Michael Lindsell, Nick Train - Lindsell Train Portfolio (Q3 2026)

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Lindsell Train, Michael Lindsell, Nick Train, has built a concentrated portfolio of 28 publicly traded holdings with a total market value of $2.36B, according to the SEC 13F filed on Nov 02, 2026 (holdings as of quarter-end Sep 30, 2026). This analysis examines that filing to understand the investment strategy and recent portfolio adjustments.

The portfolio demonstrates a concentrated approach to stock selection, with the top holding representing 16.4% of the total portfolio value. The top 5 holdings account for 61.2% of the overall portfolio allocation.

Recent portfolio activity shows 10 significant position adjustments, indicating active portfolio management and strategic repositioning. These changes reflect the investor's response to market conditions and evolving investment thesis.

Portfolio Statistics

28
Total Holdings
$2.4B
Portfolio Value
Sep 30, 2026
Latest Filing
16.4%
Largest Position

Top Holdings Analysis

The portfolio's top holdings reveal the investor's core investment thesis and sector preferences. The largest position in ALPHABET INC (GOOGL) represents 16.4% of the total portfolio, valued at $387.4M.

Rank Symbol Company Value Portfolio % Change
1 GOOGL ALPHABET INC $387.4M 16.4% -12.5%
2 TKO TKO GROUP HOLDINGS INC $348.5M 14.8% -7.6%
3 TMO THERMO FISHER SCIENTIFIC INC $293.1M 12.4% -23.8%
4 DIS DISNEY WALT CO $241.2M 10.2% -11.8%
5 INTU INTUIT $173.0M 7.3% -5.9%

For a complete analysis of all holdings and detailed portfolio breakdown by sector and market cap, visit our comprehensive holdings page.

Recent Portfolio Activity

Recent portfolio adjustments provide insights into the investor's evolving strategy and market outlook. The following table shows the top 10 most significant position changes from recent reporting periods (out of 142 total transactions), sorted by the magnitude of change.

For a complete history of all portfolio transactions and detailed activity analysis, visit our comprehensive activity page.

Symbol Company Quantity Change Date Action
KKR KKR & Co. Inc. +322,450 Sep 30, 2026 BUY
DIS Walt Disney Company (The) -308,505 Sep 30, 2026 SELL
MDLZ Mondelez International, Inc. -284,386 Sep 30, 2026 SELL
MANU Manchester -250,946 Sep 30, 2026 SELL
PYPL PayPal Holdings, Inc. -223,000 Sep 30, 2026 SELL
BF-A Brown Forman Inc -192,972 Sep 30, 2026 SELL
GOOGL Alphabet Inc. -160,800 Sep 30, 2026 SELL
TKO TKO Group Holdings, Inc. -159,700 Sep 30, 2026 SELL
TMO Thermo Fisher Scientific Inc -122,671 Sep 30, 2026 SELL
PEP Pepsico, Inc. -72,718 Sep 30, 2026 SELL

Investment Strategy Insights

Lindsell Train's investment approach can be analyzed through several key metrics. The portfolio's concentration in top holdings suggests a high-conviction investment strategy, with significant positions in companies that align with the investor's long-term thesis.

The largest position in ALPHABET INC (GOOGL) demonstrates strong conviction in this particular investment opportunity. Recent activity shows a decrease of 12.5% in this position, indicating active portfolio management and strategic positioning.

Portfolio turnover can be assessed through recent activity patterns. The 10 most significant transactions shown here (out of 142 total transactions) suggest a highly active approach to portfolio management, with frequent strategic adjustments and position changes.

Additional Analysis

Complete Holdings

View all 28 holdings with detailed analysis

Trading Activity

Track all portfolio transactions and position changes

Performance Metrics

Analyze profit, winning trades, and investment returns

Sector Allocation

Analyze portfolio breakdown by sector and industry

Lindsell Train's portfolio as of Sep 30, 2026 reflects a strategic approach to equity investing with 28 holdings valued at $2.4B. The concentrated position in ALPHABET INC and other top holdings demonstrates the investor's confidence in specific investment themes and long-term value creation opportunities. Recent activity indicates ongoing portfolio optimization and strategic repositioning.

For the most current portfolio data and detailed analysis, refer to the latest SEC 13F filings and our comprehensive holdings and activity pages, which are updated regularly with the latest filing information.

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