Michael Lindsell & Nick Train Portfolio Analysis: Top Holdings in 2026

As of March 31, 2026, the investment portfolio managed by Michael Lindsell and Nick Train, founders of Lindsell Train, stands at approximately $3.14 billion. This comprehensive analysis focuses on the top holdings within their portfolio, showcasing their strategic investments across various sectors.

The Lindsell Train portfolio is heavily concentrated in the Technology and Communication Services sectors, reflecting a significant allocation to large-cap growth stocks. Below is a detailed breakdown of their top holdings:

TKO Group Holdings Inc. (TKO), a leader in online travel and related services, represents 15.75% of the portfolio. The fund held 2,449,468 shares, valued at $493.94 million. Compared to the previous period, the fund reduced its stake by 370,736 shares, a 13.15% decrease.

Alphabet Inc. (GOOGL), the parent company of Google, holds a substantial 15.63% allocation. With 1,704,639 shares valued at $490.19 million, the fund saw a reduction of 383,959 shares (-18.38%) from the prior period.

Intuit Inc. (INTU), the global technology platform for small and mid-sized businesses, accounts for 10.11% of the portfolio. The fund increased its position by 123,448 shares (20.23%) to a total of 733,699 shares, now valued at $317.24 million.

Walt Disney Co. (DIS), a global media and entertainment conglomerate, represents 9.85% of the portfolio. The fund held 3,206,407 shares valued at $309.03 million. There was a reduction of 275,423 shares (-7.91%) compared to the previous period.

Thermo Fisher Scientific Inc. (TMO), a leading provider of laboratory equipment and services, holds a 9.67% allocation. The fund owned 617,211 shares valued at $303.38 million. There was a decrease of 72,292 shares (-10.48%) from the prior period.

Fair Isaac Corp. (FICO), known for its credit scoring models, represents 8.49% of the portfolio. The fund increased its stake by 32,829 shares (15.16%) to a total of 249,422 shares, now valued at $266.27 million.

The Lindsell Train portfolio also includes significant Consumer Defensive holdings:

Mondelez International Inc. (MDLZ), a global snacking company, holds an 6.55% allocation. The fund owned 3,561,964 shares valued at $205.31 million. There was a reduction of 917,890 shares (-20.49%) from the prior period.

PepsiCo Inc. (PEP), a multinational beverage and food company, represents 6.32% of the portfolio. The fund held 1,277,185 shares valued at $198.33 million. There was a decrease of 524,786 shares (-29.12%) compared to the previous period.

PayPal Holdings Inc. (PYPL), a digital payments company, accounts for 6.03% of the portfolio. The fund owned 4,179,623 shares valued at $189.04 million. There was a slight reduction of 118,995 shares (-2.77%) from the prior period.

eBay Inc. (EBAY), an online marketplace platform, represents 5.59% of the portfolio. The fund held 1,927,485 shares valued at $175.44 million. There was a reduction of 151,594 shares (-7.29%) from the prior period.

For more information on Michael Lindsell and Nick Train's investment approach, visit their profile. Detailed analysis of each stock can be found by following the links provided above.