Great investors · Nick Train · Q2 2025
What Nick Train bought and sold in Q2 2025
Lindsell Train 13F portfolio as of Jun 30, 2025: 29 positions worth $4.2 bn. Largest: TKO, INTU, DIS, FICO. Filed with the SEC on Aug 8, 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 Q2 2025
- IncreasedAlphabetGOOGL+8.3 pp
- IncreasedThermo Fisher ScientificTMO+3.3 pp
- IncreasedPayPal HoldingsPYPL+0.6 pp
Sells in Q2 2025
- ReducedIntuitINTU−1.4 pp
- ReducedTKO Group HoldingsTKO−0.9 pp
- ReducedFair IsaacFICO−0.7 pp
- ReducedWalt DisneyDIS−0.6 pp
7 companies with material moves, out of 20 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 Q2 2025 13F lists 29 lines of US-listed securities worth $4.2 bn; the largest is TKO at 13.6% of the portfolio. It was accepted by the SEC on Aug 8, 2025 at 2:34 PM ET.
Against the previous quarter, it opened no new positions, closed none, added to 5 (GOOGL, TMO, PYPL and BF/B and 1 more) and trimmed 15 (INTU, TKO, FICO and DIS and 11 more). 9 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | TKO Group Holdings TKO | 3.2 M | $577M | 13.6% | −6.5% |
| 2 | Intuit INTU | 665,786 | $524M | 12.4% | −10% |
| 3 | Walt Disney DIS | 4.1 M | $507M | 11.9% | −4.5% |
| 4 | Fair Isaac FICO | 223,114 | $408M | 9.61% | −7.2% |
| 5 | Mondelez International MDLZ | 5.7 M | $385M | 9.07% | −5.1% |
| 6 | Alphabet GOOGL | 2.0 M | $357M | 8.42% | ×111 |
| 7 | Thermo Fisher Scientific TMO | 854,612 | $347M | 8.17% | +68% |
| 8 | PayPal Holdings PYPL | 4.5 M | $337M | 7.93% | +8.6% |
| 9 | Pepsico PEP | 2.4 M | $320M | 7.55% | −1.1% |
| 10 | eBay EBAY | 3.3 M | $245M | 5.76% | −2.5% |
| 11 | Manchester United MANU | 4.8 M | $85.7M | 2.02% | −4.8% |
| 12 | Brown Forman BF/A | 2.7 M | $75.1M | 1.77% | no change |
| 13 | Brown Forman BF/B | 1.6 M | $44.4M | 1.05% | +4.7% |
| 14 | Oracle ORCL | 17,500 | $3.8M | 0.09% | −8.9% |
| 15 | Visa V | 10,000 | $3.6M | 0.08% | −11% |
| 16 | American Express AXP | 10,200 | $3.3M | 0.08% | −12% |
| 17 | S&P Global SPGI | 5,900 | $3.1M | 0.07% | no change |
| 18 | Equifax EFX | 10,300 | $2.7M | 0.06% | no change |
| 19 | Verisk Analytics VRSK | 6,600 | $2.1M | 0.05% | −9.6% |
| 20 | CME Group CME | 7,400 | $2.0M | 0.05% | −14% |
| 21 | Nike NKE | 20,400 | $1.4M | 0.03% | no change |
| 22 | Adobe ADBE | 3,560 | $1.4M | 0.03% | no change |
| 23 | Colgate-palmolive CL | 15,000 | $1.4M | 0.03% | −25% |
| 24 | Coca-Cola KO | 19,000 | $1.3M | 0.03% | −10% |
| 25 | Estée Lauder EL | 14,425 | $1.2M | 0.03% | no change |
| 26 | T. Rowe Price TROW | 12,000 | $1.2M | 0.03% | no change |
| 27 | Canadian Pacific Kansas City CP | 13,300 | $1.1M | 0.02% | +9.5% |
| 28 | Hershey HSY | 5,100 | $846K | 0.02% | no change |
| 29 | Madison Square Grdn Sprt COR MSGS | 3,300 | $690K | 0.02% | no change |
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) ↗
Follow Nick Train and see their Q4 2026 13F once it is filed
Free. We email you (if you turn it on) and in Following you see what each manager you follow bought and sold.
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.