Quality value

Nick Train

Q2 2026 13F: 28 holdings worth about $2.6B; that quarter 2 new, 5 added, 14 trimmed, 1 sold out.

Firm: Lindsell Train Ltd
Filer: Lindsell Train Ltd CIK 1484150
Last filed: Jul 15, 2026 | Quality value | Counted in this quarter’s totals

13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.

Why This Giant Is Included

Rule numbers (Q2 2026): 28 holdings, top 10 = 91%, stocks $2.6B, options 0%; all four rules met
Source for the value approach: Our Investment Approach (Lindsell Train Ltd): “When we find an exceptional business, we intend to hold it for the long term, which for us means several economic market cycles.” (checked 2026-10-11)

Full selection rules →

13F value

$2.6B

previous $3.1B (−16.2%)

Holdings

2 new / 1 sold out

Net deploymentest.

−17.5%

est. net buying ÷ last quarter’s portfolio

Top-10 concentration

91%

overlap with the composite 9%

Turnoverest.

2.2%

held 30 quarters on average

Trades in Q2 2026

Sorted by position shift: how many percentage points of the portfolio the trade moved.

How to Read This

Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.

Move	Company	Change in shares	Change %	Position shift (pts)	Start → end price	Est. trade price
Trimmed	GOOGLAlphabet Inc	−417.8K	−25%	−4.76	$287.56 → $357.37	$322.47
Trimmed	EBAYeBay Inc	−811.5K	−42%	−2.89	$91.02 → $111.75	$101.38
Trimmed	TKOTKO Group Holdings Inc	−350.6K	−14%	−2.25	$201.65 → $201.31	$201.48
New	KKRKKR & Co Inc	+667.8K	—	+1.95	$92.50 → $91.78	$92.14
Trimmed	MDLZMondelez International, Inc	−996.5K	−28%	−1.84	$57.64 → $57.84	$57.74
Trimmed	DISWalt Disney Co	−598.6K	−19%	−1.84	$96.38 → $96.25	$96.31
Trimmed	TMOThermo Fisher Scientific Inc	−102.7K	−17%	−1.64	$491.53 → $501.36	$496.45
Trimmed	PYPLPayPal Holdings, Inc	−1.02M	−24%	−1.40	$45.23 → $43.18	$44.20
Trimmed	PEPPepsiCo Inc	−253.5K	−20%	−1.09	$155.29 → $135.40	$145.35
Trimmed	FICOFair Isaac Corp	−23.2K	−9%	−0.89	$1,068 → $1,195	$1,131
Trimmed	BF.ABrown-Forman Corp	−450.4K	−17%	−0.56	$26.79 → $27.36	$27.07
Trimmed	INTUIntuit Inc	−66.8K	−9%	−0.56	$432.38 → $261.00	$346.69
Trimmed	MANUManchester United plc	−383.6K	−12%	−0.28	$16.82 → $22.93	$19.88
New	WMGWarner Music Group Corp	+50.0K	—	+0.04	$25.54 → $27.07	$26.30
Sold out	CLColgate-Palmolive Co	−10.0K	—	−0.03	$85.23 → $91.68	$88.45
Trimmed	AXPAmerican Express Co	−1.4K	−16%	−0.02	$302.48 → $338.25	$320.37
Added	VRSKVerisk Analytics, Inc	+1.1K	+13%	+0.01	$189.75 → $179.53	$184.64
Added	VVisa Inc	+200	+2%	+0.00	$302.24 → $343.09	$322.66
Added	EFXEquifax Inc	+300	+3%	+0.00	$180.07 → $158.72	$169.40
Added	SPGIS&P Global Inc	+100	+1%	+0.00	$425.34 → $407.26	$416.30
Added	NKENike Inc	+200	+1%	+0.00	$52.82 → $41.05	$46.94

All Holdings (27 Companies)

Share classes of one company are combined; click a heading to re-sort.

How to Read This

Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.

Company	Sector	Weight (prev.)	Shares	Value	This quarter	First bought	Quarters held	Est. avg cost	Quarter-end price	vs cost	History
GOOGLAlphabet Inc	Information technology	17.5%15.6%	1.29M	$459.9M	Trimmed −25%	Q1 2025	6	$169.56est.	$357.37	+111%	History
TKOTKO Group Holdings Inc	Consumer discretionary	16.1%15.7%	2.10M	$422.5M	Trimmed −14%	Q3 2023	12	$84.08est.	$201.31	+139%	History
FICOFair Isaac Corp	Information technology	10.3%8.5%	226.2K	$270.2M	Trimmed −9%	Q1 2022	18	$567.83est.	$1,195	+110%	History
TMOThermo Fisher Scientific Inc	Information technology	9.8%9.7%	514.5K	$258.0M	Trimmed −17%	Q4 2024	7	$514.52est.	$501.36	−3%	History
DISWalt Disney Co	Communication & media	9.5%9.9%	2.61M	$251.0M	Trimmed −19%	Q4 2009	67	$103.41est.start point	$96.25	−7%	History
INTUIntuit Inc	Information technology	6.6%10.1%	666.9K	$174.1M	Trimmed −9%	Q4 2009	67	$202.28est.start point	$261.00	+29%	History
MDLZMondelez International, Inc	Consumer staples	5.6%6.5%	2.57M	$148.4M	Trimmed −28%	Q4 2012	55	$42.47est.	$57.84	+36%	History
PEPPepsiCo Inc	Consumer staples	5.3%6.3%	1.02M	$138.6M	Trimmed −20%	Q2 2015	45	$118.83est.	$135.40	+14%	History
PYPLPayPal Holdings, Inc	Financials	5.2%6.0%	3.16M	$136.6M	Trimmed −24%	Q3 2015	44	$76.81est.	$43.18	−44%	History
EBAYeBay Inc	Industrials	4.7%5.6%	1.12M	$124.7M	Trimmed −42%	Q4 2009	67	$37.06est.start point	$111.75	+202%	History
BF.ABrown-Forman Corp	Consumer staples	3.6%3.5%	2.13M	$95.2M	Trimmed −17%	Q4 2009	67	$45.59est.start point	$27.36	−40%	History
MANUManchester United plc	Consumer discretionary	2.4%1.7%	2.76M	$63.3M	Trimmed −12%	Q3 2017	36	$18.13est.	$22.93	+26%	History
KKRKKR & Co Inc	Financials	2.3%—	667.8K	$61.3M	New	Q2 2026	1	$92.14est.	$91.78	−0%	History
VVisa Inc	Financials	0.1%0.1%	10.5K	$3.6M	Added +2%	Q2 2020	25	$216.83est.	$343.09	+58%	History
SPGIS&P Global Inc	Financials	0.1%0.1%	7.4K	$3.0M	Added +1%	Q2 2020	25	$345.60est.	$407.26	+18%	History
CPCanadian Pacific Kansas City Ltd/cn	Industrials	0.1%0.1%	30.0K	$2.6M	Held	Q1 2025	6	$74.39est.	$86.65	+16%	History
AXPAmerican Express Co	Financials	0.1%0.1%	7.6K	$2.6M	Trimmed −16%	Q2 2020	25	$90.40est.	$338.25	+274%	History
EFXEquifax Inc	Financials	0.1%0.1%	11.8K	$1.9M	Added +3%	Q2 2020	25	$159.87est.	$158.72	−1%	History
VRSKVerisk Analytics, Inc	Information technology	0.1%0.1%	9.5K	$1.7M	Added +13%	Q2 2020	25	$178.59est.	$179.53	+1%	History
CMECME Group Inc	Financials	0.1%0.1%	6.9K	$1.5M	Held	Q2 2020	25	$174.54est.	$220.83	+27%	History
ADBEAdobe Inc	Information technology	0.1%0.1%	7.0K	$1.4M	Held	Q2 2020	25	$349.22est.	$205.02	−41%	History
WMGWarner Music Group Corp	Consumer discretionary	0.1%—	50.0K	$1.4M	New	Q2 2026	1	$26.30est.	$27.07	+3%	History
ORCLOracle Corp	Information technology	0.1%0.0%	9.0K	$1.3M	Held	Q2 2020	25	$52.91est.	$146.55	+177%	History
ELEstee Lauder Companies Inc	Consumer staples	0.0%0.0%	15.0K	$1.2M	Held	Q2 2020	25	$158.11est.	$78.95	−50%	History
MSGSMadison Square Garden Sports Corp	Consumer discretionary	0.0%0.0%	2.8K	$1.1M	Held	Q2 2020	25	$179.15est.	$401.84	+124%	History
KOCoca-Cola Co	Consumer staples	0.0%0.0%	12.0K	$975K	Held	Q2 2020	25	$44.46est.	$81.27	+83%	History
NKENike Inc	Consumer discretionary	0.0%0.0%	21.0K	$862K	Added +1%	Q2 2020	25	$90.03est.	$41.05	−54%	History

III

Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost

How to Read This

Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.

above costbelow costwithin 5%

Over Time

From Q4 2009, 67 quarters (this giant’s electronic 13F filings).

13F Value

Holdings

Top-10 Concentration

Turnover (Est.)

Sector Mix

Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)

Quarter by Quarter, with the Original Filings

* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.

Show 67 Quarters

Quarter	Holdings	New	Sold out	13F value	Turnover	Net deployment	SEC
Q2 2026	28	2	1	$2.6B	2.2%	−17.5%	13F-HR
Q1 2026	27	0	1	$3.1B	3.2%	−7.9%	13F-HR
Q4 2025	28	0	0	$3.9B	0.0%	−7.8%	13F-HR
Q3 2025	28	0	1	$4.1B	1.1%	−6.0%	13F-HR
Q2 2025	29	0	0	$4.2B	4.6%	+9.3%	13F-HR
Q1 2025	29	2	1	$3.6B	1.5%	−6.4%	13F-HR
Q4 2024	28	1	2	$4.0B	5.5%	−8.6%	13F-HR
Q3 2024	29	0	0	$4.4B	2.7%	−8.1%	13F-HR
Q2 2024	29	0	1	$4.3B	0.0%	−9.0%	13F-HR
Q1 2024	30	0	0	$4.8B	0.0%	−12.2%	13F-HR
Q4 2023	30	2	2	$5.2B	0.1%	−5.4%	13F-HR
Q3 2023	30	2	1	$5.0B	9.4%	−8.0%	13F-HR
Q2 2023	29	1	1	$5.6B	0.1%	−6.0%	13F-HR
Q1 2023	29	0	0	$5.7B	0.6%	−0.9%	13F-HR
Q4 2022	29	0	0	$5.3B	0.2%	−2.9%	13F-HR
Q3 2022	29	0	0	$4.9B	0.8%	−2.9%	13F-HR
Q2 2022	29	0	0	$5.1B	1.3%	−5.9%	13F-HR
Q1 2022	29	1	0	$6.3B	3.4%	+3.7%	13F-HR
Q4 2021	28	1	0	$6.9B	2.3%	−4.9%	13F-HR
Q3 2021	27	0	0	$7.2B	0.1%	−4.0%	13F-HR
Q2 2021	27	0	0	$7.7B	1.3%	−0.9%	13F-HR
Q1 2021	27	0	0	$7.1B	2.1%	+0.8%	13F-HR
Q4 2020	27	0	0	$6.9B	1.0%	−1.3%	13F-HR
Q3 2020	27	0	0	$6.2B	0.2%	−5.5%	13F-HR
Q2 2020	27	17	0	$6.0B	3.0%	+3.4%	13F-HR
Q1 2020	10	0	0	$4.7B	0.6%	−7.2%	13F-HR
Q4 2019	10	0	1	$6.2B	0.8%	+4.6%	13F-HR
Q3 2019	11	0	0	$5.9B	1.4%	+1.4%	13F-HR
Q2 2019	11	0	0	$5.9B	0.0%	+8.0%	13F-HR
Q1 2019	11	0	0	$5.2B	0.0%	+5.8%	13F-HR
Q4 2018	11	0	1	$4.1B	0.8%	+3.5%	13F-HR
Q3 2018	12	1	1	$4.4B	7.5%	+1.1%	13F-HR
Q2 2018	12	0	1	$4.0B	4.4%	−2.6%	13F-HR
Q1 2018	13	1	0	$3.8B	0.4%	+7.0%	13F-HR
Q4 2017	12	0	0	$3.5B	0.5%	+7.2%	13F-HR
Q3 2017	12	1	0	$3.0B	2.1%	+13.3%	13F-HR
Q2 2017	11	0	0	$2.6B	0.0%	+9.3%	13F-HR
Q1 2017	11	0	0	$2.3B	0.7%	+7.5%	13F-HR
Q4 2016	11	0	0	$2.0B	1.1%	+1.4%	13F-HR
Q3 2016	11	0	0	$2.0B	0.3%	+8.2%	13F-HR 13F-HR/A
Q2 2016	11	0	0	$1.8B	0.0%	+3.1%	13F-HR
Q1 2016	11	0	0	$1.7B	0.2%	+4.1%	13F-HR
Q4 2015	11	0	0	$1.7B	0.0%	+4.8%	13F-HR
Q3 2015	11	1	0	$1.5B	1.8%	+13.2%	13F-HR
Q2 2015	10	1	1	$1.4B	3.3%	+10.5%	13F-HR
Q1 2015	10	0	0	$1.2B	0.2%	+6.0%	13F-HR
Q4 2014	10	0	0	$1.1B	0.0%	+16.8%	13F-HR
Q3 2014	10	0	0	$880.7M	0.0%	+1.8%	13F-HR
Q2 2014	10	0	0	$840.8M	0.0%	+13.7%	13F-HR
Q1 2014	10	0	0	$749.8M	0.0%	+12.5%	13F-HR
Q4 2013	10	0	0	$623.0M	0.0%	+13.0%	13F-HR
Q3 2013	10	0	0	$500.7M	0.0%	+9.9%	13F-HR
Q2 2013	10	0	0	$440.4M	2.6%	+5.7%	13F-HR
Q1 2013	10	0	0	$424.3M	0.0%	+6.1%	13F-HR
Q4 2012	10	2	1	$358.6M	22.3%	+8.5%	13F-HR
Q3 2012	9	0	0	$354.4M	0.0%	+5.3%	13F-HR
Q2 2012	9	1	0	$319.3M	0.0%	+3.0%	13F-HR
Q1 2012	8	0	0	$291.4M	0.0%	+2.1%	13F-HR
Q4 2011	8	0	0	$265.5M	0.0%	+6.5%	13F-HR
Q3 2011	8	0	0	$230.4M	0.0%	+3.1%	13F-HR
Q2 2011 *	8	0	0	$242.1M	0.0%	+3.0%	13F-HR
Q1 2011 *	8	0	1	$228.8M	0.5%	+1.3%	13F-HR
Q4 2010 *	9	0	0	$210.0M	0.0%	+3.0%	13F-HR
Q3 2010 *	9	0	0	$192.1M	0.2%	−1.1%	13F-HR
Q2 2010 *	9	0	0	$178.0M	0.7%	+2.5%	13F-HR
Q1 2010 *	9	2	0	$185.6M	0.0%	+53.8%	13F-HR
Q4 2009 *	7	0	0	$107.4M	—	—	13F-HR

Large Positions Sold Out

Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.

How to Read This

Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.

Company	Held	Peak weight	Company since
WWEWorld Wrestling Entertain	Q4 2009 – Q3 2023	13%	Acquired or delisted Sep 25, 2023
—Keurig DR Pepper Inc	Q4 2009 – Q3 2018	34%	Still filing with the SEC
KHCKraft Heinz Co	Q4 2012 – Q2 2018	10%	—
HSYHershey Co	Q1 2010 – Q2 2015	2%	—
—Mondelez International, Inc	Q1 2010 – Q4 2012	32%	Still filing with the SEC