Michael Lindsell, Nick Train - Lindsell Train Investment Strategy & Portfolio Analysis

As of Jun 30, 2026, Michael Lindsell, Nick Train's Lindsell Train portfolio reflects a concentrated approach across 28 reported 13F positions. Portfolio returns are primarily driven by a small set of mega-cap compounders, with the top five holdings accounting for approximately 63% of total exposure and Alphabet alone contributing ~17%. While the portfolio includes 28 positions, economic outcomes are highly concentrated in a narrow set of communication services and technology names, indicating a meaningful divergence between structural diversification and return concentration. Exposure to high-growth and technology-oriented segments is moderate relative to peers, with performance instead anchored in durable, cash-generating businesses across communication services, consumer staples, and healthcare. The portfolio exhibits extremely low turnover, reinforcing a patient, conviction-led investment approach. Distinctive traits include Long-Term Holder, Moderately Concentrated, Economically Concentrated.