Lindsell Train Ltd

Registered adviser Superinvestor · Nick Train

CIK

1484150

Location

London, X0

Portfolio Value

Mid $2,628,784,104

Diversification

Diversified

Filing Date

Global Rank

#1,346 / 8,816 ▼ 260

Top Industry

Entertainment 28.1%

Period ended 4 months ago

Filed Jul 15, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 158323

Roster of Oct 1, 2026

Regulatory AUM

$9,254,180,434

Main clients

Pooled investment vehicles (94% of AUM)

Private funds

2 funds · Other private funds

Focus by fund count, roster of Oct 1, 2026

$305,126,194 gross assets

LEI

54930025YVVG3BVMRC26

Private funds on Schedule D 7.B.(1)

As filed Oct 7, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$921,558,193 gross assets in 1 fund Other private funds $921,558,193 (1)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
May 2026 to Oct 2026	$9,254,180,434	Pooled investment vehicles (94%)
May 2025 to Apr 2026	$14,697,665,725	Pooled investment vehicles (95%)
Nov 2024 to Apr 2025	$17,741,879,133	Pooled investment vehicles (96%)
May 2024 to Oct 2024	$19,546,899,721	Pooled investment vehicles (95%)
May 2023 to Apr 2024	$22,397,951,968	Pooled investment vehicles (95%)
May 2022 to Apr 2023	$26,990,244,596	Pooled investment vehicles (95%)

5 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 90.7% of the book (60%+)

Turnover

Low turnover

6.4% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 16.9 quarters (12+), a floor since 43.1% of the book was already held when coverage starts

Closest benchmark: the Nasdaq-100 as of 2026-06-30, active share 92.1%; sector active share 50.0% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

28 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

17.5%

+1.7 pts

Top 5

63.2%

+2.2 pts

Top 10

90.7%

−3.3 pts

HHI

1,035

Diversified+12

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Communication Services	45.6%	$1,199,136,701	6
Technology	17.0%	$447,053,062	4
Consumer Defensive	14.6%	$384,321,894	6
Healthcare	9.8%	$257,955,736	1
Financial Services	7.9%	$208,563,619	6
Consumer Cyclical	4.8%	$125,575,161	2
Industrials	0.2%	$6,177,931	3

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

5 positions

Ticker	Company	Δ Shares	Shares	Value
VRSK	Verisk Analytics, Inc.	+1,100	9,500	$1,705,535
EFX	Equifax Inc	+300	11,800	$1,872,896
NKE	NIKE, Inc.	+200	21,000	$862,050
V	Visa Inc.	+200	10,500	$3,602,445
SPGI	S&P Global Inc.	+100	7,400	$3,013,723
No positions match the current search.

Trimmed

Positions the filer reduced

14 positions

Ticker	Company	Δ Shares	Shares	Value
PYPL	PayPal Holdings, Inc.	−1,016,951	3,162,672	$136,564,176
MDLZ	Mondelez International, Inc.	−996,511	2,565,453	$148,385,801
EBAY	Ebay Inc	−811,484	1,116,001	$124,713,111
DIS	Walt Disney Co	−598,561	2,607,846	$251,005,177
BF-A	Brown Forman Corp	−450,433	2,134,789	$58,407,827
GOOGL	Alphabet Inc.	−417,794	1,286,845	$459,879,797
MANU	Manchester United plc	−383,554	2,758,446	$63,251,166
TKO	TKO Group Holdings, Inc.	−350,606	2,098,862	$422,521,909
PEP	Pepsico Inc	−253,479	1,023,706	$138,609,792
BF-B	Brown Forman Corp	−196,725	1,379,324	$36,758,984
TMO	Thermo Fisher Scientific Inc.	−102,699	514,512	$257,955,736
INTU	Intuit Inc.	−66,816	666,883	$174,056,463
FICO	Fair Isaac Corp	−23,236	226,186	$270,242,509
AXP	American Express Co	−1,400	7,600	$2,570,700
No positions match the current search.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
KKR	KKR & Co. Inc.	667,780	$61,288,848
WMG	Warner Music Group Corp.	50,000	$1,353,500
No positions match the current search.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
CL	Colgate Palmolive Co	10,000	$852,300
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

28 tracked positions · $2,628,784,104 total · filing declares 28 positions · $2,628,784,112 · as of Jun 30, 2026

All sectors Communication Services Consumer Cyclical Consumer Defensive Financial Services Healthcare Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Est. Price	Held (qtrs)	Est. cost/share	% of Portfolio
GOOGL	Alphabet Inc. Communication Services	Reduced	1,286,845	-417,794	$459,879,797	−6.2%	$359.97	6	$168.05	17.49%
TKO	TKO Group Holdings, Inc. Communication Services	Reduced	2,098,862	-350,606	$422,521,909	−14.5%	$195.01	12	$104.56	16.07%
FICO	Fair Isaac Corp Technology	Reduced	226,186	-23,236	$270,242,509	+1.5%	$1,120.17	18	$579.49	10.28%
TMO	Thermo Fisher Scientific Inc. Healthcare	Reduced	514,512	-102,699	$257,955,736	−15.0%	$480.05	7	$495.54	9.81%
DIS	Walt Disney Co Communication Services	Reduced	2,607,846	-598,561	$251,005,177	−18.8%	$101.95	26+	before history	9.55%
INTU	Intuit Inc. Technology	Reduced	666,883	-66,816	$174,056,463	−45.1%	$348.33	26+	before history	6.62%
MDLZ	Mondelez International, Inc. Consumer Defensive	Reduced	2,565,453	-996,511	$148,385,801	−27.7%	$60.25	26+	before history	5.64%
PEP	Pepsico Inc Consumer Defensive	Reduced	1,023,706	-253,479	$138,609,792	−30.1%	$149.53	26+	before history	5.27%
PYPL	PayPal Holdings, Inc. Financial Services	Reduced	3,162,672	-1,016,951	$136,564,176	−27.8%	$45.48	26+	before history	5.19%
EBAY	Ebay Inc Consumer Cyclical	Reduced	1,116,001	-811,484	$124,713,111	−28.9%	$106.70	26+	before history	4.74%
MANU	Manchester United plc Communication Services	Reduced	2,758,446	-383,554	$63,251,166	+19.7%	$19.80	26+	before history	2.41%
KKR	KKR & Co. Inc. Financial Services	NEW	667,780	NEW	$61,288,848	NEW	$96.98	1	$96.98	2.33%
BF-A	Brown Forman Corp Consumer Defensive	Reduced	2,134,789	-450,433	$58,407,827	−15.7%	$27.48	26+	before history	2.22%
BF-B	Brown Forman Corp Consumer Defensive	Reduced	1,379,324	-196,725	$36,758,984	−11.8%	$26.94	26+	before history	1.40%
V	Visa Inc. Financial Services	Added	10,500	+200	$3,602,445	+15.7%	$321.04	25	$221.11	0.14%
SPGI	S&P Global Inc. Financial Services	Added	7,400	+100	$3,013,723	−2.9%	$399.53	25	unpriced	0.11%
CP	Canadian Pacific Kansas City Ltd Industrials	Held	30,000	0	$2,599,500	+10.2%	$85.68	6	$76.15	0.10%
AXP	American Express Co Financial Services	Reduced	7,600	-1,400	$2,570,700	−5.6%	$320.17	25	$92.07	0.10%
EFX	Equifax Inc Industrials	Added	11,800	+300	$1,872,896	−9.6%	$170.45	25	$160.35	0.07%
VRSK	Verisk Analytics, Inc. Industrials	Added	9,500	+1,100	$1,705,535	+7.0%	$176.12	25	$178.54	0.06%
CME	Cme Group Inc. Financial Services	Held	6,900	0	$1,523,727	−25.2%	$276.63	25	$180.67	0.06%
ADBE	Adobe Inc. Technology	Held	7,000	0	$1,435,140	−15.7%	$236.90	25	$339.23	0.05%
WMG	Warner Music Group Corp. Communication Services	NEW	50,000	NEW	$1,353,500	NEW	$29.74	1	$29.74	0.05%
ORCL	Oracle Corp Technology	Held	9,000	0	$1,318,950	−0.4%	$181.23	25	$54.06	0.05%
EL	Estee Lauder Companies Inc Consumer Defensive	Held	15,000	0	$1,184,250	+10.0%	$80.77	25	$157.73	0.05%
MSGS	Madison Square Garden Sports Corp. Communication Services	Held	2,800	0	$1,125,152	+25.0%	$354.13	25	unpriced	0.04%
KO	Coca Cola Co Consumer Defensive	Held	12,000	0	$975,240	+6.9%	$78.98	25	$46.06	0.04%
NKE	NIKE, Inc. Consumer Cyclical	Added	21,000	+200	$862,050	−21.5%	$43.99	25	$90.61	0.03%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.