# Nick Train — Lindsell Train

Portfolio USD 2,628,786,000 · 28 positions · 2026 Q2 · history from 2018 Q3.
Source: quarterly 13F filings via dataroma.com. Page: https://gigainvestors.com/LT

## Positions (2026 Q2)

| Ticker | Company | % of portfolio | Value | This quarter | Holders |
|---|---|---:|---:|---|---:|
| GOOGL | Alphabet Inc. | 18% | USD 459,880,000 | -24.51% |  |
| TKO | TKO Group Holdings Inc. | 16% | USD 422,522,000 | -14.31% |  |
| FICO | Fair Isaac Corp. | 10% | USD 270,243,000 | -9.32% |  |
| TMO | Thermo Fisher Scientific | 9.8% | USD 257,956,000 | -16.64% |  |
| DIS | Walt Disney Co. | 9.6% | USD 251,005,000 | -18.67% |  |
| INTU | Intuit Inc. | 6.6% | USD 174,056,000 | -9.11% |  |
| MDLZ | Mondelez International | 5.6% | USD 148,386,000 | -27.98% |  |
| PEP | PepsiCo Inc. | 5.3% | USD 138,610,000 | -19.85% |  |
| PYPL | PayPal Holdings Inc. | 5.2% | USD 136,564,000 | -24.33% |  |
| EBAY | eBay Inc. | 4.7% | USD 124,713,000 | -42.1% |  |
| MANU | Manchester United plc | 2.4% | USD 63,251,000 | -12.21% |  |
| KKR | KKR & Co. L.P. | 2.3% | USD 61,289,000 | new |  |
| BF.A | Brown-Forman Corp. CL A | 2.2% | USD 58,408,000 | -17.42% |  |
| BF.B | Brown-Forman Corp. | 1.4% | USD 36,759,000 | -12.48% |  |
| V | Visa Inc. | 0.1% | USD 3,602,000 | +1.94% |  |
| SPGI | S&P Global Inc. | 0.1% | USD 3,014,000 | +1.37% |  |
| CP | Canadian Pacific Kansas City | 0.1% | USD 2,600,000 | hold |  |
| AXP | American Express | 0.1% | USD 2,571,000 | -15.56% |  |
| EFX | Equifax Inc. | 0.1% | USD 1,873,000 | +2.61% |  |
| VRSK | Verisk Analytics Inc. | 0.1% | USD 1,706,000 | +13.1% |  |
| CME | CME Group | 0.1% | USD 1,524,000 | hold |  |
| ADBE | Adobe Inc. | 0.1% | USD 1,435,000 | hold |  |
| WMG | Warner Music Group Corp. CL A | 0.1% | USD 1,354,000 | new |  |
| ORCL | Oracle Corp. | 0.1% | USD 1,319,000 | hold |  |
| EL | Estee Lauder Cos. | 0.1% | USD 1,184,000 | hold |  |
| MSGS | Madison Square Garden Sports Corp. | <0.1% | USD 1,125,000 | hold |  |
| KO | Coca Cola Co. | <0.1% | USD 975,000 | hold |  |
| NKE | NIKE Inc. | <0.1% | USD 862,000 | +0.96% |  |

## Moves this quarter (22)

- GOOGL Alphabet Inc.: -24.51% (USD 459,880,000)
- TKO TKO Group Holdings Inc.: -14.31% (USD 422,522,000)
- FICO Fair Isaac Corp.: -9.32% (USD 270,243,000)
- TMO Thermo Fisher Scientific: -16.64% (USD 257,956,000)
- DIS Walt Disney Co.: -18.67% (USD 251,005,000)
- INTU Intuit Inc.: -9.11% (USD 174,056,000)
- MDLZ Mondelez International: -27.98% (USD 148,386,000)
- PEP PepsiCo Inc.: -19.85% (USD 138,610,000)
- PYPL PayPal Holdings Inc.: -24.33% (USD 136,564,000)
- EBAY eBay Inc.: -42.1% (USD 124,713,000)
- MANU Manchester United plc: -12.21% (USD 63,251,000)
- KKR KKR & Co. L.P.: new (USD 61,289,000)
- BF.A Brown-Forman Corp. CL A: -17.42% (USD 58,408,000)
- BF.B Brown-Forman Corp.: -12.48% (USD 36,759,000)
- V Visa Inc.: +1.94% (USD 3,602,000)
- SPGI S&P Global Inc.: +1.37% (USD 3,014,000)
- AXP American Express: -15.56% (USD 2,571,000)
- EFX Equifax Inc.: +2.61% (USD 1,873,000)
- VRSK Verisk Analytics Inc.: +13.1% (USD 1,706,000)
- WMG Warner Music Group Corp. CL A: new (USD 1,354,000)
- NKE NIKE Inc.: +0.96% (USD 862,000)
- CL Colgate-Palmolive: sold (USD 852,000)

## Portfolio value by quarter

- 2018 Q3: USD 4,413,026,160 (12 positions)
- 2018 Q4: USD 4,135,981,203 (11 positions)
- 2019 Q1: USD 5,168,558,314 (11 positions)
- 2019 Q2: USD 5,891,101,978 (11 positions)
- 2019 Q3: USD 5,918,172,705 (11 positions)
- 2019 Q4: USD 6,247,970,050 (10 positions)
- 2020 Q1: USD 4,689,104,178 (10 positions)
- 2020 Q2: USD 6,005,963,597 (27 positions)
- 2020 Q3: USD 6,159,737,432 (27 positions)
- 2020 Q4: USD 6,887,431,079 (27 positions)
- 2021 Q1: USD 7,095,109,663 (27 positions)
- 2021 Q2: USD 7,734,453,275 (27 positions)
- 2021 Q3: USD 7,243,157,004 (27 positions)
- 2021 Q4: USD 6,900,312,712 (28 positions)
- 2022 Q1: USD 6,347,902,971 (29 positions)
- 2022 Q2: USD 5,099,444,162 (29 positions)
- 2022 Q3: USD 4,925,029,307 (29 positions)
- 2022 Q4: USD 5,261,757,595 (29 positions)
- 2023 Q1: USD 5,733,292,655 (29 positions)
- 2023 Q2: USD 5,613,881,030 (29 positions)
- 2023 Q3: USD 4,982,723,417 (30 positions)
- 2023 Q4: USD 5,156,263,033 (30 positions)
- 2024 Q1: USD 4,759,257,153 (30 positions)
- 2024 Q2: USD 4,334,517,779 (29 positions)
- 2024 Q3: USD 4,431,189,847 (29 positions)
- 2024 Q4: USD 3,999,902,415 (28 positions)
- 2025 Q1: USD 3,614,009,224 (29 positions)
- 2025 Q2: USD 4,243,628,125 (29 positions)
- 2025 Q3: USD 4,075,657,439 (28 positions)
- 2025 Q4: USD 3,943,393,192 (28 positions)
- 2026 Q1: USD 3,136,500,519 (27 positions)
- 2026 Q2: USD 2,628,786,000 (28 positions)