Nick Train Portfolio Update: Top Holdings, Latest Buys & Stock Moves

Nick Train’s Lindsell Train Ltd reported an equity portfolio of approximately $3.14 billion in the latest reported quarter, continuing to reflect Train’s long-standing philosophy of owning a small collection of exceptional businesses with enduring brands, recurring revenues, and the ability to compound capital over decades.

The portfolio remains extremely concentrated, with the top 10 holdings accounting for nearly the entire portfolio. Consistent with Train’s disciplined buy-and-hold approach, the firm emphasizes high-quality franchises in consumer brands, payments, exchanges, media, and select platform businesses. Rather than trading frequently, Train typically makes measured adjustments around a concentrated core of long-term winners.

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Portfolio Snapshot

• Total Portfolio Value: ~$3.14B
• Top 10 Weight: 93.99% (very highly concentrated)
• Turnover: Low — modest trims and selective adds within long-held positions

Top Holdings & Weights

Company	Ticker	Value	Portfolio %
TKO Group Holdings	TKO	~$494M	15.75%
Alphabet Inc Class A	GOOGL	~$490M	15.63%
Intuit Inc	INTU	~$317M	10.11%
Walt Disney Co	DIS	~$309M	9.85%
Thermo Fisher Scientific	TMO	~$304M	9.67%
Fair Isaac Corp	FICO	~$266M	8.49%
Mondelez International	MDLZ	~$206M	6.55%
PepsiCo	PEP	~$198M	6.32%
PayPal Holdings	PYPL	~$189M	6.03%
eBay Inc	EBAY	~$175M	5.59%

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Key Takeaway

Enduring Consumer Brands
Large positions in Disney, Mondelez, and PepsiCo reflect continued conviction in globally recognized brands with pricing power, customer loyalty, and durable demand.

Scalable Platforms & Software
Major holdings in Alphabet, Intuit, FICO, PayPal, and eBay show a strong preference for asset-light businesses with recurring revenues, network effects, and high returns on capital.

Quality Compounders
Businesses such as Thermo Fisher and Intuit fit Train’s focus on companies that can reinvest capital at attractive rates over long periods.

Concentrated Conviction
With nearly 94% of assets in the top 10 holdings, this remains a classic Nick Train portfolio: focused, patient, and built around a few high-quality franchises.

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Biggest Changes Last Quarter

Notable Adds

Intuit (INTU)
Shares increased by 123,448 (+20.23%).
→ Suggests growing conviction in a dominant software platform benefiting from tax, accounting, and AI-driven workflow expansion.

Fair Isaac (FICO)
Shares increased by 32,829 (+15.16%).
→ Reinforces confidence in the mission-critical analytics and credit scoring franchise with strong pricing power.

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Notable Trims

TKO Group (TKO)
Shares reduced by 370,736 (-13.15%).
→ Likely portfolio rebalancing after strong performance while remaining the largest holding.

Alphabet (GOOGL)
Shares reduced by 383,959 (-18.38%).
→ Profit-taking in a major winner while preserving a core high-conviction position.

Walt Disney (DIS)
Shares reduced by 275,423 (-7.91%).
→ Modest trim, potentially reflecting rebalancing amid media industry uncertainty.

Thermo Fisher (TMO)
Shares reduced by 72,292 (-10.48%).
→ Partial reduction while maintaining a significant stake in a high-quality life sciences leader.

Mondelez (MDLZ)
Shares reduced by 917,890 (-20.49%).
→ Meaningful trim, likely driven by valuation discipline rather than a change in long-term thesis.

PepsiCo (PEP)
Shares reduced by 524,786 (-29.12%).
→ Significant reduction within consumer staples exposure.

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Full Exits Last Quarter

T. Rowe Price Group (TROW)

The sole full exit suggests continued portfolio simplification and an even tighter focus on highest-conviction holdings.

Summary

Lindsell Train’s latest filing highlights Nick Train’s distinctive investment approach: owning a concentrated collection of exceptional businesses with strong brands, recurring economics, and the capacity to compound shareholder value over many years.

The portfolio is anchored by dominant franchises such as Alphabet, Intuit, Disney, Thermo Fisher, and FICO, alongside consumer leaders like PepsiCo and Mondelez. Recent activity shows increased conviction in software and data franchises such as Intuit and FICO, while trimming several large winners. Overall, the filing reflects Train’s hallmark discipline: patient ownership of a few outstanding companies with durable competitive advantages and long growth runways.