Lindsell Train Ltd

Fundamental concentrated ★Highest signal CIK 1484150
League rank
#874
in Fundamental concentrated · #7070 overall
Long book
$3.14B
Q1 2026
Positions
27
Top-10 weight
94%
concentration
Last quarter
+4.7%
SPY +14.8%
Turnover
4%
of book per quarter

Strategy in plain words

auto-generated from filings

Lindsell Train Ltd is a concentrated fundamental stock-picker, running a $3.14B US long book across 27 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: TKO GROUP HOLDINGS INC, ALPHABET INC-CL A, INTUIT INC, WALT DISNEY CO/THE, THERMO FISHER SCIENTIFIC INC.

Over the last 9 quarters its long book ran on average 2.5pp 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
+0.0%
Q2 2024
+12.0%
Q3 2024
-0.3%
Q4 2024
-2.7%
Q1 2025
+8.6%
Q2 2025
+2.3%
Q3 2025
+5.2%
Q4 2025
-11.9%
Q1 2026
+4.7%

Sector allocation

Services media
48%
Technology
26%
Consumer staples
16%
Other
10%
Financials
0%
Industrials
0%

Long book by quarter

$4.76B
Q1 2024
$4.33B
Q2 2024
$4.43B
Q3 2024
$4.00B
Q4 2024
$3.61B
Q1 2025
$4.24B
Q2 2025
$4.08B
Q3 2025
$3.94B
Q4 2025
$3.14B
Q1 2026

What does Lindsell Train own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
TKO TKO GROUP HOLDINGS INCServices media2.4M$493.9M15.7%-13.1%
GOOGL ALPHABET INC-CL ATechnology1.7M$490.2M15.6%-18.4%
INTU INTUIT INCTechnology733.7K$317.2M10.1%+20.2%
DIS WALT DISNEY CO/THEServices media3.2M$309.0M9.9%-7.9%
TMO THERMO FISHER SCIENTIFIC INCOther617.2K$303.4M9.7%-10.5%
FICO FAIR ISAAC CORPServices media249.4K$266.3M8.5%+15.2%
MDLZ MONDELEZ INTERNATIONAL INC-AConsumer staples3.6M$205.3M6.5%-20.5%
PEP PEPSICO INCConsumer staples1.3M$198.3M6.3%-29.1%
PYPL PAYPAL HOLDINGS INCServices media4.2M$189.0M6.0%-2.8%
EBAY EBAY INCServices media1.9M$175.4M5.6%-7.3%
BF/A BROWN-FORMAN CORP-CLASS AConsumer staples2.6M$69.3M2.2%-5.7%
MANU MANCHESTER UNITED PLC-CL AServices media3.1M$52.8M1.7%-12.6%
BF/B BROWN-FORMAN CORP-CLASS BConsumer staples1.6M$41.7M1.3%-4.5%
V VISA INC-CLASS A SHARESServices media10.3K$3.1M0.1%+3.0%
SPGI S&P GLOBAL INCServices media7.3K$3.1M0.1%+7.4%
AXP AMERICAN EXPRESS COFinancials9.0K$2.7M0.1%-8.2%
CP CANADIAN PACIFIC KANSAS CITYIndustrials30.0K$2.4M0.1%Held
EFX EQUIFAX INCServices media11.5K$2.1M0.1%+4.5%
CME CME GROUP INCFinancials6.9K$2.0M0.1%-6.8%
ADBE ADOBE INCTechnology7.0K$1.7M0.1%+32.1%
VRSK VERISK ANALYTICS INCTechnology8.4K$1.6M0.1%+12.0%
ORCL ORACLE CORPTechnology9.0K$1.3M0.0%Held
NKE NIKE INC -CL BOther20.8K$1.1M0.0%+2.0%
EL ESTEE LAUDER COMPANIES-CL AOther15.0K$1.1M0.0%-3.2%
KO COCA-COLA CO/THEConsumer staples12.0K$913K0.0%-29.4%
MSGS MADISON SQUARE GARDEN SPORTSServices media2.8K$900K0.0%-15.2%
CL COLGATE-PALMOLIVE COOther10.0K$852K0.0%-31.5%

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRApr 24, 202627$3.14B canonicalSEC ↗
Q4 202513F-HRFeb 11, 202628$3.94B canonicalSEC ↗
Q3 202513F-HRNov 12, 202528$4.08B canonicalSEC ↗
Q2 202513F-HRAug 8, 202529$4.24B canonicalSEC ↗
Q1 202513F-HRMay 15, 202528$4.00B canonicalSEC ↗
Q4 202413F-HRJan 21, 202528$4.00B canonicalSEC ↗
Q3 202413F-HROct 17, 202429$4.43B canonicalSEC ↗
Q2 202413F-HRJul 23, 202429$4.33B canonicalSEC ↗
Q1 202413F-HRMay 10, 202430$4.76B canonicalSEC ↗

Similar funds

Sanders Capital, LLCGATES FOUNDATION TRUSTEAGLE CAPITAL MANAGEMENT LLCWoodbridge Co LtdAlecta Tjanstepension OmsesidigtMubadala Investment Co PJSCH&H International Investment, LLCNewlands Management Operations LLCINVESTOR ABIndependent Franchise Partners LLPPineStone Asset Management Inc.Pentwater Capital Management LP