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

According to the SEC 13F filed on Jul 15, 2026, the Lindsell Train portfolio showed several notable changes in holdings as of quarter-end Jun 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 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