Michael Lindsell, Nick Train - Lindsell Train 13F Activity & Position Changes (Q3 2026)

According to the SEC 13F filed on Nov 02, 2026, the Lindsell Train portfolio showed several notable changes in holdings as of quarter-end Sep 30, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q3 2026, the filing reported:

New Buys - None reported

Increases - KKR & Co. Inc., Warner Music Group Corp.

Reductions - American Express Company, Brown Forman Inc, Brown Forman Inc, Walt Disney Company (The), eBay Inc., and 12 more

Complete Exits - None reported

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Showing 30 of 41 transactions.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2026	AXP American Express Company	American Express Company	Sell	-400	-5.3%	$2.19M	7,200
Q3 2026	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-192,972	-9.0%	$52.10M	1,941,817
Q3 2026	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-51,700	-3.7%	$34.78M	1,327,624
Q3 2026	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-308,505	-11.8%	$241.20M	2,299,341
Q3 2026	EBAY eBay Inc.	eBay Inc.	Sell	-63,600	-5.7%	$111.61M	1,052,401
Q3 2026	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Sell	-2,500	-16.7%	$1.16M	12,500
Q3 2026	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-13,401	-5.9%	$126.07M	212,785
Q3 2026	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-160,800	-12.5%	$387.45M	1,126,045
Q3 2026	INTU Intuit Inc.	Intuit Inc.	Sell	-39,300	-5.9%	$173.03M	627,583
Q3 2026	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+322,450	+48.3%	$90.41M	990,230
Q3 2026	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-500	-4.2%	$989.92K	11,500
Q3 2026	MANU Manchester	Manchester	Sell	-250,946	-9.1%	$52.53M	2,507,500
Q3 2026	MDLZ Mondelez International, Inc.	Mondelez International, Inc.	Sell	-284,386	-11.1%	$145.89M	2,281,067
Q3 2026	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Sell	-100	-3.6%	$1.09M	2,700
Q3 2026	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-72,718	-7.1%	$120.51M	950,988
Q3 2026	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-223,000	-7.1%	$154.42M	2,939,672
Q3 2026	TKO TKO Group Holdings, Inc.	TKO Group Holdings, Inc.	Sell	-159,700	-7.6%	$348.51M	1,939,162
Q3 2026	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell	-122,671	-23.8%	$293.07M	391,841
Q3 2026	WMG Warner Music Group Corp.	Warner Music Group Corp.	Buy	+5,000	+10.0%	$1.52M	55,000
Q2 2026	AXP American Express Company	American Express Company	Sell	-1,400	-15.6%	$2.57M	7,600
Q2 2026	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-450,433	-17.4%	$58.41M	2,134,789
Q2 2026	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-196,725	-12.5%	$36.76M	1,379,324
Q2 2026	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Sell - Position Exit	-10,000	-100.0%	$0.00	-
Q2 2026	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-598,561	-18.7%	$251.01M	2,607,846
Q2 2026	EBAY eBay Inc.	eBay Inc.	Sell	-811,484	-42.1%	$124.71M	1,116,001
Q2 2026	EFX Equifax, Inc.	Equifax, Inc.	Buy	+300	+2.6%	$1.87M	11,800
Q2 2026	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-23,236	-9.3%	$270.24M	226,186
Q2 2026	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-417,794	-24.5%	$459.88M	1,286,845
Q2 2026	INTU Intuit Inc.	Intuit Inc.	Sell	-66,816	-9.1%	$174.06M	666,883
Q2 2026	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy - Position Entry	+667,780	-	$61.29M	667,780