Lindsell Train Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

As of December 31, 2025, the total reported value of $3.94B represents the cornerstone of Lindsell Train's US-listed equity strategy. While the number of stocks remains remarkably low at 28, the scale of the assets under management (AUM) suggests a firm that is comfortable managing significant capital within a narrow universe of companies. This concentration is a deliberate choice; by focusing on a few dozen names, the institution can conduct exhaustive due diligence and maintain a deep understanding of each business model. The stability in the number of holdings—neither expanding into hundreds of names nor shrinking into a handful—indicates a mature investment process where new ideas must clear an incredibly high bar to displace existing "best-in-class" positions.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

At 43.04% , Communication Services is the undisputed heavyweight of the portfolio. This allocation is driven by massive positions in GOOGL (Alphabet) , TKO (TKO Group) , and DIS (Disney) . The logic here is clear: in a world of infinite content, the platforms that aggregate attention (Alphabet) and the entities that own "must-have" intellectual property (TKO’s UFC/WWE and Disney’s franchises) possess immense pricing power. The institution clearly views these not as "media companies" but as "digital toll bridges" that capture a percentage of global consumer spending and time.

The 19.63% in Technology is anchored by INTU (Intuit) and FICO (Fair Isaac) . These are "sticky" software businesses with high switching costs. Meanwhile, the 15.69% in Consumer Staples (PepsiCo, Mondelez) provides a defensive buffer. However, the trend in Staples this quarter was one of significant reduction. This may indicate a macro judgment that the "valuation premium" for staples has become too high relative to their slowing growth, or perhaps a concern over the impact of GLP-1 medications on long-term snack and beverage consumption—a major theme for companies like PEP and MDLZ.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

Alphabet remains the crown jewel of the Lindsell Train portfolio, occupying a staggering 16.58% weight. Interestingly, the institution reduced its share count by 6.51% (selling 145,500 shares), yet the portfolio weight rose from 13.32% to 16.58% . This is a classic "winner-takes-all" scenario where the stock's price appreciation significantly outpaced the rest of the portfolio, forcing a "mechanical" trim that still resulted in a higher overall concentration.

The rest of the Top 10 shows more aggressive selling. TMO (Thermo Fisher) was reduced by 15.66% , yet its weight still rose slightly, indicating strong price performance in the life sciences sector. Conversely, PEP (PepsiCo) and MDLZ (Mondelez) saw double-digit share reductions ( -18.15% and -10.92% respectively) and significant weight drops. This signals a clear strategic pivot away from Consumer Staples . Whether due to valuation concerns or a shift in the growth outlook for global snacks, Train is actively recycling capital out of these traditional "defensive" names. PYPL (PayPal) and EBAY (eBay) also saw reductions, suggesting a cooling of enthusiasm for these older fintech and e-commerce platforms as they face stiffer competition.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

In a quarter dominated by selling, the "Buy" side of the ledger is small but highly telling. Lindsell Train did not add any entirely new companies to the portfolio, which is consistent with their "low turnover" philosophy. Instead, they "nibbled" at a few existing positions, primarily in the Technology and Financial sectors.

However, we must address the scale. The total estimated addition amount across these four names is less than $1 million . Compared to the hundreds of millions recouped from selling PepsiCo and Thermo Fisher, this indicates that Lindsell Train is currently in a "Capital Accumulation" or "Cash Building" phase . They are not finding enough "great" ideas at attractive prices to fully redeploy the cash generated from their trims. This is a signal of macro-caution . The institution is happy to hold its winners but is very hesitant to buy aggressively at current market levels.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The "Sell" side of the Q4 report is where the most significant strategic changes are occurring. Lindsell Train has engaged in a broad "slimming" of its portfolio, with major reductions in some of its most iconic holdings.

The overall intent of these sells is De-risking and Diversification of Cash . By trimming the "Big Winners" (Alphabet, TKO, TMO) and the "Stagnant Staples" (Pepsi, Mondelez), Train is building a significant cash buffer. This suggests he finds the current market "richly valued" and is preparing for future opportunities. The capital flow is moving out of traditional consumer goods and into digital data and software , but at a very measured, cautious pace.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

We are witnessing a "Quality Paradox." The institution’s best-performing stocks (Alphabet, TKO, FICO) have become so successful that they are "crowding out" the rest of the portfolio. Nick Train’s response has been a disciplined, almost mechanical, reduction of these winners. This is a vital lesson for all investors: even the best company in the world can become a risk if it occupies too large a portion of your portfolio.

The Logic Chain Summary : 1. Sold : Traditional Consumer Staples (PEP, MDLZ) and underperforming legacy tech (EBAY). 2. Why : Concerns over slowing growth, GLP-1 impacts, and a loss of competitive dominance. 3. Bought : High-margin, AI-enabled, or infrastructure-moat businesses (ADBE, SPGI, CP) in very small amounts. 4. Why : To maintain a "toe-hold" in the next generation of quality growth while waiting for better valuations. 5. Overall Result : A portfolio that is even more concentrated in Digital Platforms and Content (43% in Comm Services) but with a significant increase in "dry powder" (cash) from the widespread trims.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.