• Michael Lindsell, Nick Train maintains a diversified portfolio across 7 sectors
• Top 5 holdings represent 62.2% of the portfolio
• Largest position: TKO GROUP HOLDINGS INC (TKO) at 14.4%

Trends by sector

Investment Adjustments from Previous Filing

Lindsell Train Holdings

Symbol	Company	Portfolio %	Price	Quantity	Change Qty	Change Value	% Change	Total Value
TKO TKO GROUP HOLDINGS INC	TKO GROUP HOLDINGS INC	14.35%	$152.81	3,394,377	-238,990	-$36,520,062	-6.58%	$518,694,749
INTU INTUIT	INTUIT	12.59%	$613.99	741,017	-28,600	-$17,560,114	-3.72%	$454,977,028
FICO FAIR ISAAC CORP	FAIR ISAAC CORP	12.26%	$1844.16	240,300	-15,220	-$28,068,115	-5.96%	$443,151,648
DIS DISNEY WALT CO	DISNEY WALT CO	11.69%	$98.70	4,280,841	-177,600	-$17,529,120	-3.98%	$422,519,007
MDLZ MONDELEZ INTL INC	MONDELEZ INTL INC	11.30%	$67.85	6,018,722	-2,392,500	-$162,331,125	-28.44%	$408,370,288
PEP PEPSICO INC	PEPSICO INC	10.18%	$149.94	2,454,237	-102,100	-$15,308,874	-3.99%	$367,988,296
PYPL PAYPAL HLDGS INC	PAYPAL HLDGS INC	7.53%	$65.25	4,171,092	-111,600	-$7,281,900	-2.61%	$272,163,753
TMO THERMO FISHER SCIENTIFIC INC	THERMO FISHER SCIENTIFIC INC	7.01%	$497.60	508,790	101,550	$50,531,280	24.94%	$253,173,904
EBAY EBAY INC.	EBAY INC.	6.32%	$67.73	3,370,021	-276,100	-$18,700,253	-7.57%	$228,251,522
BF-A BROWN FORMAN CORP	BROWN FORMAN CORP	2.55%	$33.47	2,752,327	-43,800	-$1,465,986	-1.57%	$92,120,385
BF-B BROWN FORMAN CORP	BROWN FORMAN CORP	1.48%	$33.94	1,575,426	-59,100	-$2,005,854	-3.62%	$53,469,958
V VISA INC	VISA INC	0.11%	$350.46	11,200	-	-	-	$3,925,152
AXP AMERICAN EXPRESS CO	AMERICAN EXPRESS CO	0.09%	$269.05	11,600	-	-	-	$3,120,980
SPGI S&P GLOBAL INC	S&P GLOBAL INC	0.08%	$508.10	5,900	-	-	-	$2,997,790
GOOGL ALPHABET INC	ALPHABET INC	0.08%	$154.64	18,225	1,375	$212,630	8.16%	$2,818,314
ORCL ORACLE CORP	ORACLE CORP	0.07%	$139.81	19,200	-	-	-	$2,684,352
EFX EQUIFAX INC	EQUIFAX INC	0.07%	$243.56	10,300	-	-	-	$2,508,668
CME CME GROUP INC	CME GROUP INC	0.06%	$265.29	8,600	-	-	-	$2,281,494
VRSK VERISK ANALYTICS INC	VERISK ANALYTICS INC	0.06%	$297.62	7,300	-	-	-	$2,172,626
CL COLGATE PALMOLIVE CO	COLGATE PALMOLIVE CO	0.05%	$93.70	20,100	-	-	-	$1,883,370
KO COCA COLA CO	COCA COLA CO	0.04%	$71.62	21,100	-	-	-	$1,511,182
ADBE ADOBE INC	ADOBE INC	0.04%	$383.53	3,560	-	-	-	$1,365,367
NKE NIKE INC	NIKE INC	0.04%	$63.48	20,400	-	-	-	$1,294,992
TROW PRICE T ROWE GROUP INC	PRICE T ROWE GROUP INC	0.03%	$91.87	12,000	-	-	-	$1,102,440
EL LAUDER ESTEE COS INC	LAUDER ESTEE COS INC	0.03%	$66.00	14,425	-	-	-	$952,050
HSY HERSHEY CO	HERSHEY CO	0.02%	$171.03	5,100	-	-	-	$872,253
CP CANADIAN PACIFIC KANSAS CITY	CANADIAN PACIFIC KANSAS CITY	0.02%	$70.21	12,150	12,150	$853,052	100.00%	$853,052
MSGS MADISON SQUARE GRDN SPRT COR	MADISON SQUARE GRDN SPRT COR	0.02%	$194.72	3,300	-	-	-	$642,576