Lindsell Train Ltd

London, X0 · CIK 1484150 · 13F filing filed 2026-04-24

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)

$3.1bn reported value -20.5% vs Q4 2025

27positions

94.0%in top 10

0 new 8 added 17 reduced 1 sold out vs Q4 2025

Holdings, Q1 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	TKO GROUP HOLDINGS INC CL A TKO	TKO	2,449,468	$493.9m15.75%	15.75%	Reduced -370.7k	-370,736 -13.2%
2	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,704,639	$490.2m15.63%	15.63%	Reduced -384.0k	-383,959 -18.4%
3	INTUIT COM INTU	INTU	733,699	$317.2m10.11%	10.11%	Added +123.4k	+123,448 20.2%
4	DISNEY WALT CO COM DIS	DIS	3,206,407	$309.0m9.85%	9.85%	Reduced -275.4k	-275,423 -7.9%
5	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	617,211	$303.4m9.67%	9.67%	Reduced -72.3k	-72,292 -10.5%
6	FAIR ISAAC CORP COM FICO	FICO	249,422	$266.3m8.49%	8.49%	Added +32.8k	+32,829 15.2%
7	MONDELEZ INTL INC CL A MDLZ	MDLZ	3,561,964	$205.3m6.55%	6.55%	Reduced -917.9k	-917,890 -20.5%
8	PEPSICO INC COM PEP	PEP	1,277,185	$198.3m6.32%	6.32%	Reduced -524.8k	-524,786 -29.1%
9	PAYPAL HLDGS INC COM PYPL	PYPL	4,179,623	$189.0m6.03%	6.03%	Reduced -119.0k	-118,995 -2.8%
10	EBAY INC. COM EBAY	EBAY	1,927,485	$175.4m5.59%	5.59%	Reduced -151.6k	-151,594 -7.3%
11	BROWN FORMAN CORP CL A BF.A	BF.A	2,585,222	$69.3m2.21%	2.21%	Reduced -157.5k	-157,518 -5.7%
12	MANCHESTER UTD PLC NEW ORD CL A MANU	MANU	3,142,000	$52.8m1.68%	1.68%	Reduced -454.5k	-454,500 -12.6%
13	BROWN FORMAN CORP CL B BF.B	BF.B	1,576,049	$41.7m1.33%	1.33%	Reduced -73.7k	-73,715 -4.5%
14	VISA INC COM CL A V	V	10,300	$3.1m0.10%	0.10%	Added +300	+300 3.0%
15	S&P GLOBAL INC COM SPGI	SPGI	7,300	$3.1m0.10%	0.10%	Added +500	+500 7.3%
16	AMERICAN EXPRESS CO COM AXP	AXP	9,000	$2.7m0.09%	0.09%	Reduced -800	-800 -8.2%
17	CANADIAN PACIFIC KANSAS CITY COM CP	CP	30,000	$2.4m0.08%	0.08%	Unchanged
18	EQUIFAX INC COM EFX	EFX	11,500	$2.1m0.07%	0.07%	Added +500	+500 4.5%
19	CME GROUP INC COM CME	CME	6,900	$2.0m0.06%	0.06%	Reduced -500	-500 -6.8%
20	ADOBE INC COM ADBE	ADBE	7,000	$1.7m0.05%	0.05%	Added +1.7k	+1,700 32.1%
21	VERISK ANALYTICS INC COM VRSK	VRSK	8,400	$1.6m0.05%	0.05%	Added +900	+900 12.0%
22	ORACLE CORP COM ORCL	ORCL	9,000	$1.3m0.04%	0.04%	Unchanged
23	NIKE INC CL B NKE	NKE	20,800	$1.1m0.04%	0.04%	Added +400	+400 2.0%
24	LAUDER ESTEE COS INC CL A EL	EL	15,000	$1.1m0.03%	0.03%	Reduced -500	-500 -3.2%
25	COCA COLA CO COM KO	KO	12,000	$912.6k0.03%	0.03%	Reduced -5.0k	-5,000 -29.4%
26	MADISON SQUARE GRDN SPRT COR CL A MSGS	MSGS	2,800	$899.9k0.03%	0.03%	Reduced -500	-500 -15.2%
27	COLGATE PALMOLIVE CO COM CL	CL	10,000	$852.3k0.03%	0.03%	Reduced -4.6k	-4,600 -31.5%

Sold out since Q4 2025

Security	Ticker	Shares held before	Value then
PRICE T ROWE GROUP INC TROW	TROW	12,000	$1.2m12.0k 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