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

According to the SEC 13F filed on Aug 08, 2025, the Lindsell Train portfolio showed several notable changes in holdings as of quarter-end Jun 30, 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