Michael Lindsell, Nick Train - Lindsell Train 13F Activity & Position Changes (Q3 2025)

According to the SEC 13F filed on Nov 12, 2025, the Lindsell Train portfolio showed several notable changes in holdings as of quarter-end Sep 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 Q3 2025, the filing reported:

New Buys - None reported

Increases - Adobe Inc., Brown Forman Inc, Canadian Pacific Kansas City Li, Equifax, Inc., Estee Lauder Companies, Inc. (T, and 3 more

Reductions - Walt Disney Company (The), eBay Inc., Fair Isaac Corporation, Intuit Inc., Coca-Cola Company (The), and 7 more

Complete Exits - The Hershey 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
Q3 2025	ADBE Adobe Inc.	Adobe Inc.	Buy	+940	+26.4%	$1.59M	4,500
Q3 2025	BF-A Brown Forman Inc	Brown Forman Inc	Buy	+9,399	+0.3%	$73.81M	2,742,740
Q3 2025	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Buy	+15,200	+114.3%	$2.12M	28,500
Q3 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-361,446	-8.8%	$426.61M	3,725,830
Q3 2025	EBAY eBay Inc.	eBay Inc.	Sell	-829,575	-25.3%	$223.29M	2,455,079
Q3 2025	EFX Equifax, Inc.	Equifax, Inc.	Buy	+200	+1.9%	$2.69M	10,500
Q3 2025	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+1,075	+7.5%	$1.37M	15,500
Q3 2025	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-159	-0.1%	$333.66M	222,955
Q3 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+205,875	+10.2%	$543.11M	2,234,098
Q3 2025	HSY The Hershey Company	The Hershey Company	Sell - Position Exit	-5,100	-100.0%	$0.00	-
Q3 2025	INTU Intuit Inc.	Intuit Inc.	Sell	-53,976	-8.1%	$417.81M	611,810
Q3 2025	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-500	-2.6%	$1.23M	18,500
Q3 2025	MANU Manchester United	Manchester United	Sell	-433,500	-9.0%	$66.26M	4,376,500
Q3 2025	MDLZ Mondelez International, Inc.	Mondelez International, Inc.	Sell	-680,500	-11.9%	$314.15M	5,028,787
Q3 2025	ORCL Oracle Corporation	Oracle Corporation	Sell	-8,500	-48.6%	$2.53M	9,000
Q3 2025	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-225,539	-9.3%	$309.20M	2,201,671
Q3 2025	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-44,220	-1.0%	$300.67M	4,483,618
Q3 2025	SPGI S&P Global Inc.	S&P Global Inc.	Buy	+600	+10.2%	$3.16M	6,500
Q3 2025	TKO TKO Group Holdings, Inc.	TKO Group Holdings, Inc.	Sell	-218,958	-6.9%	$596.73M	2,954,704
Q3 2025	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell	-37,083	-4.3%	$396.52M	817,529
Q3 2025	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Buy	+900	+13.6%	$1.89M	7,500