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Nick Train Lindsell Train
AUM
$2.63B
Turnover
10.34%
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
+1.34%
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
$4.33B
AUM Growth
-$425M
(-8.9%)
Cap. Flow
-$426M
Cap. Flow % of AUM
Cap. Flow %
-9.83%
Top 10 Holdings %
Top 10 Hldgs %
98.98%
Holding
30
New
–
Increased
–
Reduced
9
Closed
1
Avg Time Held
5.3
years
Top 10 Avg Time Held
8.3
years
Top 20 Avg Time Held
5.3
years
Top Buys
No buys this quarter
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 | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Mondelez International
MDLZ
$79B
| $786M | 18.14% |
11,587,743
-2,692,350
| -19% | -$185M |
2013 Q2
44 quarters
|
|
|
2
Fair Isaac
FICO
$15.1B
| $654M | 15.08% |
448,421
-61,388
| -12% | -$79.3M |
2022 Q1
9 quarters
|
|
|
3
Intuit
INTU
$87.7B
| $591M | 13.64% |
937,800
-43,195
| -4% | -$26.8M |
2013 Q2
44 quarters
|
|
|
4
TKO Group
TKO
$12.7B
| $543M | 12.53% |
5,072,802
-436,715
| -8% | -$44.3M |
2023 Q3
3 quarters
|
|
5
Walt Disney
DIS
$188B
| $500M | 11.53% |
4,890,282
-166,200
| -3% | -$17.9M |
2013 Q2
44 quarters
|
|
|
6
PepsiCo
PEP
$181B
| $469M | 10.83% |
2,803,311
-213,470
| -7% | -$36.8M |
2015 Q2
36 quarters
|
|
7
PayPal
PYPL
$47.3B
| $274M | 6.32% |
4,613,859
-173,500
| -4% | -$11M |
2015 Q3
35 quarters
|
|
8
eBay
EBAY
$52.5B
| $236M | 5.45% |
4,376,022
-307,000
| -7% | -$16M |
2013 Q2
44 quarters
|
|
9
Brown-Forman Class A
BF.A
$13.1B
| $123M | 2.83% |
2,843,575
| – | – |
2013 Q2
44 quarters
|
|
10
Manchester United
MANU
$3.58B
| $115M | 2.65% |
7,131,283
-585,516
| -8% | -$9.32M |
2017 Q3
27 quarters
|
|
11
Brown-Forman Class B
BF.B
$12.7B
| $12.5M | 0.29% |
290,307
| – | – |
2018 Q1
25 quarters
|
|
12
Alphabet (Google) Class C
GOOG
$3.94T
| $3.1M | 0.07% |
16,850
| – | – |
2023 Q4
2 quarters
|
|
13
American Express
AXP
$213B
| $2.68M | 0.06% |
11,600
| – | – |
2020 Q2
16 quarters
|
|
14
Oracle
ORCL
$438B
| $2.67M | 0.06% |
19,200
| – | – |
2020 Q2
16 quarters
|
|
15
S&P Global
SPGI
$130B
| $2.65M | 0.06% |
5,900
| – | – |
2020 Q2
16 quarters
|
|
16
Equifax
EFX
$20.7B
| $2.45M | 0.06% |
10,300
| – | – |
2020 Q2
16 quarters
|
|
17
Visa
V
$752B
| $2.11M | 0.05% |
7,700
| – | – |
2020 Q2
16 quarters
|
|
18
Verisk Analytics
VRSK
$24.7B
| $1.99M | 0.05% |
7,300
| – | – |
2020 Q2
16 quarters
|
|
19
Colgate-Palmolive
CL
$73.1B
| $1.98M | 0.05% |
20,100
| – | – |
2020 Q2
16 quarters
|
|
20
Adobe
ADBE
$97.2B
| $1.88M | 0.04% |
3,560
| – | – |
2020 Q2
16 quarters
|
|
21
CME Group
CME
$105B
| $1.67M | 0.04% |
8,600
| – | – |
2020 Q2
16 quarters
|
|
22
Nike
NKE
$55.2B
| $1.51M | 0.03% |
15,900
| – | – |
2020 Q2
16 quarters
|
|
23
T. Rowe Price
TROW
$22.2B
| $1.41M | 0.03% |
12,000
| – | – |
2020 Q2
16 quarters
|
|
24
Coca-Cola
KO
$395B
| $1.35M | 0.03% |
21,100
| – | – |
2020 Q2
16 quarters
|
|
25
Estee Lauder
EL
$39.6B
| $1.3M | 0.03% |
11,425
| – | – |
2020 Q2
16 quarters
|
|
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FFH
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.