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 |
Thermo Fisher Scientific
TMO
|
+$224M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Mondelez International
MDLZ
|
+$119M |
| 2 |
TKO Group
TKO
|
+$116M |
| 3 |
Walt Disney
DIS
|
+$104M |
| 4 |
Intuit
INTU
|
+$93.7M |
| 5 |
Fair Isaac
FICO
|
+$83.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 27.92% |
| 2 | Consumer Staples | 26.59% |
| 3 | Technology | 24.93% |
| 4 | Financials | 9.47% |
| 5 | Consumer Discretionary | 5.68% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
TKO Group
TKO
$14.1B
| $516M | 12.91% |
3,633,367
-888,188
| -20% | -$116M |
|
|
2
Fair Isaac
FICO
$25.3B
| $509M | 12.72% |
255,520
-38,923
| -13% | -$83.1M |
|
|
3
Mondelez International
MDLZ
$82.3B
| $502M | 12.56% |
8,411,222
-1,799,206
| -18% | -$119M |
|
|
4
Walt Disney
DIS
$186B
| $496M | 12.41% |
4,458,441
-992,971
| -18% | -$104M |
|
|
5
Intuit
INTU
$100B
| $484M | 12.09% |
769,617
-146,574
| -16% | -$93.7M |
|
6
PepsiCo
PEP
$196B
| $389M | 9.72% |
2,556,337
-213,274
| -8% | -$34.9M |
|
7
PayPal
PYPL
$52.7B
| $366M | 9.14% |
4,282,692
-309,087
| -7% | -$26M |
|
8
eBay
EBAY
$46.3B
| $226M | 5.65% |
3,646,121
-461,901
| -11% | -$29.3M |
|
|
9
Thermo Fisher Scientific
TMO
$233B
| $212M | 5.3% |
+407,240
| New | +$224M |
|
10
Brown-Forman Class A
BF.A
$13.3B
| $105M | 2.63% |
2,796,127
-77,788
| -3% | -$3.36M |
|
11
Manchester United
MANU
$4.1B
| $100M | 2.5% |
5,776,015
-594,985
| -9% | -$10M |
|
|
12
Brown-Forman Class B
BF.B
$13.1B
| $62.1M | 1.55% |
1,634,526
-5,479
| -0.3% | -$241K |
|
13
Visa
V
$693B
| $3.54M | 0.09% |
11,200
| – | – |
|
14
American Express
AXP
$227B
| $3.44M | 0.09% |
11,600
| – | – |
|
15
Alphabet (Google) Class C
GOOG
$4.18T
| $3.36M | 0.08% |
17,750
| – | – |
|
16
Oracle
ORCL
$422B
| $3.2M | 0.08% |
19,200
| – | – |
|
17
S&P Global
SPGI
$127B
| $2.94M | 0.07% |
5,900
| – | – |
|
18
Equifax
EFX
$22.6B
| $2.62M | 0.07% |
10,300
| – | – |
|
19
Verisk Analytics
VRSK
$24.4B
| $2.01M | 0.05% |
7,300
| – | – |
|
20
CME Group
CME
$98.9B
| $2M | 0.05% |
8,600
| – | – |
|
21
Colgate-Palmolive
CL
$72.6B
| $1.83M | 0.05% |
20,100
| – | – |
|
22
Adobe
ADBE
$109B
| $1.58M | 0.04% |
3,560
| – | – |
|
23
Nike
NKE
$60.5B
| $1.54M | 0.04% |
20,400
| – | – |
|
24
T. Rowe Price
TROW
$23.8B
| $1.36M | 0.03% |
12,000
| – | – |
|
25
Coca-Cola
KO
$392B
| $1.31M | 0.03% |
21,100
| – | – |
|
Similar funds
Nick Train's Q4 2024 Portfolio in Review
As of Q4 2024, Nick Train held 30 positions worth $4B, down 9.7% from $4.43B the previous quarter. Its ten largest holdings account for 95% of the portfolio.
Nick Train withdrew a net $397M in Q4 2024, closing 2 positions and reducing 11 holdings. Its most notable exit was Johnson & Johnson, an estimated $983K position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 28% of assets, up from 27% a quarter earlier, followed by Consumer Staples and Technology.
Against the trend, Nick Train opened a new position in Thermo Fisher Scientific worth $212M.
- Nick Train's largest Q4 2024 buy was Thermo Fisher Scientific: 407,240 shares worth $212M.
- Nick Train's biggest Q4 2024 reduction was Mondelez International, cutting an estimated $119M.
- Nick Train fully exited Johnson & Johnson in Q4 2024, selling an estimated $983K.
- Nick Train's ten largest holdings make up 95% of its $4B portfolio in Q4 2024.
- Nick Train opened 1 new position and closed 2 in Q4 2024.
- Nick Train's portfolio value fell 9.7% quarter-over-quarter to $4B.
Based on Lindsell Train's 13F filing for Q4 2024, filed 21 Jan 2025.