Independent Franchise Partners LLP

Fundamental concentrated ★Highest signal CIK 1483866
League rank
#836
in Fundamental concentrated · #6928 overall
Long book
$14.29B
Q1 2026
Positions
26
Top-10 weight
61%
concentration
Last quarter
+6.0%
SPY +14.8%
Turnover
4%
of book per quarter

Strategy in plain words

auto-generated from filings

Independent Franchise Partners LLP is a concentrated fundamental stock-picker, running a $14.29B US long book across 26 positions.

The portfolio is concentrated: the top 10 names carry 61% of the portfolio. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: BRISTOL-MYERS SQUIBB CO, SOLVENTUM CORP, LIVE NATION ENTERTAINMENT IN, KENVUE INC, TRANSUNION.

Over the last 9 quarters its long book ran on average 0.4pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.

Implied long-book return vs S&P 500

methodology: positions priced quarterly, no shorts/options
Fund long book S&P 500
Q1 2024
-0.5%
Q2 2024
+15.2%
Q3 2024
+2.6%
Q4 2024
+7.1%
Q1 2025
+6.4%
Q2 2025
+5.8%
Q3 2025
+2.1%
Q4 2025
-7.9%
Q1 2026
+6.0%

Sector allocation

Services media
34%
Healthcare
21%
Other
16%
Financials
12%
Communications
7%
Technology
5%
Consumer staples
4%
Industrials
1%

Long book by quarter

$12.09B
Q1 2024
$10.86B
Q2 2024
$11.34B
Q3 2024
$13.32B
Q4 2024
$14.02B
Q1 2025
$15.03B
Q2 2025
$15.17B
Q3 2025
$15.72B
Q4 2025
$14.29B
Q1 2026

What does Independent Franchise own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
BMY BRISTOL-MYERS SQUIBB COHealthcare21.3M$1.29B9.0%+2.1%
SOLV SOLVENTUM CORPHealthcare15.7M$1.03B7.2%+2.5%
LYV LIVE NATION ENTERTAINMENT INServices media5.9M$894.4M6.3%+2.3%
KVUE KENVUE INCOther49.2M$848.4M5.9%+2.2%
TRU TRANSUNIONServices media12.1M$839.4M5.9%+32.8%
AON AON PLC-CLASS AFinancials2.6M$835.4M5.8%+22.3%
ICE INTERCONTINENTAL EXCHANGE INFinancials5.0M$779.4M5.5%+2.6%
NWSA NEWS CORP - CLASS AOther30.9M$770.9M5.4%+3.3%
CRM SALESFORCE INCTechnology4.0M$753.2M5.3%+650.0%
IT GARTNER INCServices media4.6M$728.5M5.1%+39.1%
JNJ JOHNSON & JOHNSONHealthcare3.0M$726.3M5.1%-18.7%
ABNB AIRBNB INC-CLASS AServices media5.3M$666.2M4.7%+2.5%
EBAY EBAY INCServices media6.8M$616.4M4.3%-12.6%
Z ZILLOW GROUP INC - CServices media13.2M$546.1M3.8%+20.5%
FOXA FOX CORP - CLASS ACommunications8.2M$477.4M3.3%-16.4%
EL ESTEE LAUDER COMPANIES-CL AOther6.6M$475.7M3.3%-15.4%
PM PHILIP MORRIS INTERNATIONALConsumer staples2.6M$423.4M3.0%-33.0%
WMG WARNER MUSIC GROUP CORP-CL AServices media13.0M$332.9M2.3%-0.5%
FOX FOX CORP - CLASS BCommunications5.3M$281.8M2.0%+2.6%
NWS NEWS CORP - CLASS BOther9.1M$259.8M1.8%-0.5%
WBD WARNER BROS DISCOVERY INCCommunications8.7M$238.8M1.7%-31.5%
ZG ZILLOW GROUP INC - AServices media2.7M$113.3M0.8%+35.3%
CTVA CORTEVA INCConsumer staples1.2M$99.5M0.7%-88.7%
RYAN RYAN SPECIALTY HOLDINGS INCFinancials2.8M$95.2M0.7%+33.4%
TKO TKO GROUP HOLDINGS INCServices media457.6K$92.3M0.6%-5.8%
OTIS OTIS WORLDWIDE CORPIndustrials1.0M$77.3M0.5%-5.8%

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 14, 202626$14.29B canonicalSEC ↗
Q4 202513F-HRFeb 17, 202627$15.72B canonicalSEC ↗
Q3 202513F-HRNov 14, 202529$15.17B canonicalSEC ↗
Q2 202513F-HRAug 13, 202525$15.03B canonicalSEC ↗
Q1 202513F-HRMay 14, 202525$14.02B canonicalSEC ↗
Q4 202413F-HRFeb 13, 202525$13.32B canonicalSEC ↗
Q3 202413F-HRNov 13, 202425$11.34B canonicalSEC ↗
Q2 202413F-HRAug 13, 202424$10.86B canonicalSEC ↗
Q1 202413F-HRMay 14, 202423$12.09B canonicalSEC ↗

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