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
|
+$43.1M |
| 2 |
Canadian Pacific Kansas City
CP
|
+$1.16M |
| 3 |
Adobe
ADBE
|
+$337K |
| 4 |
S&P Global
SPGI
|
+$321K |
| 5 |
Brown-Forman Class A
BF.A
|
+$273K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$73.4M |
| 2 |
Mondelez International
MDLZ
|
+$43.9M |
| 3 |
Walt Disney
DIS
|
+$42.6M |
| 4 |
TKO Group
TKO
|
+$40M |
| 5 |
Intuit
INTU
|
+$38.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 40.07% |
| 2 | Technology | 18.54% |
| 3 | Consumer Staples | 18.29% |
| 4 | Healthcare | 9.73% |
| 5 | Financials | 7.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
TKO Group
TKO
$14.1B
| $597M | 14.64% |
2,954,704
-218,958
| -7% | -$40M |
|
|
2
Alphabet (Google) Class A
GOOGL
$4.22T
| $543M | 13.32% |
2,234,098
+205,875
| +10% | +$43.1M |
|
|
3
Walt Disney
DIS
$186B
| $427M | 10.47% |
3,725,830
-361,446
| -9% | -$42.6M |
|
|
4
Intuit
INTU
$100B
| $418M | 10.25% |
611,810
-53,976
| -8% | -$38.9M |
|
5
Thermo Fisher Scientific
TMO
$233B
| $397M | 9.73% |
817,529
-37,083
| -4% | -$17.3M |
|
6
Fair Isaac
FICO
$25.3B
| $334M | 8.19% |
222,955
-159
| -0.1% | -$239K |
|
|
7
Mondelez International
MDLZ
$82.3B
| $314M | 7.71% |
5,028,787
-680,500
| -12% | -$43.9M |
|
8
PepsiCo
PEP
$196B
| $309M | 7.59% |
2,201,671
-225,539
| -9% | -$32.2M |
|
9
PayPal
PYPL
$52.7B
| $301M | 7.38% |
4,483,618
-44,220
| -1% | -$3.12M |
|
|
10
eBay
EBAY
$46.3B
| $223M | 5.48% |
2,455,079
-829,575
| -25% | -$73.4M |
|
|
11
Brown-Forman Class A
BF.A
$13.3B
| $73.8M | 1.81% |
2,742,740
+9,399
| +0.3% | +$273K |
|
12
Manchester United
MANU
$4.1B
| $66.3M | 1.63% |
4,376,500
-433,500
| -9% | -$7.36M |
|
|
13
Brown-Forman Class B
BF.B
$13.1B
| $44.7M | 1.1% |
1,649,764
| – | – |
|
14
Visa
V
$693B
| $3.41M | 0.08% |
10,000
| – | – |
|
15
American Express
AXP
$227B
| $3.39M | 0.08% |
10,200
| – | – |
|
|
16
S&P Global
SPGI
$127B
| $3.16M | 0.08% |
6,500
+600
| +10% | +$321K |
|
17
Equifax
EFX
$22.6B
| $2.69M | 0.07% |
10,500
+200
| +2% | +$50.3K |
|
18
Oracle
ORCL
$422B
| $2.53M | 0.06% |
9,000
-8,500
| -49% | -$2.16M |
|
|
19
Canadian Pacific Kansas City
CP
$85B
| $2.12M | 0.05% |
28,500
+15,200
| +114% | +$1.16M |
|
20
CME Group
CME
$98.9B
| $2M | 0.05% |
7,400
| – | – |
|
21
Verisk Analytics
VRSK
$24.4B
| $1.89M | 0.05% |
7,500
+900
| +14% | +$247K |
|
|
22
Adobe
ADBE
$109B
| $1.59M | 0.04% |
4,500
+940
| +26% | +$337K |
|
23
Nike
NKE
$60.5B
| $1.42M | 0.03% |
20,400
| – | – |
|
24
Estee Lauder
EL
$36.9B
| $1.37M | 0.03% |
15,500
+1,075
| +7% | +$95.7K |
|
25
T. Rowe Price
TROW
$23.8B
| $1.23M | 0.03% |
12,000
| – | – |
|
Similar funds
Nick Train's Q3 2025 Portfolio in Review
As of Q3 2025, Nick Train held 29 positions worth $4.08B, down 3.9% from $4.24B the previous quarter. Its ten largest holdings account for 95% of the portfolio.
Nick Train withdrew a net $256M in Q3 2025, closing 1 position and reducing 12 holdings. Its most notable exit was Hershey, an estimated $846K position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 40% of assets, up from 36% a quarter earlier, followed by Technology and Consumer Staples.
Against the trend, Nick Train added an estimated $43.1M to Alphabet (Google) Class A.
- Nick Train added most to Alphabet (Google) Class A in Q3 2025, an estimated $43.1M increase.
- Nick Train's biggest Q3 2025 reduction was eBay, cutting an estimated $73.4M.
- Nick Train fully exited Hershey in Q3 2025, selling an estimated $846K.
- Nick Train's ten largest holdings make up 95% of its $4.08B portfolio in Q3 2025.
- Nick Train opened 0 new positions and closed 1 in Q3 2025.
- Nick Train's portfolio value fell 3.9% quarter-over-quarter to $4.08B.
Based on Lindsell Train's 13F filing for Q3 2025, filed 12 Nov 2025.