Great investors · Nick Train · Q1 2026
What Nick Train bought and sold in Q1 2026
Lindsell Train 13F portfolio as of Mar 31, 2026: 27 positions worth $3.1 bn. Largest: TKO, GOOGL, INTU, DIS. Filed with the SEC on Apr 24, 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 Q1 2026
- IncreasedIntuitINTU+1.4 pp
- IncreasedFair IsaacFICO+0.9 pp
Sells in Q1 2026
- ReducedAlphabetGOOGL−2.8 pp
- ReducedPepsicoPEP−2.1 pp
- ReducedTKO Group HoldingsTKO−1.9 pp
- ReducedMondelez InternationalMDLZ−1.3 pp
- ReducedThermo Fisher ScientificTMO−0.9 pp
- ReducedWalt DisneyDIS−0.7 pp
8 companies with material moves, out of 26 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 2026 13F lists 27 lines of US-listed securities worth $3.1 bn; the largest is TKO at 15.7% of the portfolio. It was accepted by the SEC on Apr 24, 2026 at 5:07 PM ET.
Against the previous quarter, it opened no new positions, closed 1 (TROW), added to 8 (INTU, FICO, ADBE and SPGI and 4 more) and trimmed 17 (GOOGL, TKO, PEP and MDLZ and 13 more). 2 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | TKO Group Holdings TKO | 2.4 M | $494M | 15.7% | −13% |
| 2 | Alphabet GOOGL | 1.7 M | $490M | 15.6% | −18% |
| 3 | Intuit INTU | 733,699 | $317M | 10.1% | +20% |
| 4 | Walt Disney DIS | 3.2 M | $309M | 9.85% | −7.9% |
| 5 | Thermo Fisher Scientific TMO | 617,211 | $303M | 9.67% | −10% |
| 6 | Fair Isaac FICO | 249,422 | $266M | 8.49% | +15% |
| 7 | Mondelez International MDLZ | 3.6 M | $205M | 6.55% | −20% |
| 8 | Pepsico PEP | 1.3 M | $198M | 6.32% | −29% |
| 9 | PayPal Holdings PYPL | 4.2 M | $189M | 6.03% | −2.8% |
| 10 | eBay EBAY | 1.9 M | $175M | 5.59% | −7.3% |
| 11 | Brown Forman BF/A | 2.6 M | $69.3M | 2.21% | −5.7% |
| 12 | Manchester United MANU | 3.1 M | $52.8M | 1.68% | −13% |
| 13 | Brown Forman BF/B | 1.6 M | $41.7M | 1.33% | −4.5% |
| 14 | Visa V | 10,300 | $3.1M | 0.10% | +3% |
| 15 | S&P Global SPGI | 7,300 | $3.1M | 0.10% | +7.4% |
| 16 | American Express AXP | 9,000 | $2.7M | 0.09% | −8.2% |
| 17 | Canadian Pacific Kansas City CP | 30,000 | $2.4M | 0.08% | no change |
| 18 | Equifax EFX | 11,500 | $2.1M | 0.07% | +4.5% |
| 19 | CME Group CME | 6,900 | $2.0M | 0.07% | −6.8% |
| 20 | Adobe ADBE | 7,000 | $1.7M | 0.05% | +32% |
| 21 | Verisk Analytics VRSK | 8,400 | $1.6M | 0.05% | +12% |
| 22 | Oracle ORCL | 9,000 | $1.3M | 0.04% | no change |
| 23 | Nike NKE | 20,800 | $1.1M | 0.03% | +2% |
| 24 | Estée Lauder EL | 15,000 | $1.1M | 0.03% | −3.2% |
| 25 | Coca-Cola KO | 12,000 | $913K | 0.03% | −29% |
| 26 | Madison Square Grdn Sprt COR MSGS | 2,800 | $900K | 0.03% | −15% |
| 27 | Colgate-palmolive CL | 10,000 | $852K | 0.03% | −32% |
Positions it closed (1)
- T. Rowe Price TROWwas 0.03% · 12,000 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.