Michael Lindsell & Nick Train Portfolio Update: Q2 2026 Activity Revealed

Portfolio Changes by Michael Lindsell and Nick Train

This quarter, as of June 30th, 2026, investors Michael Lindsell and Nick Train from the firm Lindsell Train have made notable adjustments to their portfolio. The data shows a clear pattern of reducing exposure in several large positions while adding small amounts to new holdings.

The most significant change involves substantial reductions across multiple stocks they previously held heavily. Their position in PayPal Holdings Inc (PYPL) saw a sharp decline, with shares falling by 24.33%. Similarly, their stake in Mondelez International Ltd (MDLZ) decreased significantly by 27.98%, and they sold off large portions of their holdings in eBay Inc (EBAY), down 42.1%, as well as The Walt Disney Company (DIS) and Alphabet Inc (GOOGL). The reductions in shares for PYPL, MDLZ, EBAY, DIS, GOOGL, TKO, PEP, TMO, and INTU all exceeded 20%.

In contrast to these large sell-offs, the investor duo also initiated small new positions. They purchased KKR & Co Inc (KKR) shares for the first time in this filing period, adding a mere 0.02% allocation to their portfolio (a very minor buy relative to their overall size). They also added a tiny stake to Warner Music Group Corp (WMG), increasing its position from zero to just 0.05% allocation.

Their top holdings list, which includes the largest individual positions, shows that despite these reductions, companies like Alphabet Inc (GOOGL) and TKO Group Holdings Inc (TKO) remain substantial parts of their portfolio at around $17 million and $423 million respectively. However, it's clear from both the changed_holdings and top holdings data that they have significantly trimmed positions in several other major stocks.

Overall, this filing period indicates a strategy focused on concentrated gains within specific sectors like Communication Services (including GOOGL, TKO, DIS) and Technology (including INTU), while simultaneously reducing exposure across their portfolio. The Lindsell Train duo has sold down key holdings like PYPL, MDLZ, EBAY, DIS, GOOGL, TKO, PEP, and TMO by more than 20% each quarter.

Their portfolio turnover rate appears high this period due to the significant reductions outweighing the small additions. Further analysis of their entire Lindsell Train holdings and sector allocations would provide a more complete picture, but these changes in PYPL, MDLZ, EBAY, KKR, DIS, GOOGL, TKO, PEP, TMO, and WMG are the most prominent observed.