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 |
TKO Group
TKO
|
+$547M |
| 2 |
Kenvue
KVUE
|
+$341K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
WWE
World Wrestling Entertainment
WWE
|
+$687M |
| 2 |
Intuit
INTU
|
+$80.9M |
| 3 |
Fair Isaac
FICO
|
+$76.6M |
| 4 |
Mondelez International
MDLZ
|
+$54.8M |
| 5 |
eBay
EBAY
|
+$31M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 39.56% |
| 2 | Technology | 24.93% |
| 3 | Communication Services | 23.5% |
| 4 | Financials | 6.41% |
| 5 | Consumer Discretionary | 5.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Mondelez International
MDLZ
$82.3B
| $1.22B | 24.39% |
17,506,898
-761,000
| -4% | -$54.8M |
|
|
2
Intuit
INTU
$100B
| $621M | 12.45% |
1,214,161
-159,891
| -12% | -$80.9M |
|
|
3
Fair Isaac
FICO
$25.3B
| $618M | 12.4% |
711,790
-89,207
| -11% | -$76.6M |
|
4
PepsiCo
PEP
$196B
| $563M | 11.3% |
3,322,210
-76,000
| -2% | -$13.8M |
|
|
5
TKO Group
TKO
$14.1B
| $496M | 9.95% |
+5,897,133
| New | +$547M |
|
6
Walt Disney
DIS
$186B
| $453M | 9.09% |
5,585,690
-48,000
| -0.9% | -$4.1M |
|
7
PayPal
PYPL
$52.7B
| $311M | 6.24% |
5,314,302
-75,000
| -1% | -$4.88M |
|
|
8
eBay
EBAY
$46.3B
| $272M | 5.47% |
6,175,871
-695,000
| -10% | -$31M |
|
9
Manchester United
MANU
$4.1B
| $220M | 4.41% |
11,099,176
| – | – |
|
10
Brown-Forman Class A
BF.A
$13.3B
| $171M | 3.43% |
2,937,470
| – | – |
|
|
11
Brown-Forman Class B
BF.B
$13.1B
| $16.8M | 0.34% |
290,307
| – | – |
|
12
Alphabet (Google) Class A
GOOGL
$4.22T
| $2.2M | 0.04% |
16,850
| – | – |
|
13
S&P Global
SPGI
$127B
| $2.16M | 0.04% |
5,900
| – | – |
|
14
Oracle
ORCL
$422B
| $2.03M | 0.04% |
19,200
| – | – |
|
15
Equifax
EFX
$22.6B
| $1.89M | 0.04% |
10,300
| – | – |
|
16
Adobe
ADBE
$109B
| $1.82M | 0.04% |
3,560
| – | – |
|
17
American Express
AXP
$227B
| $1.73M | 0.03% |
11,600
| – | – |
|
18
Verisk Analytics
VRSK
$24.4B
| $1.72M | 0.03% |
7,300
| – | – |
|
19
CME Group
CME
$98.9B
| $1.72M | 0.03% |
8,600
| – | – |
|
20
Visa
V
$693B
| $1.68M | 0.03% |
7,300
| – | – |
|
21
Estee Lauder
EL
$36.9B
| $1.52M | 0.03% |
10,525
| – | – |
|
22
Nike
NKE
$60.5B
| $1.52M | 0.03% |
15,900
| – | – |
|
23
Colgate-Palmolive
CL
$72.6B
| $1.43M | 0.03% |
20,100
| – | – |
|
24
T. Rowe Price
TROW
$23.8B
| $1.26M | 0.03% |
12,000
| – | – |
|
25
Coca-Cola
KO
$392B
| $1.18M | 0.02% |
21,100
| – | – |
|
Similar funds
Nick Train's Q3 2023 Portfolio in Review
As of Q3 2023, Nick Train held 31 positions worth $4.98B, down 11% from $5.61B the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Nick Train withdrew a net $405M in Q3 2023, closing 1 position and reducing 8 holdings. Its most notable exit was World Wrestling Entertainment, an estimated $687M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 40% of assets, up from 39% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Nick Train opened a new position in TKO Group worth $496M.
- Nick Train's largest Q3 2023 buy was TKO Group: 5,897,133 shares worth $496M.
- Nick Train's biggest Q3 2023 reduction was Intuit, cutting an estimated $80.9M.
- Nick Train fully exited World Wrestling Entertainment in Q3 2023, selling an estimated $687M.
- Nick Train's ten largest holdings make up 99% of its $4.98B portfolio in Q3 2023.
- Nick Train opened 2 new positions and closed 1 in Q3 2023.
- Nick Train's portfolio value fell 11% quarter-over-quarter to $4.98B.
Based on Lindsell Train's 13F filing for Q3 2023, filed 9 Nov 2023.