Lindsell Train Ltd

London, X0 · CIK 1484150 · 13F filing filed 2026-02-11

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)

KindFCA fund manager
Others nearbyLondon

As an employer

Offices in1 country
Private fundsother private 2

In the UK

FCA-authorised companies1
Manages investmentsyes
Runs fundsyes
Retail clientsno, professional only

Company	Town	Staff	Pay gap report	FCA register
LINDSELL TRAIN LIMITED Private Limited CompanyFCA: Authorised · manages investments, manages AIFs, advises, deals	London			Authorisedmanages investments, manages AIFs, advises, deals

Sources: Companies House (accounts filed electronically; the largest groups often file on paper, so their staff numbers can be missing), the UK gender pay gap service (employers with 250+ staff) and the FCA's Financial Services Register. Contains public sector information licensed under the Open Government Licence v3.0.

$3.9bn reported value -3.3% vs Q3 2025

28positions

94.9%in top 10

0 new 4 added 14 reduced 0 sold out vs Q3 2025

Holdings, Q4 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	ALPHABET INC CAP STK CL A GOOGL	GOOGL	2,088,598	$653.7m16.58%	16.58%	Reduced -145.5k	-145,500 -6.5%
2	TKO GROUP HOLDINGS INC CL A TKO	TKO	2,820,204	$589.4m14.95%	14.95%	Reduced -134.5k	-134,500 -4.5%
3	INTUIT COM INTU	INTU	610,251	$404.2m10.25%	10.25%	Reduced -1.6k	-1,559 -0.2%
4	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	689,503	$399.5m10.13%	10.13%	Reduced -128.0k	-128,026 -15.7%
5	DISNEY WALT CO COM DIS	DIS	3,481,830	$396.1m10.05%	10.05%	Reduced -244.0k	-244,000 -6.5%
6	FAIR ISAAC CORP COM FICO	FICO	216,593	$366.2m9.29%	9.29%	Reduced -6.4k	-6,362 -2.9%
7	PEPSICO INC COM PEP	PEP	1,801,971	$258.6m6.56%	6.56%	Reduced -399.7k	-399,700 -18.1%
8	PAYPAL HLDGS INC COM PYPL	PYPL	4,298,618	$251.0m6.36%	6.36%	Reduced -185.0k	-185,000 -4.1%
9	MONDELEZ INTL INC CL A MDLZ	MDLZ	4,479,854	$241.2m6.12%	6.12%	Reduced -548.9k	-548,933 -10.9%
10	EBAY INC. COM EBAY	EBAY	2,079,079	$181.1m4.59%	4.59%	Reduced -376.0k	-376,000 -15.3%
11	BROWN FORMAN CORP CL A BF.A	BF.A	2,742,740	$72.2m1.83%	1.83%	Unchanged
12	MANCHESTER UTD PLC NEW ORD CL A MANU	MANU	3,596,500	$57.3m1.45%	1.45%	Reduced -780.0k	-780,000 -17.8%
13	BROWN FORMAN CORP CL B BF.B	BF.B	1,649,764	$43.0m1.09%	1.09%	Unchanged
14	AMERICAN EXPRESS CO COM AXP	AXP	9,800	$3.6m0.09%	0.09%	Reduced -400	-400 -3.9%
15	S&P GLOBAL INC COM SPGI	SPGI	6,800	$3.6m0.09%	0.09%	Added +300	+300 4.6%
16	VISA INC COM CL A V	V	10,000	$3.5m0.09%	0.09%	Unchanged
17	EQUIFAX INC COM EFX	EFX	11,000	$2.4m0.06%	0.06%	Added +500	+500 4.8%
18	CANADIAN PACIFIC KANSAS CITY COM CP	CP	30,000	$2.2m0.06%	0.06%	Added +1.5k	+1,500 5.3%
19	CME GROUP INC COM CME	CME	7,400	$2.0m0.05%	0.05%	Unchanged
20	ADOBE INC COM ADBE	ADBE	5,300	$1.9m0.05%	0.05%	Added +800	+800 17.8%
21	ORACLE CORP COM ORCL	ORCL	9,000	$1.8m0.04%	0.04%	Unchanged
22	VERISK ANALYTICS INC COM VRSK	VRSK	7,500	$1.7m0.04%	0.04%	Unchanged
23	LAUDER ESTEE COS INC CL A EL	EL	15,500	$1.6m0.04%	0.04%	Unchanged
24	NIKE INC CL B NKE	NKE	20,400	$1.3m0.03%	0.03%	Unchanged
25	PRICE T ROWE GROUP INC COM TROW	TROW	12,000	$1.2m0.03%	0.03%	Unchanged
26	COCA COLA CO COM KO	KO	17,000	$1.2m0.03%	0.03%	Reduced -1.5k	-1,500 -8.1%
27	COLGATE PALMOLIVE CO COM CL	CL	14,600	$1.2m0.03%	0.03%	Reduced -400	-400 -2.7%
28	MADISON SQUARE GRDN SPRT COR CL A MSGS	MSGS	3,300	$853.5k0.02%	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