Great investors · Nick Train · Q1 2025
What Nick Train bought and sold in Q1 2025
Lindsell Train 13F portfolio as of Mar 31, 2025: 29 positions worth $3.6 bn. Largest: TKO, INTU, FICO, DIS. Filed with the SEC on May 15, 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 Q1 2025
- IncreasedThermo Fisher ScientificTMO+1.3 pp
Sells in Q1 2025
- ReducedMondelez InternationalMDLZ−4.1 pp
- ReducedTKO Group HoldingsTKO−0.9 pp
- ReducedFair IsaacFICO−0.7 pp
4 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 Q1 2025 13F lists 29 lines of US-listed securities worth $3.6 bn; the largest is TKO at 14.4% of the portfolio. It was accepted by the SEC on May 15, 2025 at 6:45 AM ET.
Against the previous quarter, it opened 2 positions (GOOGL and CP), closed 1 (GOOG), added to 1 (TMO) and trimmed 11 (MDLZ, TKO, FICO and EBAY and 7 more). 15 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | TKO Group Holdings TKO | 3.4 M | $519M | 14.4% | −6.6% |
| 2 | Intuit INTU | 741,017 | $455M | 12.6% | −3.7% |
| 3 | Fair Isaac FICO | 240,300 | $443M | 12.3% | −6% |
| 4 | Walt Disney DIS | 4.3 M | $423M | 11.7% | −4% |
| 5 | Mondelez International MDLZ | 6.0 M | $408M | 11.3% | −28% |
| 6 | Pepsico PEP | 2.5 M | $368M | 10.2% | −4% |
| 7 | PayPal Holdings PYPL | 4.2 M | $272M | 7.53% | −2.6% |
| 8 | Thermo Fisher Scientific TMO | 508,790 | $253M | 7.01% | +25% |
| 9 | eBay EBAY | 3.4 M | $228M | 6.32% | −7.6% |
| 10 | Brown Forman BF/A | 2.8 M | $92.1M | 2.55% | −1.6% |
| 11 | Manchester United MANU | 5.1 M | $66.1M | 1.83% | −13% |
| 12 | Brown Forman BF/B | 1.6 M | $53.5M | 1.48% | −3.6% |
| 13 | Visa V | 11,200 | $3.9M | 0.11% | no change |
| 14 | American Express AXP | 11,600 | $3.1M | 0.09% | no change |
| 15 | S&P Global SPGI | 5,900 | $3.0M | 0.08% | no change |
| 16 | Alphabet GOOGL | 18,225 | $2.8M | 0.08% | new |
| 17 | Oracle ORCL | 19,200 | $2.7M | 0.07% | no change |
| 18 | Equifax EFX | 10,300 | $2.5M | 0.07% | no change |
| 19 | CME Group CME | 8,600 | $2.3M | 0.06% | no change |
| 20 | Verisk Analytics VRSK | 7,300 | $2.2M | 0.06% | no change |
| 21 | Colgate-palmolive CL | 20,100 | $1.9M | 0.05% | no change |
| 22 | Coca-Cola KO | 21,100 | $1.5M | 0.04% | no change |
| 23 | Adobe ADBE | 3,560 | $1.4M | 0.04% | no change |
| 24 | Nike NKE | 20,400 | $1.3M | 0.04% | no change |
| 25 | T. Rowe Price TROW | 12,000 | $1.1M | 0.03% | no change |
| 26 | Estée Lauder EL | 14,425 | $952K | 0.03% | no change |
| 27 | Hershey HSY | 5,100 | $872K | 0.02% | no change |
| 28 | Canadian Pacific Kansas City CP | 12,150 | $853K | 0.02% | new |
| 29 | Madison Square Grdn Sprt COR MSGS | 3,300 | $643K | 0.02% | no change |
Positions it closed (1)
- Alphabet GOOGwas 0.08% · 17,750 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.