Michael Lindsell, Nick Train - Lindsell Train 13F Activity & Position Changes (Q1 2026)

According to the SEC 13F filed on Apr 24, 2026, the Lindsell Train portfolio showed several notable changes in holdings as of quarter-end Mar 31, 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 Q1 2026, the filing reported:

New Buys - None reported

Increases - Adobe Inc., Equifax, Inc., Fair Isaac Corporation, Intuit Inc., Nike, Inc., and 3 more

Reductions - American Express Company, Brown Forman Inc, Brown Forman Inc, Colgate-Palmolive Company, CME Group Inc., and 12 more

Complete Exits - T. Rowe Price Group, Inc.

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
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
Q1 2026	EFX Equifax, Inc.	Equifax, Inc.	Buy	+500	+4.5%	$2.07M	11,500
Q1 2026	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Sell	-500	-3.2%	$1.08M	15,000
Q1 2026	FICO Fair Isaac Corporation	Fair Isaac Corporation	Buy	+32,829	+15.2%	$266.27M	249,422
Q1 2026	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-383,959	-18.4%	$490.19M	1,704,639
Q1 2026	INTU Intuit Inc.	Intuit Inc.	Buy	+123,448	+20.2%	$317.24M	733,699
Q1 2026	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-5,000	-29.4%	$912.60K	12,000
Q1 2026	MANU Manchester United	Manchester United	Sell	-454,500	-12.6%	$52.85M	3,142,000
Q1 2026	MDLZ Mondelez International, Inc.	Mondelez International, Inc.	Sell	-917,890	-20.5%	$205.31M	3,561,964
Q1 2026	MSGS Madison Square Garden Sports Co	Madison Square Garden Sports Co	Sell	-500	-15.2%	$899.92K	2,800
Q1 2026	NKE Nike, Inc.	Nike, Inc.	Buy	+400	+2.0%	$1.10M	20,800
Q1 2026	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-524,786	-29.1%	$198.33M	1,277,185
Q1 2026	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-118,995	-2.8%	$189.04M	4,179,623
Q1 2026	SPGI S&P Global Inc.	S&P Global Inc.	Buy	+500	+7.4%	$3.10M	7,300
Q1 2026	TKO TKO Group Holdings, Inc.	TKO Group Holdings, Inc.	Sell	-370,736	-13.1%	$493.94M	2,449,468
Q1 2026	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell	-72,292	-10.5%	$303.38M	617,211
Q1 2026	TROW T. Rowe Price Group, Inc.	T. Rowe Price Group, Inc.	Sell - Position Exit	-12,000	-100.0%	$0.00	-
Q1 2026	V Visa Inc.	Visa Inc.	Buy	+300	+3.0%	$3.11M	10,300
Q1 2026	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Buy	+900	+12.0%	$1.59M	8,400