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
|
+$55M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$3.31M |
| 3 |
Canadian Pacific Kansas City
CP
|
+$924K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Mondelez International
MDLZ
|
+$147M |
| 2 |
TKO Group
TKO
|
+$36.5M |
| 3 |
Fair Isaac
FICO
|
+$28.2M |
| 4 |
Walt Disney
DIS
|
+$19.1M |
| 5 |
eBay
EBAY
|
+$18.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 27.97% |
| 2 | Consumer Staples | 25.65% |
| 3 | Technology | 24.96% |
| 4 | Financials | 7.9% |
| 5 | Healthcare | 7.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
TKO Group
TKO
$14.1B
| $519M | 14.35% |
3,394,377
-238,990
| -7% | -$36.5M |
|
2
Intuit
INTU
$100B
| $455M | 12.59% |
741,017
-28,600
| -4% | -$17.2M |
|
|
3
Fair Isaac
FICO
$25.3B
| $443M | 12.26% |
240,300
-15,220
| -6% | -$28.2M |
|
|
4
Walt Disney
DIS
$186B
| $423M | 11.69% |
4,280,841
-177,600
| -4% | -$19.1M |
|
|
5
Mondelez International
MDLZ
$82.3B
| $408M | 11.3% |
6,018,722
-2,392,500
| -28% | -$147M |
|
6
PepsiCo
PEP
$196B
| $368M | 10.18% |
2,454,237
-102,100
| -4% | -$15.2M |
|
7
PayPal
PYPL
$52.7B
| $272M | 7.53% |
4,171,092
-111,600
| -3% | -$8.69M |
|
|
8
Thermo Fisher Scientific
TMO
$233B
| $253M | 7.01% |
508,790
+101,550
| +25% | +$55M |
|
|
9
eBay
EBAY
$46.3B
| $228M | 6.32% |
3,370,021
-276,100
| -8% | -$18.4M |
|
10
Brown-Forman Class A
BF.A
$13.3B
| $92.1M | 2.55% |
2,752,327
-43,800
| -2% | -$1.47M |
|
11
Manchester United
MANU
$4.1B
| $66.1M | 1.83% |
5,053,000
-723,015
| -13% | -$10.9M |
|
|
12
Brown-Forman Class B
BF.B
$13.1B
| $53.5M | 1.48% |
1,575,426
-59,100
| -4% | -$1.99M |
|
13
Visa
V
$693B
| $3.93M | 0.11% |
11,200
| – | – |
|
14
American Express
AXP
$227B
| $3.12M | 0.09% |
11,600
| – | – |
|
15
S&P Global
SPGI
$127B
| $3M | 0.08% |
5,900
| – | – |
|
|
16
Alphabet (Google) Class A
GOOGL
$4.22T
| $2.82M | 0.08% |
+18,225
| New | +$3.31M |
|
17
Oracle
ORCL
$422B
| $2.68M | 0.07% |
19,200
| – | – |
|
18
Equifax
EFX
$22.6B
| $2.51M | 0.07% |
10,300
| – | – |
|
19
CME Group
CME
$98.9B
| $2.28M | 0.06% |
8,600
| – | – |
|
20
Verisk Analytics
VRSK
$24.4B
| $2.17M | 0.06% |
7,300
| – | – |
|
21
Colgate-Palmolive
CL
$72.6B
| $1.88M | 0.05% |
20,100
| – | – |
|
22
Coca-Cola
KO
$392B
| $1.51M | 0.04% |
21,100
| – | – |
|
23
Adobe
ADBE
$109B
| $1.37M | 0.04% |
3,560
| – | – |
|
24
Nike
NKE
$60.5B
| $1.29M | 0.04% |
20,400
| – | – |
|
25
T. Rowe Price
TROW
$23.8B
| $1.1M | 0.03% |
12,000
| – | – |
|
Similar funds
Nick Train's Q1 2025 Portfolio in Review
As of Q1 2025, Nick Train held 30 positions worth $3.61B, down 9.7% from $4B the previous quarter. Its ten largest holdings account for 96% of the portfolio.
Nick Train withdrew a net $249M in Q1 2025, closing 1 position and reducing 11 holdings. Its most notable exit was Alphabet (Google) Class C, an estimated $3.36M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 28% of assets, up from 28% a quarter earlier, followed by Consumer Staples and Technology.
Against the trend, Nick Train opened a new position in Alphabet (Google) Class A worth $2.82M.
- Nick Train's largest Q1 2025 buy was Alphabet (Google) Class A: 18,225 shares worth $2.82M.
- Nick Train added most to Thermo Fisher Scientific in Q1 2025, an estimated $55M increase.
- Nick Train's biggest Q1 2025 reduction was Mondelez International, cutting an estimated $147M.
- Nick Train fully exited Alphabet (Google) Class C in Q1 2025, selling an estimated $3.36M.
- Nick Train's ten largest holdings make up 96% of its $3.61B portfolio in Q1 2025.
- Nick Train opened 2 new positions and closed 1 in Q1 2025.
- Nick Train's portfolio value fell 9.7% quarter-over-quarter to $3.61B.
Based on Lindsell Train's 13F filing for Q1 2025, filed 15 May 2025.