Michael Lindsell, Nick Train - Lindsell Train 13F Activity & Position Changes (Q2 2026)

As of Jun 30, 2026, the Lindsell Train portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Jul 15, 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 Q2 2026, the filing reported:

New Buys - KKR & Co. Inc., Warner Music Group Corp.

Increases - Equifax, Inc., Nike, Inc., S&P Global Inc., Visa Inc., Verisk Analytics, Inc.

Reductions - American Express Company, Brown Forman Inc, Brown Forman Inc, Walt Disney Company (The), eBay Inc., and 9 more

Complete Exits - Colgate-Palmolive Company

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

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
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
Q2 2026	MANU Manchester United	Manchester United	Sell	-383,554	-12.2%	$63.25M	2,758,446
Q2 2026	MDLZ Mondelez International, Inc.	Mondelez International, Inc.	Sell	-996,511	-28.0%	$148.39M	2,565,453
Q2 2026	NKE Nike, Inc.	Nike, Inc.	Buy	+200	+1.0%	$862.05K	21,000
Q2 2026	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-253,479	-19.8%	$138.61M	1,023,706
Q2 2026	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-1,016,951	-24.3%	$136.56M	3,162,672
Q2 2026	SPGI S&P Global Inc.	S&P Global Inc.	Buy	+100	+1.4%	$3.01M	7,400
Q2 2026	TKO TKO Group Holdings, Inc.	TKO Group Holdings, Inc.	Sell	-350,606	-14.3%	$422.52M	2,098,862
Q2 2026	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell	-102,699	-16.6%	$257.96M	514,512
Q2 2026	V Visa Inc.	Visa Inc.	Buy	+200	+1.9%	$3.60M	10,500
Q2 2026	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Buy	+1,100	+13.1%	$1.71M	9,500
Q2 2026	WMG Warner Music Group Corp.	Warner Music Group Corp.	Buy - Position Entry	+50,000	-	$1.35M	50,000
Q1 2026	ADBE Adobe Inc.	Adobe Inc.	Buy	+1,700	+32.1%	$1.70M	7,000
Q1 2026	AXP American Express Company	American Express Company	Sell	-800	-8.2%	$2.72M	9,000
Q1 2026	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-157,518	-5.7%	$69.26M	2,585,222
Q1 2026	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-73,715	-4.5%	$41.67M	1,576,049
Q1 2026	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Sell	-4,600	-31.5%	$852.30K	10,000
Q1 2026	CME CME Group Inc.	CME Group Inc.	Sell	-500	-6.8%	$2.04M	6,900
Q1 2026	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-275,423	-7.9%	$309.03M	3,206,407
Q1 2026	EBAY eBay Inc.	eBay Inc.	Sell	-151,594	-7.3%	$175.44M	1,927,485

Page 1 of 2