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
|
+$7.82M |
| 2 |
Manchester United
MANU
|
+$1.56M |
| 3 |
Adobe
ADBE
|
+$163K |
| 4 |
Estee Lauder
EL
|
+$140K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Mondelez International
MDLZ
|
+$53.9M |
| 2 |
WWE
World Wrestling Entertainment
WWE
|
+$46.2M |
| 3 |
PepsiCo
PEP
|
+$28.9M |
| 4 |
Intuit
INTU
|
+$22.5M |
| 5 |
PayPal
PYPL
|
+$4.97M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 41.63% |
| 2 | Communication Services | 23.61% |
| 3 | Technology | 21.38% |
| 4 | Financials | 7.29% |
| 5 | Consumer Discretionary | 6.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Mondelez International
MDLZ
$82.3B
| $1.33B | 25.26% |
19,946,468
-853,000
| -4% | -$53.9M |
|
|
2
PepsiCo
PEP
$196B
| $644M | 12.23% |
3,563,110
-161,750
| -4% | -$28.9M |
|
|
3
Intuit
INTU
$100B
| $566M | 10.75% |
1,453,502
-56,700
| -4% | -$22.5M |
|
|
4
Fair Isaac
FICO
$25.3B
| $557M | 10.58% |
931,762
+14,857
| +2% | +$7.82M |
|
|
WWE
5
DELISTED
World Wrestling Entertainment
WWE
| $511M | 9.72% |
7,463,627
-611,429
| -8% | -$46.2M |
|
6
Walt Disney
DIS
$186B
| $472M | 8.97% |
5,430,890
-16,400
| -0.3% | -$1.57M |
|
|
7
PayPal
PYPL
$52.7B
| $377M | 7.16% |
5,289,702
-62,100
| -1% | -$4.97M |
|
8
eBay
EBAY
$46.3B
| $312M | 5.93% |
7,519,871
-39,000
| -0.5% | -$1.62M |
|
|
9
Manchester United
MANU
$4.1B
| $257M | 4.88% |
11,018,676
+93,500
| +0.9% | +$1.56M |
|
10
Brown-Forman Class A
BF.A
$13.3B
| $192M | 3.66% |
2,927,970
-15,702
| -0.5% | -$1.07M |
|
|
11
Brown-Forman Class B
BF.B
$13.1B
| $19.1M | 0.36% |
290,307
| – | – |
|
|
CZOO
12
DELISTED
Cazoo Group Ltd
CZOO
| $2.58M | 0.05% |
8,290
| – | – |
|
|
13
Estee Lauder
EL
$36.9B
| $2.34M | 0.04% |
9,425
+625
| +7% | +$140K |
|
14
Equifax
EFX
$22.6B
| $1.83M | 0.03% |
9,400
| – | – |
|
15
American Express
AXP
$227B
| $1.71M | 0.03% |
11,600
| – | – |
|
16
Nike
NKE
$60.5B
| $1.63M | 0.03% |
13,900
| – | – |
|
17
Oracle
ORCL
$422B
| $1.52M | 0.03% |
18,600
| – | – |
|
18
S&P Global
SPGI
$127B
| $1.47M | 0.03% |
4,400
| – | – |
|
19
Visa
V
$693B
| $1.41M | 0.03% |
6,800
| – | – |
|
20
Alphabet (Google) Class A
GOOGL
$4.22T
| $1.41M | 0.03% |
16,000
| – | – |
|
21
Johnson & Johnson
JNJ
$651B
| $1.4M | 0.03% |
7,900
| – | – |
|
22
Coca-Cola
KO
$392B
| $1.34M | 0.03% |
21,100
| – | – |
|
23
Colgate-Palmolive
CL
$72.6B
| $1.33M | 0.03% |
16,900
| – | – |
|
24
Hershey
HSY
$37.5B
| $1.18M | 0.02% |
5,100
| – | – |
|
25
Verisk Analytics
VRSK
$24.4B
| $1.15M | 0.02% |
6,500
| – | – |
|
Similar funds
Nick Train's Q4 2022 Portfolio in Review
As of Q4 2022, Nick Train held 29 positions worth $5.26B, up 6.9% from $4.92B the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Trading was light in Q4 2022: portfolio turnover was 0%. Nick Train opened no new positions and made no exits, leaving the 29-position portfolio largely intact.
By sector, the portfolio is most concentrated in Consumer Staples at 42% of assets, up from 40% a quarter earlier, followed by Communication Services and Technology.
- Nick Train added most to Fair Isaac in Q4 2022, an estimated $7.82M increase.
- Nick Train's biggest Q4 2022 reduction was Mondelez International, cutting an estimated $53.9M.
- Nick Train's ten largest holdings make up 99% of its $5.26B portfolio in Q4 2022.
- Nick Train opened 0 new positions and closed 0 in Q4 2022.
- Nick Train's portfolio value rose 6.9% quarter-over-quarter to $5.26B.
Based on Lindsell Train's 13F filing for Q4 2022, filed 27 Jan 2023.