Nick Train Lindsell Train
Nick Train is a co-founder of Lindsell Train, a London-based firm known for concentrated ownership of high-quality consumer, media, and financial franchises. The firm favors long holding periods and businesses with durable brands or network effects. Train’s commentaries are popular among global quality investors.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
KKR & Co
KKR
|
+$64.8M |
| 2 |
Warner Music
WMG
|
+$1.49M |
| 3 |
Verisk Analytics
VRSK
|
+$194K |
| 4 |
Visa
V
|
+$64.2K |
| 5 |
Equifax
EFX
|
+$51.1K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$150M |
| 2 |
eBay
EBAY
|
+$86.6M |
| 3 |
TKO Group
TKO
|
+$68.4M |
| 4 |
Walt Disney
DIS
|
+$61M |
| 5 |
Mondelez International
MDLZ
|
+$60M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 45.62% |
| 2 | Technology | 17.01% |
| 3 | Consumer Staples | 14.62% |
| 4 | Healthcare | 9.81% |
| 5 | Financials | 7.93% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Alphabet (Google) Class A
GOOGL
$4.22T
| $460M | 17.49% |
1,286,845
-417,794
| -25% | -$150M |
|
|
2
TKO Group
TKO
$14.1B
| $423M | 16.07% |
2,098,862
-350,606
| -14% | -$68.4M |
|
3
Fair Isaac
FICO
$25.3B
| $270M | 10.28% |
226,186
-23,236
| -9% | -$26M |
|
4
Thermo Fisher Scientific
TMO
$233B
| $258M | 9.81% |
514,512
-102,699
| -17% | -$49.3M |
|
|
5
Walt Disney
DIS
$186B
| $251M | 9.55% |
2,607,846
-598,561
| -19% | -$61M |
|
6
Intuit
INTU
$100B
| $174M | 6.62% |
666,883
-66,816
| -9% | -$23.3M |
|
|
7
Mondelez International
MDLZ
$82.3B
| $148M | 5.64% |
2,565,453
-996,511
| -28% | -$60M |
|
8
PepsiCo
PEP
$196B
| $139M | 5.27% |
1,023,706
-253,479
| -20% | -$37.9M |
|
9
PayPal
PYPL
$52.7B
| $137M | 5.2% |
3,162,672
-1,016,951
| -24% | -$46.3M |
|
|
10
eBay
EBAY
$46.3B
| $125M | 4.74% |
1,116,001
-811,484
| -42% | -$86.6M |
|
11
Manchester United
MANU
$4.1B
| $63.3M | 2.41% |
2,758,446
-383,554
| -12% | -$7.6M |
|
|
12
KKR & Co
KKR
$97.4B
| $61.3M | 2.33% |
+667,780
| New | +$64.8M |
|
13
Brown-Forman Class A
BF.A
$13.3B
| $58.4M | 2.22% |
2,134,789
-450,433
| -17% | -$12.4M |
|
|
14
Brown-Forman Class B
BF.B
$13.1B
| $36.8M | 1.4% |
1,379,324
-196,725
| -12% | -$5.3M |
|
|
15
Visa
V
$693B
| $3.6M | 0.14% |
10,500
+200
| +2% | +$64.2K |
|
16
S&P Global
SPGI
$127B
| $3.01M | 0.11% |
7,400
+100
| +1% | +$42.2K |
|
17
Canadian Pacific Kansas City
CP
$85B
| $2.6M | 0.1% |
30,000
| – | – |
|
18
American Express
AXP
$227B
| $2.57M | 0.1% |
7,600
-1,400
| -16% | -$448K |
|
|
19
Equifax
EFX
$22.6B
| $1.87M | 0.07% |
11,800
+300
| +3% | +$51.1K |
|
|
20
Verisk Analytics
VRSK
$24.4B
| $1.71M | 0.06% |
9,500
+1,100
| +13% | +$194K |
|
21
CME Group
CME
$98.9B
| $1.52M | 0.06% |
6,900
| – | – |
|
22
Adobe
ADBE
$109B
| $1.44M | 0.05% |
7,000
| – | – |
|
|
23
Warner Music
WMG
$14.2B
| $1.35M | 0.05% |
+50,000
| New | +$1.49M |
|
24
Oracle
ORCL
$422B
| $1.32M | 0.05% |
9,000
| – | – |
|
25
Estee Lauder
EL
$36.9B
| $1.18M | 0.05% |
15,000
| – | – |
|
Similar funds
Nick Train's Q2 2026 Portfolio in Review
As of Q2 2026, Nick Train held 29 positions worth $2.63B, down 16% from $3.14B the previous quarter. Its ten largest holdings account for 91% of the portfolio.
Nick Train withdrew a net $569M in Q2 2026, closing 1 position and reducing 14 holdings. Its most notable exit was Colgate-Palmolive, an estimated $852K position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 46% of assets, up from 43% a quarter earlier, followed by Technology and Consumer Staples.
Against the trend, Nick Train opened a new position in KKR & Co worth $61.3M.
- Nick Train's largest Q2 2026 buy was KKR & Co: 667,780 shares worth $61.3M.
- Nick Train added most to Verisk Analytics in Q2 2026, an estimated $194K increase.
- Nick Train's biggest Q2 2026 reduction was Alphabet (Google) Class A, cutting an estimated $150M.
- Nick Train fully exited Colgate-Palmolive in Q2 2026, selling an estimated $852K.
- Nick Train's ten largest holdings make up 91% of its $2.63B portfolio in Q2 2026.
- Nick Train opened 2 new positions and closed 1 in Q2 2026.
- Nick Train's portfolio value fell 16% quarter-over-quarter to $2.63B.
Based on Lindsell Train's 13F filing for Q2 2026, filed 15 Jul 2026.