Great investors · Nick Train · Q4 2024
What Nick Train bought and sold in Q4 2024
Lindsell Train 13F portfolio as of Dec 31, 2024: 28 positions worth $4.0 bn. Largest: TKO, FICO, MDLZ, DIS. Filed with the SEC on Jan 21, 2025.
The 13F is filed by Lindsell Train, not by Nick Train personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q4 2024
- NewThermo Fisher ScientificTMO+4.8 pp
Sells in Q4 2024
- ReducedTKO Group HoldingsTKO−2.8 pp
- ReducedWalt DisneyDIS−2.5 pp
- ReducedMondelez InternationalMDLZ−2.4 pp
- ReducedIntuitINTU−2.1 pp
- ReducedFair IsaacFICO−1.7 pp
- ReducedPepsicoPEP−0.7 pp
- ReducedeBayEBAY−0.6 pp
- ReducedPayPal HoldingsPYPL−0.6 pp
9 companies with material moves, out of 13 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Lindsell Train's Q4 2024 13F lists 28 lines of US-listed securities worth $4.0 bn; the largest is TKO at 12.9% of the portfolio. It was accepted by the SEC on Jan 21, 2025 at 8:59 AM ET.
Against the previous quarter, it opened 1 position (TMO), closed 2 (JNJ and KVUE), added to none and trimmed 10 (TKO, DIS, MDLZ and INTU and 6 more). 17 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | TKO Group Holdings TKO | 3.6 M | $516M | 12.9% | −20% |
| 2 | Fair Isaac FICO | 255,520 | $509M | 12.7% | −13% |
| 3 | Mondelez International MDLZ | 8.4 M | $502M | 12.6% | −18% |
| 4 | Walt Disney DIS | 4.5 M | $496M | 12.4% | −18% |
| 5 | Intuit INTU | 769,617 | $484M | 12.1% | −16% |
| 6 | Pepsico PEP | 2.6 M | $389M | 9.72% | −7.7% |
| 7 | PayPal Holdings PYPL | 4.3 M | $366M | 9.14% | −6.7% |
| 8 | eBay EBAY | 3.6 M | $226M | 5.65% | −11% |
| 9 | Thermo Fisher Scientific TMO | 407,240 | $212M | 5.30% | new |
| 10 | Brown Forman BF/A | 2.8 M | $105M | 2.63% | −2.7% |
| 11 | Manchester United MANU | 5.8 M | $100M | 2.50% | −9.3% |
| 12 | Brown Forman BF/B | 1.6 M | $62.1M | 1.55% | no change |
| 13 | Visa V | 11,200 | $3.5M | 0.09% | no change |
| 14 | American Express AXP | 11,600 | $3.4M | 0.09% | no change |
| 15 | Alphabet GOOG | 17,750 | $3.4M | 0.08% | no change |
| 16 | Oracle ORCL | 19,200 | $3.2M | 0.08% | no change |
| 17 | S&P Global SPGI | 5,900 | $2.9M | 0.07% | no change |
| 18 | Equifax EFX | 10,300 | $2.6M | 0.07% | no change |
| 19 | Verisk Analytics VRSK | 7,300 | $2.0M | 0.05% | no change |
| 20 | CME Group CME | 8,600 | $2.0M | 0.05% | no change |
| 21 | Colgate-palmolive CL | 20,100 | $1.8M | 0.05% | no change |
| 22 | Adobe ADBE | 3,560 | $1.6M | 0.04% | no change |
| 23 | Nike NKE | 20,400 | $1.5M | 0.04% | no change |
| 24 | T. Rowe Price TROW | 12,000 | $1.4M | 0.03% | no change |
| 25 | Coca-Cola KO | 21,100 | $1.3M | 0.03% | no change |
| 26 | Estée Lauder EL | 14,425 | $1.1M | 0.03% | no change |
| 27 | Hershey HSY | 5,100 | $864K | 0.02% | no change |
| 28 | Madison Square Grdn Sprt COR MSGS | 3,300 | $745K | 0.02% | no change |
Positions it closed (2)
- Johnson & Johnson JNJwas 0.02% · 6,065 shares
- Kenvue KVUEwas 0.01% · 14,739 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Lindsell Train's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.