Nick Train portfolio: stocks, buys and sells →
Lindsell Train: full 13F, sectors and history
Concentrated managerInvestment firmPortfolio as of Sep 30, 2026 (Q3 2026) · filed with the SEC on Nov 2, 2026 · data updated on Nov 5, 2026 · Q3 2026 13F (filing) ↗ · all its 13F filings ↗
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
Lindsell Train reported a $2.4 bn portfolio of 27 companies (28 positions, counting each share class separately) to the SEC as of the end of Q3 2026. Its largest positions are GOOGL, TKO, TMO.
Sections with a free account
What changed this quarter
19 positions with a change (2 added to, 17 trimmed). 6 are listed here: those of 0.5 points of the portfolio or more (up to 12).
- Thermo Fisher Scientific−24%fewer sharesReduced9.8% → 12.4%
- Alphabet−12%fewer sharesReduced17.5% → 16.4%
- Walt Disney−12%fewer sharesReduced9.5% → 10.2%
- KKR+48%more sharesIncreased2.3% → 3.8%
- TKO Group Holdings−7.6%fewer sharesReduced16.1% → 14.8%
- Mondelez International−11%fewer sharesReduced5.6% → 6.2%
The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.
Top holdings
- AlphabetGOOGL16.4%
- TKO Group HoldingsTKO14.8%
- Thermo Fisher ScientificTMO12.4%
- Walt DisneyDIS10.2%
- IntuitINTU7.3%
- PayPal HoldingsPYPL6.6%
- Mondelez InternationalMDLZ6.2%
- Fair IsaacFICO5.3%
- PepsicoPEP5.1%
- eBayEBAY4.7%
- KKRKKR3.8%
- Brown FormanBF/A · BF/B3.7%
- Manchester UnitedMANU2.2%
- VisaV0.2%
- S&P GlobalSPGI0.1%
“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
Portfolio by sector
- ● Communication Services 44%
- ● Consumer Staples 15%
- ● Information Technology 13%
- ● Health Care 12%
- ● Financials 11%
- ● Consumer Discretionary 5%
How its portfolio changed (8 quarters)
Q3 2026: 28
Q3 2026: 89%
Q3 2026: 6.0%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
Stakes above 5% (13D/13G)
Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.
How we classify it
Investment firm, per its Form ADV of Apr 27, 2026 (medium confidence).
The data, as reported: LINDSELL TRAIN LIMITED (CRD 158323): 7.B private funds: 2 other (gross assets $305M); 5.D assets by client type: pooled vehicles 94%, pension plans 6% (of $9.3 bn)
The type comes from a rule applied to that data. If it looks wrong, tell us.
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