Nick Train’s Biggest Bets for 2026

Nick Train’s Lindsell Train Ltd reported an equity portfolio of approximately $4.1–4.2 billion in the latest quarter, continuing its long-standing focus on a small number of globally dominant consumer, media, and financial franchises. The portfolio remains highly concentrated, with the top holdings accounting for the majority of assets, reflecting Train’s belief in long-term brand power, intangible assets, and enduring cash generation.

Last quarter was marked by selective trims across several core positions, alongside a notable increase in Alphabet, signaling ongoing refinement rather than any philosophical shift.

Total Portfolio Value: ~$4.1–4.2B
Top 10 Weight: ~90%+
Turnover: Low to moderate (selective trimming)

---

Top Holdings & Weights

Company	Ticker	Value	Portfolio %
TKO Group Holdings	TKO	~$597M	14.6%
Alphabet (Class A)	GOOGL	~$543M	13.3%
Walt Disney	DIS	~$427M	10.5%
Intuit	INTU	~$418M	10.3%
Thermo Fisher Scientific	TMO	~$397M	9.7%
Fair Isaac	FICO	~$334M	8.2%
Mondelez International	MDLZ	~$314M	7.7%
PepsiCo	PEP	~$309M	7.6%
PayPal	PYPL	~$301M	7.4%
eBay	EBAY	~$223M	5.5%

---

Biggest Changes Last Quarter

Notable Add

• Alphabet (Class A):
  Shares increased by ~206k (+10.1% QoQ)
  → The most meaningful add in the portfolio, reinforcing Alphabet’s role as a core long-term compounder with unmatched global reach and monetization optionality.

Major Trims

• TKO Group Holdings:
  Reduced by ~219k shares (-6.9% QoQ)
  → A valuation-aware trim following strong performance rather than a loss of conviction.
• Walt Disney:
  Trimmed by ~361k shares (-8.8% QoQ)
  → Ongoing position management amid restructuring and streaming transition.
• Intuit:
  Reduced by ~54k shares (-8.1% QoQ)
• Mondelez International:
  Trimmed by ~681k shares (-11.9% QoQ)
• PepsiCo (PEP):
  Reduced by ~226k shares (-9.3% QoQ)
  → A deliberate trim after a period of steady outperformance
• eBay:
  Reduced by ~830k shares (-25.3% QoQ)
  → One of the sharper percentage reductions, suggesting capital reallocation toward higher-conviction ideas.

Most other holdings saw small, incremental trims, consistent with Nick Train’s practice of letting winners compound while periodically rebalancing position sizes.

---

Full Exits Last Quarter

• Hershey

The exit was small in portfolio weight and appears driven by relative opportunity cost rather than a change in views on global consumer brands.

---

Portfolio Characteristics

Style: Quality Growth / Brand & IP-led Businesses
Holding period: Very long-term
Turnover: Low
Geographic exposure:

• Predominantly U.S.-listed companies with global revenue footprints

Core themes:

• Global brands & media franchises
• Payments, data, and financial infrastructure
• Asset-light, high-margin business models

---

Summary

Lindsell Train’s latest filing underscores Nick Train’s unwavering commitment to brand-driven, high-return businesses, while also showing disciplined capital allocation within a concentrated framework. The increased exposure to Alphabet stands out as the clearest expression of conviction last quarter, while trims across Disney, Mondelez, and eBay reflect valuation sensitivity rather than strategic retreat.

Overall, the portfolio remains a textbook example of patient ownership of exceptional intangible-asset businesses, with modest rebalancing used to enhance long-term compounding rather than chase short-term opportunities.