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
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Mondelez International
MDLZ
|
+$185M |
| 2 |
Fair Isaac
FICO
|
+$79.3M |
| 3 |
TKO Group
TKO
|
+$44.3M |
| 4 |
PepsiCo
PEP
|
+$36.8M |
| 5 |
Intuit
INTU
|
+$26.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 32.22% |
| 2 | Technology | 28.82% |
| 3 | Communication Services | 26.8% |
| 4 | Financials | 6.56% |
| 5 | Consumer Discretionary | 5.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Mondelez International
MDLZ
$82.3B
| $786M | 18.14% |
11,587,743
-2,692,350
| -19% | -$185M |
|
|
2
Fair Isaac
FICO
$25.3B
| $654M | 15.08% |
448,421
-61,388
| -12% | -$79.3M |
|
|
3
Intuit
INTU
$100B
| $591M | 13.64% |
937,800
-43,195
| -4% | -$26.8M |
|
|
4
TKO Group
TKO
$14.1B
| $543M | 12.53% |
5,072,802
-436,715
| -8% | -$44.3M |
|
5
Walt Disney
DIS
$186B
| $500M | 11.53% |
4,890,282
-166,200
| -3% | -$17.9M |
|
|
6
PepsiCo
PEP
$196B
| $469M | 10.83% |
2,803,311
-213,470
| -7% | -$36.8M |
|
7
PayPal
PYPL
$52.7B
| $274M | 6.32% |
4,613,859
-173,500
| -4% | -$11M |
|
8
eBay
EBAY
$46.3B
| $236M | 5.45% |
4,376,022
-307,000
| -7% | -$16M |
|
9
Brown-Forman Class A
BF.A
$13.3B
| $123M | 2.83% |
2,843,575
| – | – |
|
10
Manchester United
MANU
$4.1B
| $115M | 2.65% |
7,131,283
-585,516
| -8% | -$9.32M |
|
|
11
Brown-Forman Class B
BF.B
$13.1B
| $12.5M | 0.29% |
290,307
| – | – |
|
12
Alphabet (Google) Class C
GOOG
$4.18T
| $3.1M | 0.07% |
16,850
| – | – |
|
13
American Express
AXP
$227B
| $2.68M | 0.06% |
11,600
| – | – |
|
14
Oracle
ORCL
$422B
| $2.67M | 0.06% |
19,200
| – | – |
|
15
S&P Global
SPGI
$127B
| $2.65M | 0.06% |
5,900
| – | – |
|
16
Equifax
EFX
$22.6B
| $2.45M | 0.06% |
10,300
| – | – |
|
17
Visa
V
$693B
| $2.11M | 0.05% |
7,700
| – | – |
|
18
Verisk Analytics
VRSK
$24.4B
| $1.99M | 0.05% |
7,300
| – | – |
|
19
Colgate-Palmolive
CL
$72.6B
| $1.98M | 0.05% |
20,100
| – | – |
|
20
Adobe
ADBE
$109B
| $1.88M | 0.04% |
3,560
| – | – |
|
21
CME Group
CME
$98.9B
| $1.67M | 0.04% |
8,600
| – | – |
|
22
Nike
NKE
$60.5B
| $1.51M | 0.03% |
15,900
| – | – |
|
23
T. Rowe Price
TROW
$23.8B
| $1.41M | 0.03% |
12,000
| – | – |
|
24
Coca-Cola
KO
$392B
| $1.35M | 0.03% |
21,100
| – | – |
|
25
Estee Lauder
EL
$36.9B
| $1.3M | 0.03% |
11,425
| – | – |
|
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Nick Train's Q2 2024 Portfolio in Review
As of Q2 2024, Nick Train held 30 positions worth $4.33B, down 8.9% from $4.76B the previous quarter. Its ten largest holdings account for 99% of the portfolio.
Nick Train withdrew a net $426M in Q2 2024, closing 1 position and reducing 9 holdings. Its most notable exit was Cazoo Group Ltd, an estimated $0 position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 32% of assets, down from 36% a quarter earlier, followed by Technology and Communication Services.
- Nick Train's biggest Q2 2024 reduction was Mondelez International, cutting an estimated $185M.
- Nick Train fully exited Cazoo Group Ltd in Q2 2024, selling an estimated $0.
- Nick Train's ten largest holdings make up 99% of its $4.33B portfolio in Q2 2024.
- Nick Train opened 0 new positions and closed 1 in Q2 2024.
- Nick Train's portfolio value fell 8.9% quarter-over-quarter to $4.33B.
Based on Lindsell Train's 13F filing for Q2 2024, filed 23 Jul 2024.