Lindsell Train Ltd

London, X0 · CIK 1484150 · 13F filing filed 2025-08-08

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)

$4.2bn reported value +17.4% vs Q1 2025

29positions

94.4%in top 10

0 new 5 added 16 reduced 0 sold out vs Q1 2025

Holdings, Q2 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	3,173,662	$577.4m13.61%	13.61%	Reduced -220.7k	-220,715 -6.5%
2	INTUIT COM INTU	INTU	665,786	$524.4m12.36%	12.36%	Reduced -75.2k	-75,231 -10.2%
3	DISNEY WALT CO COM DIS	DIS	4,087,276	$506.9m11.95%	11.95%	Reduced -193.6k	-193,565 -4.5%
4	FAIR ISAAC CORP COM FICO	FICO	223,114	$407.8m9.61%	9.61%	Reduced -17.2k	-17,186 -7.2%
5	MONDELEZ INTL INC CL A MDLZ	MDLZ	5,709,287	$385.0m9.07%	9.07%	Reduced -309.4k	-309,435 -5.1%
6	ALPHABET INC CAP STK CL A GOOGL	GOOGL	2,028,223	$357.4m8.42%	8.42%	Added +2.0m	+2,009,998 11028.8%
7	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	854,612	$346.5m8.17%	8.17%	Added +345.8k	+345,822 68.0%
8	PAYPAL HLDGS INC COM PYPL	PYPL	4,527,838	$336.5m7.93%	7.93%	Added +356.7k	+356,746 8.6%
9	PEPSICO INC COM PEP	PEP	2,427,210	$320.5m7.55%	7.55%	Reduced -27.0k	-27,027 -1.1%
10	EBAY INC. COM EBAY	EBAY	3,284,654	$244.6m5.76%	5.76%	Reduced -85.4k	-85,367 -2.5%
11	MANCHESTER UTD PLC NEW ORD CL A MANU	MANU	4,810,000	$85.7m2.02%	2.02%	Reduced -243.0k	-243,000 -4.8%
12	BROWN FORMAN CORP CL A BF.A	BF.A	2,733,341	$75.1m1.77%	1.77%	Reduced -19.0k	-18,986 -0.7%
13	BROWN FORMAN CORP CL B BF.B	BF.B	1,649,764	$44.4m1.05%	1.05%	Added +74.3k	+74,338 4.7%
14	ORACLE CORP COM ORCL	ORCL	17,500	$3.8m0.09%	0.09%	Reduced -1.7k	-1,700 -8.8%
15	VISA INC COM CL A V	V	10,000	$3.6m0.08%	0.08%	Reduced -1.2k	-1,200 -10.7%
16	AMERICAN EXPRESS CO COM AXP	AXP	10,200	$3.3m0.08%	0.08%	Reduced -1.4k	-1,400 -12.1%
17	S&P GLOBAL INC COM SPGI	SPGI	5,900	$3.1m0.07%	0.07%	Unchanged
18	EQUIFAX INC COM EFX	EFX	10,300	$2.7m0.06%	0.06%	Unchanged
19	VERISK ANALYTICS INC COM VRSK	VRSK	6,600	$2.1m0.05%	0.05%	Reduced -700	-700 -9.6%
20	CME GROUP INC COM CME	CME	7,400	$2.0m0.05%	0.05%	Reduced -1.2k	-1,200 -13.9%
21	NIKE INC CL B NKE	NKE	20,400	$1.4m0.03%	0.03%	Unchanged
22	ADOBE INC COM ADBE	ADBE	3,560	$1.4m0.03%	0.03%	Unchanged
23	COLGATE PALMOLIVE CO COM CL	CL	15,000	$1.4m0.03%	0.03%	Reduced -5.1k	-5,100 -25.4%
24	COCA COLA CO COM KO	KO	19,000	$1.3m0.03%	0.03%	Reduced -2.1k	-2,100 -9.9%
25	LAUDER ESTEE COS INC CL A EL	EL	14,425	$1.2m0.03%	0.03%	Unchanged
26	PRICE T ROWE GROUP INC COM TROW	TROW	12,000	$1.2m0.03%	0.03%	Unchanged
27	CANADIAN PACIFIC KANSAS CITY COM CP	CP	13,300	$1.1m0.02%	0.02%	Added +1.1k	+1,150 9.5%
28	HERSHEY CO COM HSY	HSY	5,100	$846.3k0.02%	0.02%	Unchanged
29	MADISON SQUARE GRDN SPRT COR CL A MSGS	MSGS	3,300	$689.5k0.02%	0.02%	Unchanged

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