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 |
Intuit
INTU
|
+$58.9M |
| 2 |
Fair Isaac
FICO
|
+$45M |
| 3 |
Adobe
ADBE
|
+$471K |
| 4 |
S&P Global
SPGI
|
+$232K |
| 5 |
Verisk Analytics
VRSK
|
+$183K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$121M |
| 2 |
PepsiCo
PEP
|
+$81.8M |
| 3 |
TKO Group
TKO
|
+$75.8M |
| 4 |
Mondelez International
MDLZ
|
+$53.2M |
| 5 |
Thermo Fisher Scientific
TMO
|
+$39.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 42.94% |
| 2 | Technology | 18.7% |
| 3 | Consumer Staples | 16.49% |
| 4 | Healthcare | 9.67% |
| 5 | Financials | 6.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
TKO Group
TKO
$14.1B
| $494M | 15.75% |
2,449,468
-370,736
| -13% | -$75.8M |
|
|
2
Alphabet (Google) Class A
GOOGL
$4.22T
| $490M | 15.63% |
1,704,639
-383,959
| -18% | -$121M |
|
|
3
Intuit
INTU
$100B
| $317M | 10.11% |
733,699
+123,448
| +20% | +$58.9M |
|
4
Walt Disney
DIS
$186B
| $309M | 9.85% |
3,206,407
-275,423
| -8% | -$29.1M |
|
|
5
Thermo Fisher Scientific
TMO
$233B
| $303M | 9.67% |
617,211
-72,292
| -10% | -$39.2M |
|
|
6
Fair Isaac
FICO
$25.3B
| $266M | 8.49% |
249,422
+32,829
| +15% | +$45M |
|
|
7
Mondelez International
MDLZ
$82.3B
| $205M | 6.55% |
3,561,964
-917,890
| -20% | -$53.2M |
|
|
8
PepsiCo
PEP
$196B
| $198M | 6.32% |
1,277,185
-524,786
| -29% | -$81.8M |
|
9
PayPal
PYPL
$52.7B
| $189M | 6.03% |
4,179,623
-118,995
| -3% | -$5.74M |
|
10
eBay
EBAY
$46.3B
| $175M | 5.59% |
1,927,485
-151,594
| -7% | -$13.6M |
|
11
Brown-Forman Class A
BF.A
$13.3B
| $69.3M | 2.21% |
2,585,222
-157,518
| -6% | -$4.29M |
|
12
Manchester United
MANU
$4.1B
| $52.8M | 1.68% |
3,142,000
-454,500
| -13% | -$7.74M |
|
|
13
Brown-Forman Class B
BF.B
$13.1B
| $41.7M | 1.33% |
1,576,049
-73,715
| -4% | -$1.98M |
|
14
Visa
V
$693B
| $3.11M | 0.1% |
10,300
+300
| +3% | +$96.5K |
|
|
15
S&P Global
SPGI
$127B
| $3.1M | 0.1% |
7,300
+500
| +7% | +$232K |
|
16
American Express
AXP
$227B
| $2.72M | 0.09% |
9,000
-800
| -8% | -$268K |
|
17
Canadian Pacific Kansas City
CP
$85B
| $2.36M | 0.08% |
30,000
| – | – |
|
18
Equifax
EFX
$22.6B
| $2.07M | 0.07% |
11,500
+500
| +5% | +$99.3K |
|
19
CME Group
CME
$98.9B
| $2.04M | 0.07% |
6,900
-500
| -7% | -$149K |
|
|
20
Adobe
ADBE
$109B
| $1.7M | 0.05% |
7,000
+1,700
| +32% | +$471K |
|
|
21
Verisk Analytics
VRSK
$24.4B
| $1.59M | 0.05% |
8,400
+900
| +12% | +$183K |
|
22
Oracle
ORCL
$422B
| $1.32M | 0.04% |
9,000
| – | – |
|
23
Nike
NKE
$60.5B
| $1.1M | 0.04% |
20,800
+400
| +2% | +$24.3K |
|
24
Estee Lauder
EL
$36.9B
| $1.08M | 0.03% |
15,000
-500
| -3% | -$51.1K |
|
25
Coca-Cola
KO
$392B
| $913K | 0.03% |
12,000
-5,000
| -29% | -$378K |
|
Similar funds
Nick Train's Q1 2026 Portfolio in Review
As of Q1 2026, Nick Train held 28 positions worth $3.14B, down 20% from $3.94B the previous quarter. Its ten largest holdings account for 94% of the portfolio.
Nick Train withdrew a net $331M in Q1 2026, closing 1 position and reducing 17 holdings. Its most notable exit was T. Rowe Price, an estimated $1.23M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 43% of assets, down from 43% a quarter earlier, followed by Technology and Consumer Staples.
Against the trend, Nick Train added an estimated $58.9M to Intuit.
- Nick Train added most to Intuit in Q1 2026, an estimated $58.9M increase.
- Nick Train's biggest Q1 2026 reduction was Alphabet (Google) Class A, cutting an estimated $121M.
- Nick Train fully exited T. Rowe Price in Q1 2026, selling an estimated $1.23M.
- Nick Train's ten largest holdings make up 94% of its $3.14B portfolio in Q1 2026.
- Nick Train opened 0 new positions and closed 1 in Q1 2026.
- Nick Train's portfolio value fell 20% quarter-over-quarter to $3.14B.
Based on Lindsell Train's 13F filing for Q1 2026, filed 24 Apr 2026.