Lindsell Train Ltd

London, X0 · CIK 1484150 · 13F filing filed 2025-05-15

SEC-registered investment adviser since 2011 · corporation

Assets managed$9.3bn
Staff30 · 6 in investment roles
Main clients (by assets)Private funds 94%, Pension plans 6%
Private funds2 · $305.1m gross assets
Websitelindselltrain.com
Form ADV · 2026-04-27SEC adviser record

Legal entityLINDSELL TRAIN LIMITED (GB)

$3.6bn reported value -9.7% vs Q4 2024

29positions

95.8%in top 10

2 new 1 added 11 reduced 1 sold out vs Q4 2024

Holdings, Q1 2025

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	TKO GROUP HOLDINGS INC CL A TKO	TKO	3,394,377	$518.7m14.35%	14.35%	Reduced -239.0k	-238,990 -6.6%
2	INTUIT COM INTU	INTU	741,017	$455.0m12.59%	12.59%	Reduced -28.6k	-28,600 -3.7%
3	FAIR ISAAC CORP COM FICO	FICO	240,300	$443.2m12.26%	12.26%	Reduced -15.2k	-15,220 -6.0%
4	DISNEY WALT CO COM DIS	DIS	4,280,841	$422.5m11.69%	11.69%	Reduced -177.6k	-177,600 -4.0%
5	MONDELEZ INTL INC CL A MDLZ	MDLZ	6,018,722	$408.4m11.30%	11.30%	Reduced -2.4m	-2,392,500 -28.4%
6	PEPSICO INC COM PEP	PEP	2,454,237	$368.0m10.18%	10.18%	Reduced -102.1k	-102,100 -4.0%
7	PAYPAL HLDGS INC COM PYPL	PYPL	4,171,092	$272.2m7.53%	7.53%	Reduced -111.6k	-111,600 -2.6%
8	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	508,790	$253.2m7.01%	7.01%	Added +101.5k	+101,550 24.9%
9	EBAY INC. COM EBAY	EBAY	3,370,021	$228.3m6.32%	6.32%	Reduced -276.1k	-276,100 -7.6%
10	BROWN FORMAN CORP CL A BF.A	BF.A	2,752,327	$92.1m2.55%	2.55%	Reduced -43.8k	-43,800 -1.6%
11	MANCHESTER UTD PLC NEW ORD CL A MANU	MANU	5,053,000	$66.1m1.83%	1.83%	Reduced -723.0k	-723,015 -12.5%
12	BROWN FORMAN CORP CL B BF.B	BF.B	1,575,426	$53.5m1.48%	1.48%	Reduced -59.1k	-59,100 -3.6%
13	VISA INC COM CL A V	V	11,200	$3.9m0.11%	0.11%	Unchanged
14	AMERICAN EXPRESS CO COM AXP	AXP	11,600	$3.1m0.09%	0.09%	Unchanged
15	S&P GLOBAL INC COM SPGI	SPGI	5,900	$3.0m0.08%	0.08%	Unchanged
16	ALPHABET INC CAP STK CL A GOOGL	GOOGL	18,225	$2.8m0.08%	0.08%	New
17	ORACLE CORP COM ORCL	ORCL	19,200	$2.7m0.07%	0.07%	Unchanged
18	EQUIFAX INC COM EFX	EFX	10,300	$2.5m0.07%	0.07%	Unchanged
19	CME GROUP INC COM CME	CME	8,600	$2.3m0.06%	0.06%	Unchanged
20	VERISK ANALYTICS INC COM VRSK	VRSK	7,300	$2.2m0.06%	0.06%	Unchanged
21	COLGATE PALMOLIVE CO COM CL	CL	20,100	$1.9m0.05%	0.05%	Unchanged
22	COCA COLA CO COM KO	KO	21,100	$1.5m0.04%	0.04%	Unchanged
23	ADOBE INC COM ADBE	ADBE	3,560	$1.4m0.04%	0.04%	Unchanged
24	NIKE INC CL B NKE	NKE	20,400	$1.3m0.04%	0.04%	Unchanged
25	PRICE T ROWE GROUP INC COM TROW	TROW	12,000	$1.1m0.03%	0.03%	Unchanged
26	LAUDER ESTEE COS INC CL A EL	EL	14,425	$952.0k0.03%	0.03%	Unchanged
27	HERSHEY CO COM HSY	HSY	5,100	$872.3k0.02%	0.02%	Unchanged
28	CANADIAN PACIFIC KANSAS CITY COM CP	CP	12,150	$853.1k0.02%	0.02%	New
29	MADISON SQUARE GRDN SPRT COR CL A MSGS	MSGS	3,300	$642.6k0.02%	0.02%	Unchanged

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
ALPHABET INC GOOG	GOOG	17,750	$3.4m17.8k shares

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
MANCHESTER UTD PLC NEW MANU · 13G · filed 2026-01-06	MANU	6.4%≈ $82.5m	-1.4 pts	13G	2026-01-06