Great investors · Nick Train · Q4 2025
What Nick Train bought and sold in Q4 2025
Lindsell Train 13F portfolio as of Dec 31, 2025: 28 positions worth $3.9 bn. Largest: GOOGL, TKO, INTU, TMO. Filed with the SEC on Feb 11, 2026.
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 2025
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q4 2025
- ReducedThermo Fisher ScientificTMO−1.8 pp
- ReducedPepsicoPEP−1.4 pp
- ReducedAlphabetGOOGL−1.1 pp
- ReducedeBayEBAY−0.8 pp
- ReducedMondelez InternationalMDLZ−0.7 pp
- ReducedTKO Group HoldingsTKO−0.7 pp
- ReducedWalt DisneyDIS−0.7 pp
7 companies with material moves, out of 17 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 2025 13F lists 28 lines of US-listed securities worth $3.9 bn; the largest is GOOGL at 16.6% of the portfolio. It was accepted by the SEC on Feb 11, 2026 at 3:24 PM ET.
Against the previous quarter, it opened no new positions, closed none, added to 4 (ADBE, SPGI, CP and EFX) and trimmed 13 (TMO, PEP, GOOGL and EBAY and 9 more). 11 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Alphabet GOOGL | 2.1 M | $654M | 16.6% | −6.5% |
| 2 | TKO Group Holdings TKO | 2.8 M | $589M | 14.9% | −4.6% |
| 3 | Intuit INTU | 610,251 | $404M | 10.3% | no change |
| 4 | Thermo Fisher Scientific TMO | 689,503 | $400M | 10.1% | −16% |
| 5 | Walt Disney DIS | 3.5 M | $396M | 10.0% | −6.5% |
| 6 | Fair Isaac FICO | 216,593 | $366M | 9.29% | −2.9% |
| 7 | Pepsico PEP | 1.8 M | $259M | 6.56% | −18% |
| 8 | PayPal Holdings PYPL | 4.3 M | $251M | 6.36% | −4.1% |
| 9 | Mondelez International MDLZ | 4.5 M | $241M | 6.12% | −11% |
| 10 | eBay EBAY | 2.1 M | $181M | 4.59% | −15% |
| 11 | Brown Forman BF/A | 2.7 M | $72.2M | 1.83% | no change |
| 12 | Manchester United MANU | 3.6 M | $57.3M | 1.45% | −18% |
| 13 | Brown Forman BF/B | 1.6 M | $43.0M | 1.09% | no change |
| 14 | American Express AXP | 9,800 | $3.6M | 0.09% | −3.9% |
| 15 | S&P Global SPGI | 6,800 | $3.6M | 0.09% | +4.6% |
| 16 | Visa V | 10,000 | $3.5M | 0.09% | no change |
| 17 | Equifax EFX | 11,000 | $2.4M | 0.06% | +4.8% |
| 18 | Canadian Pacific Kansas City CP | 30,000 | $2.2M | 0.06% | +5.3% |
| 19 | CME Group CME | 7,400 | $2.0M | 0.05% | no change |
| 20 | Adobe ADBE | 5,300 | $1.9M | 0.05% | +18% |
| 21 | Oracle ORCL | 9,000 | $1.8M | 0.04% | no change |
| 22 | Verisk Analytics VRSK | 7,500 | $1.7M | 0.04% | no change |
| 23 | Estée Lauder EL | 15,500 | $1.6M | 0.04% | no change |
| 24 | Nike NKE | 20,400 | $1.3M | 0.03% | no change |
| 25 | T. Rowe Price TROW | 12,000 | $1.2M | 0.03% | no change |
| 26 | Coca-Cola KO | 17,000 | $1.2M | 0.03% | −8.1% |
| 27 | Colgate-palmolive CL | 14,600 | $1.2M | 0.03% | −2.7% |
| 28 | Madison Square Grdn Sprt COR MSGS | 3,300 | $854K | 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) ↗
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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.