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 |
Fair Isaac
FICO
|
+$329M |
| 2 |
PayPal
PYPL
|
+$142M |
| 3 |
Brown-Forman Class A
BF.A
|
+$2M |
| 4 |
Intuit
INTU
|
+$1.31M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Mondelez International
MDLZ
|
+$76.7M |
| 2 |
PepsiCo
PEP
|
+$70M |
| 3 |
WWE
World Wrestling Entertainment
WWE
|
+$33.9M |
| 4 |
Walt Disney
DIS
|
+$21.7M |
| 5 |
eBay
EBAY
|
+$16.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 40.21% |
| 2 | Communication Services | 24.73% |
| 3 | Technology | 16.97% |
| 4 | Financials | 9.71% |
| 5 | Consumer Discretionary | 8.3% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Mondelez International
MDLZ
$82.3B
| $1.58B | 24.94% |
25,210,468
-1,177,895
| -4% | -$76.7M |
|
|
2
PepsiCo
PEP
$196B
| $758M | 11.94% |
4,528,860
-416,750
| -8% | -$70M |
|
|
3
Intuit
INTU
$100B
| $749M | 11.8% |
1,558,456
+2,550
| +0.2% | +$1.31M |
|
|
4
Walt Disney
DIS
$186B
| $740M | 11.66% |
5,395,590
-150,150
| -3% | -$21.7M |
|
|
WWE
5
DELISTED
World Wrestling Entertainment
WWE
| $674M | 10.61% |
10,785,957
-615,057
| -5% | -$33.9M |
|
|
6
PayPal
PYPL
$52.7B
| $608M | 9.58% |
5,259,462
+1,066,000
| +25% | +$142M |
|
|
7
eBay
EBAY
$46.3B
| $479M | 7.55% |
8,371,371
-287,000
| -3% | -$16.7M |
|
|
8
Fair Isaac
FICO
$25.3B
| $325M | 5.12% |
+696,558
| New | +$329M |
|
|
9
Brown-Forman Class A
BF.A
$13.3B
| $186M | 2.93% |
2,959,172
+32,276
| +1% | +$2M |
|
10
Manchester United
MANU
$4.1B
| $153M | 2.41% |
10,596,176
-251,164
| -2% | -$3.42M |
|
|
CZOO
11
DELISTED
Cazoo Group Ltd
CZOO
| $45.8M | 0.72% |
8,290
| – | – |
|
|
12
Brown-Forman Class B
BF.B
$13.1B
| $19.5M | 0.31% |
290,307
| – | – |
|
13
Estee Lauder
EL
$36.9B
| $2.4M | 0.04% |
8,800
| – | – |
|
14
Equifax
EFX
$22.6B
| $2.23M | 0.04% |
9,400
| – | – |
|
15
Alphabet (Google) Class A
GOOGL
$4.22T
| $2.23M | 0.04% |
16,000
| – | – |
|
16
American Express
AXP
$227B
| $2.17M | 0.03% |
11,600
| – | – |
|
17
Nike
NKE
$60.5B
| $1.87M | 0.03% |
13,900
| – | – |
|
18
S&P Global
SPGI
$127B
| $1.8M | 0.03% |
4,400
| – | – |
|
19
Oracle
ORCL
$422B
| $1.54M | 0.02% |
18,600
| – | – |
|
20
T. Rowe Price
TROW
$23.8B
| $1.45M | 0.02% |
9,600
| – | – |
|
21
Johnson & Johnson
JNJ
$651B
| $1.4M | 0.02% |
7,900
| – | – |
|
22
Verisk Analytics
VRSK
$24.4B
| $1.4M | 0.02% |
6,500
| – | – |
|
23
CME Group
CME
$98.9B
| $1.33M | 0.02% |
5,600
| – | – |
|
24
Visa
V
$693B
| $1.31M | 0.02% |
5,900
| – | – |
|
25
Coca-Cola
KO
$392B
| $1.31M | 0.02% |
21,100
| – | – |
|
Similar funds
Nick Train's Q1 2022 Portfolio in Review
As of Q1 2022, Nick Train held 29 positions worth $6.35B, down 8% from $6.9B the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Nick Train deployed $252M of net new capital in Q1 2022, opening 1 new position and adding to 3 existing holdings. Its largest new stake was Fair Isaac: 696,558 shares worth $325M.
By sector, the portfolio is most concentrated in Consumer Staples at 40% of assets, down from 41% a quarter earlier, followed by Communication Services and Technology.
On the sell side, the largest reduction was Mondelez International, an estimated $76.7M trimmed.
- Nick Train's largest Q1 2022 buy was Fair Isaac: 696,558 shares worth $325M.
- Nick Train added most to PayPal in Q1 2022, an estimated $142M increase.
- Nick Train's biggest Q1 2022 reduction was Mondelez International, cutting an estimated $76.7M.
- Nick Train's ten largest holdings make up 99% of its $6.35B portfolio in Q1 2022.
- Nick Train opened 1 new position and closed 0 in Q1 2022.
- Nick Train's portfolio value fell 8% quarter-over-quarter to $6.35B.
Based on Lindsell Train's 13F filing for Q1 2022, filed 11 May 2022.