Lindsell Train Portfolio: Tech & Comm Services Dominance in Q1 2026

Introduction

The portfolio managed by Michael Lindsell at Lindsell Train, as of March 31, 2026, exhibits a distinct investment strategy focused on major technology and communication services companies. The analysis below delves into the specific holdings and sector allocations that define this portfolio.

Top Holdings by Value

The largest positions within the portfolio are dominated by companies from the Technology and Communication Services sectors. Alphabet Inc. (GOOGL) holds the top spot with a significant allocation of $490 million, followed closely by Tko Group Holdings Inc. (TKO) at $494 million. Intuit (INTU) represents another major holding valued at $317 million. Other substantial positions include Therapeutic Research Explorations Ltd. (TMO) at $303 million, Fair Isaac Corp. (FICO) at $266 million, and consumer-focused companies like Mondelēz International (MDLZ) and PepsiCo (PEP).

High Concentration in Key Sectors

The portfolio demonstrates a clear concentration bias towards specific sectors. Communication Services is the most heavily weighted sector, encompassing holdings like Alphabet Inc. (GOOGL), Tko Group Holdings Inc. (TKO), and Walt Disney Co. (DIS). Technology is the second most prominent sector, featuring Intuit (INTU) and Fair Isaac Corp. (FICO). Collectively, these two sectors account for a substantial portion of the portfolio's value, reflecting a strategic focus on large-cap technology and media companies. Consumer Defensive and Financial Services also feature significant allocations, including Mondelēz International (MDLZ) and PayPal Holdings Inc. (PYPL).

Recent Changes in Holdings

The portfolio has seen some adjustments in its holdings during the prior period. Notably, Alphabet Inc. (GOOGL) experienced a significant reduction in its share count (-18.38%), while Tko Group Holdings Inc. (TKO) also saw a substantial decrease (-13.15%). Conversely, Intuit (INTU) showed strong growth with an increase of 20.23% in its share count. Other changes include modest reductions in PayPal Holdings Inc. (PYPL) and significant decreases in holdings like Therapeutic Research Explorations Ltd. (TMO) and Mondelēz International (MDLZ).

Investment Strategy Analysis

The overall strategy appears to favor established, large-cap companies, particularly within the technology and communication services domains. The portfolio's structure, characterized by a high concentration in these sectors and specific top holdings, suggests a conviction-based approach targeting long-term growth and stability from leading corporations. The inclusion of consumer staples and financial services indicates diversification beyond technology, although to a lesser extent than the top two sectors. The strategy seems to involve selective concentration rather than broad market exposure.