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NT

Nick Train Lindsell Train

AUM $2.63B
1-Year Est. Return 2.97%
 

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.

This Fund
S&P 500
This Quarter Est. Return
+6.37%
1 Year Est. Return
+2.97%
3 Year Est. Return
+39.94%
5 Year Est. Return
+50.54%
10 Year Est. Return
+329.56%
AUM
$3.94B
AUM Growth
-$133M
Cap. Flow
-$326M
Cap. Flow %
-8.27%
Top 10 Hldgs %
94.87%
Holding
28
New
–
Increased
4
Reduced
14
Closed
–

Top Buys

Rank Stock Value
1
ADBE icon
Adobe
ADBE
+$272K
2
SPGI icon
S&P Global
SPGI
+$148K
3
CP icon
Canadian Pacific Kansas City
CP
+$110K
4
EFX icon
Equifax
EFX
+$109K

Top Sells

Rank Stock Value
1
TMO icon
Thermo Fisher Scientific
TMO
+$72.4M
2
PEP icon
PepsiCo
PEP
+$58.7M
3
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$41.6M
4
EBAY icon
eBay
EBAY
+$32.5M
5
MDLZ icon
Mondelez International
MDLZ
+$31.6M

Sector Composition

Rank Sector Weight
1 Communication Services 43.04%
2 Technology 19.63%
3 Consumer Staples 15.69%
4 Healthcare 10.13%
5 Financials 6.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
KO icon
26
Coca-Cola
KO
$392B
$1.19M 0.03%
17,000
-1,500
-8% -$105K
CL icon
27
Colgate-Palmolive
CL
$72.6B
$1.15M 0.03%
14,600
-400
-3% -$31.4K
MSGS icon
28
Madison Square Garden
MSGS
$9.78B
$854K 0.02%
3,300
– –
1
2

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Nick Train's Q4 2025 Portfolio in Review

As of Q4 2025, Nick Train held 28 positions worth $3.94B, down 3.3% from $4.08B the previous quarter. Its ten largest holdings account for 95% of the portfolio.

Nick Train withdrew a net $326M in Q4 2025, reducing 14 holdings. Its largest reduction was Thermo Fisher Scientific, cutting an estimated $72.4M.

By sector, the portfolio is most concentrated in Communication Services at 43% of assets, up from 40% a quarter earlier, followed by Technology and Consumer Staples.

Against the trend, Nick Train added an estimated $272K to Adobe.

  • Nick Train added most to Adobe in Q4 2025, an estimated $272K increase.
  • Nick Train's biggest Q4 2025 reduction was Thermo Fisher Scientific, cutting an estimated $72.4M.
  • Nick Train's ten largest holdings make up 95% of its $3.94B portfolio in Q4 2025.
  • Nick Train opened 0 new positions and closed 0 in Q4 2025.
  • Nick Train's portfolio value fell 3.3% quarter-over-quarter to $3.94B.

Based on Lindsell Train's 13F filing for Q4 2025, filed 11 Feb 2026.