Lindsell Train Portfolio Focus: Tech Giants & Consumer Staples Dominate March 2026 Holdings

Introduction

The portfolio managed by Michael Lindsell at Lindsell Train, valued at $3.14 billion as of March 31, 2026, demonstrates a distinct investment approach focused on specific sectors and individual stocks. This analysis examines the key holdings, sector allocations, and recent changes within this portfolio.

Top Holdings by Value

The largest positions within the portfolio are dominated by major technology and entertainment companies, reflecting a significant allocation to high-growth and established industry leaders. Alphabet Inc. (GOOGL) holds the top position with a total stock value of approximately $490 million, representing 15.63% of the portfolio. This is closely followed by Tko Group Holdings Inc. (TKO), valued at $494 million (15.75%).

• Alphabet Inc. (GOOGL): $490 million (15.63%)
• Tko Group Holdings Inc. (TKO): $494 million (15.75%)
• Intuit (INTU): $317 million (10.11%)
• Walt Disney Co. (DIS): $309 million (9.85%)
• Thermo Fisher Scientific (TMO): $303 million (9.67%)
• Fair Isaac Corp. (FICO): $266 million (8.49%)

Sector Concentration

The portfolio exhibits a notable concentration in the Communication Services sector, which includes holdings in Alphabet (GOOGL), Tko Group (TKO), and Walt Disney (DIS). Collectively, these three companies account for nearly 41.23% of the portfolio's value. Technology is the second most represented sector, with Intuit (INTU) and Fair Isaac Corp. (FICO) making significant contributions, totaling approximately 18.60% of the portfolio. Consumer Defensive is the third largest sector allocation, featuring Mondelēz International (MDLZ) and PepsiCo (PEP), representing about 12.87% of the portfolio value.

Recent Changes in Holdings

The portfolio has seen some turnover in the past reporting period, with both increases and decreases in holdings observed:

• Decreases: Holdings in Alphabet (GOOGL) decreased by 18.38%, Tko Group (TKO) saw a reduction of 13.15%, Walt Disney (DIS) dropped by 7.91%, Thermo Fisher Scientific (TMO) fell by 10.48%, Mondelēz International (MDLZ) decreased by 20.49%, and PepsiCo (PEP) saw a significant reduction of 29.12%.
• Increases: Conversely, Intuit (INTU) increased its share count by 20.23%, while Fair Isaac Corp. (FICO) added shares, resulting in a 15.16% increase in its portfolio allocation.

Investment Strategy Analysis

The overall strategy appears to favor large-cap technology and media companies, particularly within the Communication Services and Technology sectors. The significant allocation to Alphabet, Tko Group, and Walt Disney suggests confidence in large technology platforms and digital entertainment. The inclusion of software companies like Intuit and FICO further supports a tilt towards growth and innovation within the technology space. The substantial portion allocated to Consumer Defensive stocks (Mondelēz and PepsiCo) indicates a diversification into consumer staples, likely seeking stability and consistent returns. The strategy seems focused on established blue-chip companies rather than smaller, high-risk ventures, given the size and stability of the top holdings.