $1.8m 9,000 0.0% held VRSK VERISK ANALYTICS INC Industrials 0.04% $1.7m 7,500 0.0% held EL LAUDER ESTEE COS INC Consumer Defensive 0.04% $1.6m 15,500 0.0% held NKE NIKE INC Consumer Cyclical 0.03% $1.3m 20,400 0.0% held 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 17,000 −8.1% reduced CL COLGATE PALMOLIVE CO Consumer Defensive 0.03% $1.2m 14,600 −2.7% reduced MSGS MADISON SQUARE GRDN SPRT COR Communication Services 0.02% $854k 3,300 0.0% held
Sector mix Communication Services 41.6% Technology 19.6% Consumer Defensive 12.8% Healthcare 10.1% Financial Services 6.7% Consumer Cyclical 4.6% Unclassified 4.4% 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