Lindsell Train Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The institutional investment landscape is often characterized by a frantic search for the "next big thing," yet Nick Train and his firm, Lindsell Train, stand as a testament to the power of patience, concentration, and a relentless focus on "quality." As of the first quarter of 2026, the firm’s 13F filing reveals a portfolio valued at approximately $3.14 billion, managed with a precision that reflects a deeply entrenched investment philosophy. To understand the psychological portrait of Lindsell Train, one must look beyond the raw numbers and into the structural intent of their holdings. With only 27 stocks in the portfolio, the institution maintains an exceptionally high level of concentration. This is not a firm that seeks to "hug the index" or hide behind the safety of diversification. Instead, it is a high-conviction manager that places massive bets on a select group of companies it believes possess "indestructible" moats.

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II. Sector Allocation Analysis

The most striking feature of this allocation is the overwhelming concentration in the top three sectors: Communication Services, Technology, and Consumer Staples. Together, these three sectors account for a massive 78.13% of the total portfolio. This level of focus is a hallmark of the Lindsell Train philosophy. The firm is essentially betting that the modern economy is driven by "content, code, and consumption." By allocating over 42% to Communication Services, the institution is signaling that it views the ownership of media, entertainment, and digital search platforms as the ultimate defensive-growth play. This is not a diversified approach; it is a highly focused bet on the "gatekeepers" of the digital age.

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

TKO Group Holdings, the parent company of UFC and WWE, sits at the very top of the portfolio with a 15.75% weight. This is a classic "conviction holding" for Lindsell Train. The nature of this investment is rooted in the unique, irreplaceable value of live sports and entertainment content. In a world of fragmented media, live sports remain the only "appointment viewing" that can command massive advertising premiums and distribution fees. Despite a 13.15% reduction in the number of shares held this quarter, the portfolio weight actually increased slightly from 14.95% to 15.75%. This indicates that the stock price performance of TKO significantly outpaced the rest of the portfolio, and the institution’s "reduction" was likely a disciplined rebalancing to prevent the position from becoming an even more overwhelming portion of the fund. The underlying logic remains bullish; TKO owns a virtual monopoly on two of the most valuable combat sports brands globally, providing a "toll-bridge" to the attention of millions of fans.

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IV. Major Buys/Additions

The addition of $53.33 million into Intuit is the most significant offensive move of the quarter. This represents a 20.23% increase in the firm’s position. The motivation here is clearly a "growth acceleration bet." Intuit is at a pivotal moment where it is transforming from a traditional software provider into an AI-driven financial platform. By increasing its stake so aggressively, Lindsell Train is signaling its confidence in Intuit’s ability to monetize its massive data sets. In an inflationary environment, businesses that provide essential, "sticky" services like accounting have immense pricing power. Intuit’s QuickBooks ecosystem is almost impossible for a small business to leave once integrated, creating a "toll-bridge" revenue model that Nick Train finds irresistible. The timing of this buy suggests that the institution sees the current valuation as an attractive entry point for a company that could dominate the "AI for Business" landscape for the next decade.

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 reduction of over $110 million in Alphabet is the most significant "cash-out" operation of the quarter. Categorized as a High amount + high weight move, this is a "strategic retreat." While Alphabet remains a top holding, an 18.38% reduction in shares is a major statement. The motivation here is likely a combination of profit-taking and a reassessment of the "AI risk." Alphabet has performed exceptionally well, but the institution may feel that the "low-hanging fruit" of the post-pandemic recovery and the initial AI hype has been harvested. Furthermore, the massive capital expenditures required for Alphabet to stay competitive in AI might be seen as a threat to the "low capital intensity" model that Lindsell Train usually prefers. This is a disciplined move to reduce exposure to a company that, while still great, may face a more volatile path forward.

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

The logic chain is clear and compelling: 1. Sold What : Significant portions of "Old World Quality" (PepsiCo, Mondelez) and "Mature Digital Platforms" (Alphabet). 2. Why Sell : To harvest gains from mature winners and reduce exposure to sectors (Consumer Staples) where moats are being eroded by changing consumer habits and rising costs. 3. Bought What : Aggressive additions to "Data and Workflow Monopolies" (Intuit, Fair Isaac, Adobe). 4. Why Buy : These companies own the "operating systems" of their respective industries. They have higher margins, lower capital intensity, and a more direct path to monetizing AI through proprietary data. 5. Overall Change : The portfolio has become more concentrated, more tech-heavy, and more focused on "intangible assets."

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.