Independent Franchise Partners LLP

London, X0 · CIK 1483866 · 13F filing filed 2026-08-13

SEC-registered investment adviser since 2009 · limited liability partnership

Assets managed$23.8bn
Staff34 · 12 in investment roles
Main clients (by assets)Private funds 68%, State and local governments 11%, Mutual funds and ETFs 6%
Private funds2 · $4.5bn gross assets
Form ADV · 2026-07-02SEC adviser record

Legal entityINDEPENDENT FRANCHISE PARTNERS, LLP (GB)

$15.2bn reported value +6.7% vs Q1 2026

26positions

63.7%in top 10

0 new 18 added 8 reduced 0 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	BRISTOL-MYERS SQUIBB CO COM BMY	BMY	21,792,841	$1.3bn8.24%	8.24%	Added +517.4k	+517,367 2.4%
2	SOLVENTUM CORP COM SHS SOLV	SOLV	16,170,038	$1.2bn8.18%	8.18%	Added +436.5k	+436,543 2.8%
3	LIVE NATION ENTERTAINMENT IN COM LYV	LYV	6,013,439	$1.1bn7.22%	7.22%	Added +148.7k	+148,682 2.5%
4	TRANSUNION COM TRU	TRU	13,976,652	$1.0bn6.61%	6.61%	Added +1.8m	+1,844,708 15.2%
5	KENVUE INC COM KVUE	KVUE	50,427,994	$963.7m6.32%	6.32%	Added +1.2m	+1,219,146 2.5%
6	SALESFORCE INC COM CRM	CRM	5,818,837	$911.6m5.98%	5.98%	Added +1.8m	+1,783,787 44.2%
7	AON PLC SHS CL A AON	AON	2,646,943	$878.0m5.76%	5.76%	Added +58.9k	+58,941 2.3%
8	NEWS CORP NEW CL A NWSA	NWSA	32,074,535	$796.4m5.22%	5.22%	Added +1.1m	+1,149,961 3.7%
9	AIRBNB INC COM CL A ABNB	ABNB	5,423,764	$776.1m5.09%	5.09%	Added +148.1k	+148,103 2.8%
10	JOHNSON & JOHNSON COM JNJ	JNJ	3,043,186	$772.9m5.07%	5.07%	Added +71.8k	+71,750 2.4%
11	GARTNER INC COM IT	IT	5,582,962	$723.7m4.75%	4.75%	Added +982.2k	+982,191 21.4%
12	INTERCONTINENTAL EXCHANGE IN COM ICE	ICE	5,253,130	$646.7m4.24%	4.24%	Added +297.9k	+297,938 6.0%
13	ZILLOW GROUP INC CL C CAP STK Z	Z	16,300,754	$513.8m3.37%	3.37%	Added +3.1m	+3,103,325 23.5%
14	EBAY INC. COM EBAY	EBAY	4,546,653	$508.1m3.33%	3.33%	Reduced -2.2m	-2,225,579 -32.9%
15	PHILIP MORRIS INTL INC COM PM	PM	2,578,328	$466.4m3.06%	3.06%	Added +17.8k	+17,762 0.7%
16	FOX CORP CL A COM FOXA	FOXA	8,398,658	$438.1m2.87%	2.87%	Added +224.0k	+223,964 2.7%
17	LAUDER ESTEE COS INC CL A EL	EL	4,941,737	$390.2m2.56%	2.56%	Reduced -1.7m	-1,686,803 -25.4%
18	OTIS WORLDWIDE CORP COM OTIS	OTIS	5,152,104	$368.9m2.42%	2.42%	Added +4.1m	+4,149,820 414.0%
19	WARNER MUSIC GROUP CORP COM CL A WMG	WMG	12,997,804	$351.9m2.31%	2.31%	Reduced -36.5k	-36,450 -0.3%
20	FOX CORP CL B COM FOX	FOX	5,482,675	$256.8m1.68%	1.68%	Added +174.8k	+174,794 3.3%
21	NEWS CORP NEW CL B NWS	NWS	9,023,857	$253.2m1.66%	1.66%	Reduced -87.9k	-87,903 -1.0%
22	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	8,157,933	$217.5m1.43%	1.43%	Reduced -539.8k	-539,797 -6.2%
23	ZILLOW GROUP INC CL A ZG	ZG	3,672,937	$115.2m0.76%	0.76%	Added +934.5k	+934,455 34.1%
24	RYAN SPECIALTY HOLDINGS INC CL A RYAN	RYAN	2,645,789	$99.9m0.66%	0.66%	Reduced -175.1k	-175,065 -6.2%
25	CORTEVA INC COM CTVA	CTVA	1,115,112	$94.4m0.62%	0.62%	Reduced -73.8k	-73,784 -6.2%
26	TKO GROUP HOLDINGS INC CL A TKO	TKO	429,092	$86.4m0.57%	0.57%	Reduced -28.5k	-28,508 -6.2%

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
WARNER MUSIC GROUP CORP WMG · 13G · filed 2025-05-14	WMG	9.2%≈ $362.2m	new	13G	2025-05-14
ZILLOW GROUP INC Z · 13G · filed 2026-08-13	Z	9.0%≈ $513.8m	+2.0 pts	13G	2026-08-13
SOLVENTUM CORP SOLV · 13G · filed 2026-01-27	SOLV	8.8%≈ $1.2bn	+1.4 pts	13G	2026-01-27
NEWS CORP NEW NWSA · 13G · filed 2026-08-13	NWSA	8.8%≈ $796.4m	+1.1 pts	13G	2026-08-13
ZILLOW GROUP INC ZG · 13G · filed 2026-08-13	ZG	8.7%≈ $115.2m	+2.7 pts	13G	2026-08-13
GARTNER INC IT · 13G · filed 2026-08-13	IT	8.3%≈ $723.7m	+1.8 pts	13G	2026-08-13
TRANSUNION TRU · 13G · filed 2026-05-14	TRU	6.3%≈ $875.2m	new	13G	2026-05-14