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 |
Adobe
ADBE
|
+$272K |
| 2 |
S&P Global
SPGI
|
+$148K |
| 3 |
Canadian Pacific Kansas City
CP
|
+$110K |
| 4 |
Equifax
EFX
|
+$109K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Thermo Fisher Scientific
TMO
|
+$72.4M |
| 2 |
PepsiCo
PEP
|
+$58.7M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$41.6M |
| 4 |
eBay
EBAY
|
+$32.5M |
| 5 |
Mondelez International
MDLZ
|
+$31.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 43.04% |
| 2 | Technology | 19.63% |
| 3 | Consumer Staples | 15.69% |
| 4 | Healthcare | 10.13% |
| 5 | Financials | 6.72% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Alphabet (Google) Class A
GOOGL
$4.22T
| $654M | 16.58% |
2,088,598
-145,500
| -7% | -$41.6M |
|
2
TKO Group
TKO
$14.1B
| $589M | 14.95% |
2,820,204
-134,500
| -5% | -$26.1M |
|
3
Intuit
INTU
$100B
| $404M | 10.25% |
610,251
-1,559
| -0.3% | -$1.03M |
|
|
4
Thermo Fisher Scientific
TMO
$233B
| $400M | 10.13% |
689,503
-128,026
| -16% | -$72.4M |
|
5
Walt Disney
DIS
$186B
| $396M | 10.05% |
3,481,830
-244,000
| -7% | -$26.9M |
|
6
Fair Isaac
FICO
$25.3B
| $366M | 9.29% |
216,593
-6,362
| -3% | -$11M |
|
|
7
PepsiCo
PEP
$196B
| $259M | 6.56% |
1,801,971
-399,700
| -18% | -$58.7M |
|
8
PayPal
PYPL
$52.7B
| $251M | 6.36% |
4,298,618
-185,000
| -4% | -$12M |
|
|
9
Mondelez International
MDLZ
$82.3B
| $241M | 6.12% |
4,479,854
-548,933
| -11% | -$31.6M |
|
|
10
eBay
EBAY
$46.3B
| $181M | 4.59% |
2,079,079
-376,000
| -15% | -$32.5M |
|
11
Brown-Forman Class A
BF.A
$13.3B
| $72.2M | 1.83% |
2,742,740
| – | – |
|
12
Manchester United
MANU
$4.1B
| $57.3M | 1.45% |
3,596,500
-780,000
| -18% | -$12.6M |
|
|
13
Brown-Forman Class B
BF.B
$13.1B
| $43M | 1.09% |
1,649,764
| – | – |
|
14
American Express
AXP
$227B
| $3.63M | 0.09% |
9,800
-400
| -4% | -$143K |
|
|
15
S&P Global
SPGI
$127B
| $3.55M | 0.09% |
6,800
+300
| +5% | +$148K |
|
16
Visa
V
$693B
| $3.51M | 0.09% |
10,000
| – | – |
|
|
17
Equifax
EFX
$22.6B
| $2.39M | 0.06% |
11,000
+500
| +5% | +$109K |
|
|
18
Canadian Pacific Kansas City
CP
$85B
| $2.21M | 0.06% |
30,000
+1,500
| +5% | +$110K |
|
19
CME Group
CME
$98.9B
| $2.02M | 0.05% |
7,400
| – | – |
|
|
20
Adobe
ADBE
$109B
| $1.85M | 0.05% |
5,300
+800
| +18% | +$272K |
|
21
Oracle
ORCL
$422B
| $1.75M | 0.04% |
9,000
| – | – |
|
22
Verisk Analytics
VRSK
$24.4B
| $1.68M | 0.04% |
7,500
| – | – |
|
23
Estee Lauder
EL
$36.9B
| $1.62M | 0.04% |
15,500
| – | – |
|
24
Nike
NKE
$60.5B
| $1.3M | 0.03% |
20,400
| – | – |
|
25
T. Rowe Price
TROW
$23.8B
| $1.23M | 0.03% |
12,000
| – | – |
|
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Nick Train's Q4 2025 Portfolio in Review
As of Q4 2025, Nick Train held 28 positions worth $3.94B, down 3.3% from $4.08B the previous quarter. Its ten largest holdings account for 95% of the portfolio.
Nick Train withdrew a net $326M in Q4 2025, reducing 14 holdings. Its largest reduction was Thermo Fisher Scientific, cutting an estimated $72.4M.
By sector, the portfolio is most concentrated in Communication Services at 43% of assets, up from 40% a quarter earlier, followed by Technology and Consumer Staples.
Against the trend, Nick Train added an estimated $272K to Adobe.
- Nick Train added most to Adobe in Q4 2025, an estimated $272K increase.
- Nick Train's biggest Q4 2025 reduction was Thermo Fisher Scientific, cutting an estimated $72.4M.
- Nick Train's ten largest holdings make up 95% of its $3.94B portfolio in Q4 2025.
- Nick Train opened 0 new positions and closed 0 in Q4 2025.
- Nick Train's portfolio value fell 3.3% quarter-over-quarter to $3.94B.
Based on Lindsell Train's 13F filing for Q4 2025, filed 11 Feb 2026.