Michael Lindsell, Nick Train - Lindsell Train 13F Activity & Position Changes (Q2 2025)

As of Jun 30, 2025, the Lindsell Train portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 08, 2025. 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 2025, the filing reported:

New Buys - None reported

Increases - Brown Forman Inc, Canadian Pacific Kansas City Li, Alphabet Inc., PayPal Holdings, Inc., Thermo Fisher Scientific Inc

Reductions - American Express Company, Brown Forman Inc, Colgate-Palmolive Company, CME Group Inc., Walt Disney Company (The), and 11 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.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q2 2025	AXP American Express Company	American Express Company	Sell	-1,400	-12.1%	$3.25M	10,200
Q2 2025	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-18,986	-0.7%	$75.08M	2,733,341
Q2 2025	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+74,338	+4.7%	$44.40M	1,649,764
Q2 2025	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Sell	-5,100	-25.4%	$1.36M	15,000
Q2 2025	CME CME Group Inc.	CME Group Inc.	Sell	-1,200	-14.0%	$2.04M	7,400
Q2 2025	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Buy	+1,150	+9.5%	$1.05M	13,300
Q2 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-193,565	-4.5%	$506.86M	4,087,276
Q2 2025	EBAY eBay Inc.	eBay Inc.	Sell	-85,367	-2.5%	$244.58M	3,284,654
Q2 2025	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-17,186	-7.2%	$407.84M	223,114
Q2 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+2,009,998	+11028.8%	$357.43M	2,028,223
Q2 2025	INTU Intuit Inc.	Intuit Inc.	Sell	-75,231	-10.2%	$524.39M	665,786
Q2 2025	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-2,100	-10.0%	$1.34M	19,000
Q2 2025	MANU Manchester United	Manchester United	Sell	-243,000	-4.8%	$85.67M	4,810,000
Q2 2025	MDLZ Mondelez International, Inc.	Mondelez International, Inc.	Sell	-309,435	-5.1%	$385.03M	5,709,287
Q2 2025	ORCL Oracle Corporation	Oracle Corporation	Sell	-1,700	-8.9%	$3.83M	17,500
Q2 2025	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-27,027	-1.1%	$320.49M	2,427,210
Q2 2025	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+356,746	+8.6%	$336.51M	4,527,838
Q2 2025	TKO TKO Group Holdings, Inc.	TKO Group Holdings, Inc.	Sell	-220,715	-6.5%	$577.45M	3,173,662
Q2 2025	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Buy	+345,822	+68.0%	$346.51M	854,612
Q2 2025	V Visa Inc.	Visa Inc.	Sell	-1,200	-10.7%	$3.55M	10,000
Q2 2025	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Sell	-700	-9.6%	$2.06M	6,600