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 |
Alphabet (Google) Class A
GOOGL
|
+$329M |
| 2 |
Thermo Fisher Scientific
TMO
|
+$145M |
| 3 |
PayPal
PYPL
|
+$24.4M |
| 4 |
Brown-Forman Class B
BF.B
|
+$2.39M |
| 5 |
Canadian Pacific Kansas City
CP
|
+$88.5K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Intuit
INTU
|
+$50.9M |
| 2 |
TKO Group
TKO
|
+$35.5M |
| 3 |
Fair Isaac
FICO
|
+$32.3M |
| 4 |
Mondelez International
MDLZ
|
+$20.6M |
| 5 |
Walt Disney
DIS
|
+$20.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 36.01% |
| 2 | Technology | 22.09% |
| 3 | Consumer Staples | 19.55% |
| 4 | Financials | 8.24% |
| 5 | Healthcare | 8.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
TKO Group
TKO
$14.1B
| $577M | 13.61% |
3,173,662
-220,715
| -7% | -$35.5M |
|
|
2
Intuit
INTU
$100B
| $524M | 12.36% |
665,786
-75,231
| -10% | -$50.9M |
|
|
3
Walt Disney
DIS
$186B
| $507M | 11.95% |
4,087,276
-193,565
| -5% | -$20.1M |
|
|
4
Fair Isaac
FICO
$25.3B
| $408M | 9.61% |
223,114
-17,186
| -7% | -$32.3M |
|
|
5
Mondelez International
MDLZ
$82.3B
| $385M | 9.07% |
5,709,287
-309,435
| -5% | -$20.6M |
|
|
6
Alphabet (Google) Class A
GOOGL
$4.22T
| $357M | 8.42% |
2,028,223
+2,009,998
| +11,029% | +$329M |
|
|
7
Thermo Fisher Scientific
TMO
$233B
| $347M | 8.17% |
854,612
+345,822
| +68% | +$145M |
|
|
8
PayPal
PYPL
$52.7B
| $337M | 7.93% |
4,527,838
+356,746
| +9% | +$24.4M |
|
9
PepsiCo
PEP
$196B
| $320M | 7.55% |
2,427,210
-27,027
| -1% | -$3.64M |
|
10
eBay
EBAY
$46.3B
| $245M | 5.76% |
3,284,654
-85,367
| -3% | -$6.05M |
|
11
Manchester United
MANU
$4.1B
| $85.7M | 2.02% |
4,810,000
-243,000
| -5% | -$3.6M |
|
|
12
Brown-Forman Class A
BF.A
$13.3B
| $75.1M | 1.77% |
2,733,341
-18,986
| -0.7% | -$609K |
|
|
13
Brown-Forman Class B
BF.B
$13.1B
| $44.4M | 1.05% |
1,649,764
+74,338
| +5% | +$2.39M |
|
14
Oracle
ORCL
$422B
| $3.83M | 0.09% |
17,500
-1,700
| -9% | -$275K |
|
15
Visa
V
$693B
| $3.55M | 0.08% |
10,000
-1,200
| -11% | -$418K |
|
16
American Express
AXP
$227B
| $3.25M | 0.08% |
10,200
-1,400
| -12% | -$394K |
|
17
S&P Global
SPGI
$127B
| $3.11M | 0.07% |
5,900
| – | – |
|
18
Equifax
EFX
$22.6B
| $2.67M | 0.06% |
10,300
| – | – |
|
19
Verisk Analytics
VRSK
$24.4B
| $2.06M | 0.05% |
6,600
-700
| -10% | -$212K |
|
20
CME Group
CME
$98.9B
| $2.04M | 0.05% |
7,400
-1,200
| -14% | -$326K |
|
21
Nike
NKE
$60.5B
| $1.45M | 0.03% |
20,400
| – | – |
|
22
Adobe
ADBE
$109B
| $1.38M | 0.03% |
3,560
| – | – |
|
23
Colgate-Palmolive
CL
$72.6B
| $1.36M | 0.03% |
15,000
-5,100
| -25% | -$466K |
|
24
Coca-Cola
KO
$392B
| $1.34M | 0.03% |
19,000
-2,100
| -10% | -$150K |
|
25
Estee Lauder
EL
$36.9B
| $1.17M | 0.03% |
14,425
| – | – |
|
Similar funds
Nick Train's Q2 2025 Portfolio in Review
As of Q2 2025, Nick Train held 29 positions worth $4.24B, up 17% from $3.61B the previous quarter. Its ten largest holdings account for 94% of the portfolio.
Nick Train deployed $325M of net new capital in Q2 2025, adding to 5 existing holdings.
By sector, the portfolio is most concentrated in Communication Services at 36% of assets, up from 28% a quarter earlier, followed by Technology and Consumer Staples.
On the sell side, the largest reduction was Intuit, an estimated $50.9M trimmed.
- Nick Train added most to Alphabet (Google) Class A in Q2 2025, an estimated $329M increase.
- Nick Train's biggest Q2 2025 reduction was Intuit, cutting an estimated $50.9M.
- Nick Train's ten largest holdings make up 94% of its $4.24B portfolio in Q2 2025.
- Nick Train opened 0 new positions and closed 0 in Q2 2025.
- Nick Train's portfolio value rose 17% quarter-over-quarter to $4.24B.
Based on Lindsell Train's 13F filing for Q2 2025, filed 8 Aug 2025.