Great investors · Nick Train · Q3 2025
What Nick Train bought and sold in Q3 2025
Lindsell Train 13F portfolio as of Sep 30, 2025: 28 positions worth $4.1 bn. Largest: TKO, GOOGL, DIS, INTU. Filed with the SEC on Nov 12, 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 Q3 2025
- IncreasedAlphabetGOOGL+1.2 pp
Sells in Q3 2025
- ReducedeBayEBAY−1.8 pp
- ReducedTKO Group HoldingsTKO−1.0 pp
- ReducedMondelez InternationalMDLZ−1.0 pp
- ReducedWalt DisneyDIS−1.0 pp
- ReducedIntuitINTU−0.9 pp
- ReducedPepsicoPEP−0.7 pp
7 companies with material moves, out of 18 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 Q3 2025 13F lists 28 lines of US-listed securities worth $4.1 bn; the largest is TKO at 14.6% of the portfolio. It was accepted by the SEC on Nov 12, 2025 at 11:48 AM ET.
Against the previous quarter, it opened no new positions, closed 1 (HSY), added to 7 (GOOGL, CP, ADBE and SPGI and 3 more) and trimmed 10 (EBAY, TKO, DIS and MDLZ and 6 more). 11 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | TKO Group Holdings TKO | 3.0 M | $597M | 14.6% | −6.9% |
| 2 | Alphabet GOOGL | 2.2 M | $543M | 13.3% | +10% |
| 3 | Walt Disney DIS | 3.7 M | $427M | 10.5% | −8.8% |
| 4 | Intuit INTU | 611,810 | $418M | 10.2% | −8.1% |
| 5 | Thermo Fisher Scientific TMO | 817,529 | $397M | 9.73% | −4.3% |
| 6 | Fair Isaac FICO | 222,955 | $334M | 8.19% | no change |
| 7 | Mondelez International MDLZ | 5.0 M | $314M | 7.71% | −12% |
| 8 | Pepsico PEP | 2.2 M | $309M | 7.59% | −9.3% |
| 9 | PayPal Holdings PYPL | 4.5 M | $301M | 7.38% | no change |
| 10 | eBay EBAY | 2.5 M | $223M | 5.48% | −25% |
| 11 | Brown Forman BF/A | 2.7 M | $73.8M | 1.81% | no change |
| 12 | Manchester United MANU | 4.4 M | $66.3M | 1.63% | −9% |
| 13 | Brown Forman BF/B | 1.6 M | $44.7M | 1.10% | no change |
| 14 | Visa V | 10,000 | $3.4M | 0.08% | no change |
| 15 | American Express AXP | 10,200 | $3.4M | 0.08% | no change |
| 16 | S&P Global SPGI | 6,500 | $3.2M | 0.08% | +10% |
| 17 | Equifax EFX | 10,500 | $2.7M | 0.07% | +1.9% |
| 18 | Oracle ORCL | 9,000 | $2.5M | 0.06% | −49% |
| 19 | Canadian Pacific Kansas City CP | 28,500 | $2.1M | 0.05% | +114% |
| 20 | CME Group CME | 7,400 | $2.0M | 0.05% | no change |
| 21 | Verisk Analytics VRSK | 7,500 | $1.9M | 0.05% | +14% |
| 22 | Adobe ADBE | 4,500 | $1.6M | 0.04% | +26% |
| 23 | Nike NKE | 20,400 | $1.4M | 0.03% | no change |
| 24 | Estée Lauder EL | 15,500 | $1.4M | 0.03% | +7.5% |
| 25 | T. Rowe Price TROW | 12,000 | $1.2M | 0.03% | no change |
| 26 | Coca-Cola KO | 18,500 | $1.2M | 0.03% | −2.6% |
| 27 | Colgate-palmolive CL | 15,000 | $1.2M | 0.03% | no change |
| 28 | Madison Square Grdn Sprt COR MSGS | 3,300 | $749K | 0.02% | no change |
Positions it closed (1)
- Hershey HSYwas 0.02% · 5,100 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.