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Nick Train

Lindsell Train

Lindsell Train, Nick Train's UK quality brands and data-asset framework

Lindsell Train is useful for studying high-quality brands, exchanges, data assets, and consumer franchises. Nick Train's letters explain why durable intangible assets can compound over long periods, especially in UK and global portfolios.

Sources Lindsell Train official site SEC EDGAR profile
UK quality compounders / brands CIK 1484150
2026-06-30 Latest 13F 16 Current holdings 29 Last 2 periods Change 1 Public materials
Latest 13F snapshot 2026-06-30 · 28 disclosed positions · $2.6B Top five 63.2%: GOOGL, TKO, FICO, TMO, DIS

Performance materials

  • Lindsell Train publishes fund materials and letters. Official materials are the best performance reference.

Firm and key people

  • Nick Train co-founded Lindsell Train and became associated with quality brands and long holding periods.
  • The firm publishes letters that discuss brand strength, data assets, and capital-light economics.
  • US filings are only part of a global portfolio context.

Investment style

  • Prefer enduring brands, data networks, exchanges, and asset-light compounders.
  • Low turnover makes thesis durability and valuation discipline important.
  • Watch whether core holdings still protect pricing power and relevance.

Public materials

View timeline
Shareholder letters / memos 1
Interview 0
Public video 0
Public Q&A / speeches / presentations 0

Current holdings

13F period 2026-06-30 · Filed 2026-07-15
Stocks Shares Value Weight
GOOGL 1,286,845 $459.9M 17.5%
TKO 2,098,862 $422.5M 16.1%
FICO 226,186 $270.2M 10.3%
TMO 514,512 $258.0M 9.8%
DIS 2,607,846 $251.0M 9.5%
INTU 666,883 $174.1M 6.6%
MDLZ 2,565,453 $148.4M 5.6%
PEP 1,023,706 $138.6M 5.3%
PYPL 3,162,672 $136.6M 5.2%
EBAY 1,116,001 $124.7M 4.7%
MANU 2,758,446 $63.3M 2.4%
KKR 667,780 $61.3M 2.3%
BF.A 2,134,789 $58.4M 2.2%
BF.B 1,379,324 $36.8M 1.4%
V 10,500 $3.6M 0.1%
SPGI 7,400 $3.0M 0.1%

Last 2 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-06-30 · Filed 2026-07-15
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
INTU Minor reduction 2026-06-30 Filed 2026-07-15 666,883 733,699 -9.1% -$143.2M
TKO Minor reduction 2026-06-30 Filed 2026-07-15 2,098,862 2,449,468 -14.3% -$71.4M
KKR New 2026-06-30 Filed 2026-07-15 667,780 0 - +$61.3M
PEP Major reduction 2026-06-30 Filed 2026-07-15 1,023,706 1,277,185 -19.8% -$59.7M
DIS Major reduction 2026-06-30 Filed 2026-07-15 2,607,846 3,206,407 -18.7% -$58.0M
MDLZ Major reduction 2026-06-30 Filed 2026-07-15 2,565,453 3,561,964 -28.0% -$56.9M
PYPL Major reduction 2026-06-30 Filed 2026-07-15 3,162,672 4,179,623 -24.3% -$52.5M
EBAY Major reduction 2026-06-30 Filed 2026-07-15 1,116,001 1,927,485 -42.1% -$50.7M
TMO Major reduction 2026-06-30 Filed 2026-07-15 514,512 617,211 -16.6% -$45.4M
GOOGL Major reduction 2026-06-30 Filed 2026-07-15 1,286,845 1,704,639 -24.5% -$30.3M
BF.A Major reduction 2026-06-30 Filed 2026-07-15 2,134,789 2,585,222 -17.4% -$10.9M
MANU Minor reduction 2026-06-30 Filed 2026-07-15 2,758,446 3,142,000 -12.2% +$10.4M
BF.B Minor reduction 2026-06-30 Filed 2026-07-15 1,379,324 1,576,049 -12.5% -$4.9M
FICO Minor reduction 2026-06-30 Filed 2026-07-15 226,186 249,422 -9.3% +$4.0M
V Minor increase 2026-06-30 Filed 2026-07-15 10,500 10,300 1.9% +$489,373
SPGI Minor increase 2026-06-30 Filed 2026-07-15 7,400 7,300 1.4% -$91,258
GOOGL Major reduction 2026-03-31 Filed 2026-04-24 1,704,639 2,088,598 -18.4% -$163.5M
FICO Major increase 2026-03-31 Filed 2026-04-24 249,422 216,593 15.2% -$99.9M
TMO Minor reduction 2026-03-31 Filed 2026-04-24 617,211 689,503 -10.5% -$96.2M
TKO Minor reduction 2026-03-31 Filed 2026-04-24 2,449,468 2,820,204 -13.1% -$95.5M
DIS Minor reduction 2026-03-31 Filed 2026-04-24 3,206,407 3,481,830 -7.9% -$87.1M
INTU Major increase 2026-03-31 Filed 2026-04-24 733,699 610,251 20.2% -$87.0M
PYPL Minor reduction 2026-03-31 Filed 2026-04-24 4,179,623 4,298,618 -2.8% -$61.9M
PEP Major reduction 2026-03-31 Filed 2026-04-24 1,277,185 1,801,971 -29.1% -$60.3M
MDLZ Major reduction 2026-03-31 Filed 2026-04-24 3,561,964 4,479,854 -20.5% -$35.8M
EBAY Minor reduction 2026-03-31 Filed 2026-04-24 1,927,485 2,079,079 -7.3% -$5.6M
MANU Minor reduction 2026-03-31 Filed 2026-04-24 3,142,000 3,596,500 -12.6% -$4.4M
BF.A Minor reduction 2026-03-31 Filed 2026-04-24 2,585,222 2,742,740 -5.7% -$2.9M
BF.B Minor reduction 2026-03-31 Filed 2026-04-24 1,576,049 1,649,764 -4.5% -$1.3M

Public video / Interview / Shareholder letter / Public Q&A

1 reliable public materials
Shareholder letter / fund letter

Nick Train Investment Views

The Lindsell Train insights page centrally publishes the investment views of Nick Train and the team, and can continuously track interviews, articles and public opinions.

  • The insights page tracks Nick Train's views on consumer brands, data assets and quality UK companies.
  • Compared to secondary reports, official insights provide more complete context and publication time.
  • Information can be complementary to fund centers: one for views and one for fund disclosures.
  • It should be noted that Nick Train's style is usually low turnover and long-term holding, and single-season changes should not be over-interpreted.
  • This profile tracks Nick Train's public views on consumer brands, data assets and quality UK companies.