Lindsell Train Limited Portfolio in 2026: Top Holdings & Recent Changes
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Lindsell Train Limited, managed by veteran fund manager Nick Train, showcases its disciplined quality-growth approach through methodical portfolio adjustments. Their $3.9B Q4 2025 portfolio reflects a quarter of significant reductions across top holdings, with 94.9% concentrated in just 10 positions amid 0.0% turnover, signaling confidence in core names despite market rotations.
Portfolio Overview: Extreme Concentration Meets Long-Term Discipline
Portfolio Highlights (Q4’2025): - Market Value: $3,943.4M - Top 10 Holdings: 94.9% - Portfolio Size: 28 +0 - Average Holding Period: 18 quarters - Turnover: 0.0%
Lindsell Train's portfolio exemplifies ultra-concentrated investing, where nearly all value resides in a handful of high-quality franchises held for nearly five years on average. This structure minimizes distraction from the remaining 18 smaller positions, allowing focused stewardship of dominant stakes like tech and consumer leaders. The 0.0% turnover underscores a buy-and-hold philosophy, rare in an era of high-frequency trading, prioritizing compounding over reactive moves.
Despite a stable position count at 28, the firm executed precise trims across its top tier, raising questions about cash buildup for opportunistic buys or profit-taking in overextended names. This Q4 2025 portfolio maintains geographic focus on U.S. giants while blending growth durability with defensive moats, a hallmark of Nick Train's strategy since founding the firm.
Such concentration demands deep conviction; with 94.9% in the top 10, any single misstep carries amplified risk, yet the 18-quarter holding period suggests rigorous vetting. Investors tracking Lindsell Train via 13F filings can glean lessons in patience amid volatility.
Top Holdings: Systematic Reductions Across Quality Leaders
The Lindsell Train portfolio leads with Alphabet Inc. (GOOGL) at 16.6% after a "Reduce 6.51%" move, trimming the tech behemoth amid antitrust scrutiny but retaining massive conviction. Close behind, TKO Group Holdings (TKO) holds 14.9% following a "Reduce 4.55%" adjustment, reflecting measured profit-taking in the entertainment powerhouse formed from WWE-UFC merger.
Intuit Inc. (INTU) (10.3%) saw a minor "Reduce 0.25%", signaling steady faith in its fintech dominance via TurboTax and QuickBooks. More aggressive was Thermo Fisher Scientific (TMO) at 10.1% ("Reduce 15.66%"), alongside The Walt Disney Company (DIS) (10.0%, "Reduce 6.55%"), both trimmed sharply perhaps on valuation concerns in healthcare and media.
Rounding out the core, Fair Isaac Corporation (FICO) (9.3%, "Reduce 2.85%") maintains analytics leadership, while PepsiCo (PEP) (6.6%, "Reduce 18.15%") and PayPal Holdings (PYPL) (6.4%, "Reduce 4.13%") faced deeper cuts, potentially freeing capital from consumer and payments exposure. Mondelez International (MDLZ) (6.1%, "Reduce 10.92%") and eBay (EBAY) (4.6%, "Reduce 15.32%") complete the top 10 reductions, painting a picture of portfolio rebalancing without new initiations.
What the Portfolio Reveals
Lindsell Train's Q4 moves reveal a quality-over-speculation ethos, favoring durable moats in tech, healthcare, and consumer staples even as positions were scaled back. Every top holding boasts wide economic advantages—think Alphabet's ad monopoly or FICO's credit-scoring oligopoly—prioritizing businesses that compound through cycles.
Sectorally, technology and communications dominate (~40% via GOOGL, TKO, INTU), blended with healthcare (TMO) and staples (PEP, MDLZ) for balance. Geographically, it's U.S.-centric, avoiding international volatility. No overt dividend chase, but steady payers like PEP add yield stability. Risk management shines via trims in outperformers, locking gains while preserving overweight stakes, with 0.0% turnover indicating no panic selling.
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Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Alphabet Inc. | $653.7M | 16.6% | Reduce 6.51% |
| TKO Group Holdings, Inc. | $589.4M | 14.9% | Reduce 4.55% |
| Intuit Inc. | $404.2M | 10.3% | Reduce 0.25% |
| Thermo Fisher Scientific Inc. | $399.5M | 10.1% | Reduce 15.66% |
| The Walt Disney Company | $396.1M | 10.0% | Reduce 6.55% |
| Fair Isaac Corporation | $366.2M | 9.3% | Reduce 2.85% |
| PepsiCo, Inc. | $258.6M | 6.6% | Reduce 18.15% |
| PayPal Holdings, Inc. | $251.0M | 6.4% | Reduce 4.13% |
| Mondelez International, Inc. | $241.2M | 6.1% | Reduce 10.92% |
| eBay Inc. | $181.1M | 4.6% | Reduce 15.32% |
This table underscores Lindsell Train's hallmark concentration, with the top two holdings alone commanding 31.5% and the decile covering 94.9% of the $3.9B portfolio. Universal reductions—ranging from minor (INTU) to substantial (PEP, TMO, EBAY)—suggest tactical de-risking, possibly harvesting gains after strong prior runs or positioning for lower valuations ahead.
The lack of additions or sells keeps the stable at 28 names, reinforcing a "trim, don't flip" discipline that preserves long-term ownership while managing size. For followers, this signals the remaining stakes are high-conviction bets worthy of emulation.
Investment Lessons from Lindsell Train's Quality Focus
- Concentrate ruthlessly in moats you understand: 94.9% in 10 names proves diversification often dilutes returns; own fewer, deeper positions in proven compounders like GOOGL and FICO.
- Long holding periods trump trading: 18 quarters average tenure shows patience unlocks value, avoiding tax drag and timing errors amid 0.0% turnover.
- Trim winners proactively: Reductions across the board (e.g., PEP -18.15%) demonstrate discipline in taking profits without abandoning quality.
- Quality endures volatility: Blend of growth (INTU, TKO) and staples (MDLZ, PEP) prioritizes resilient cash flows over cyclical bets.
- Portfolio sizing is dynamic: Even in concentration, adjustments like TMO's -15.66% keep allocations balanced against evolving fundamentals.
Looking Ahead: What Comes Next?
With systematic trims generating cash (implied by reductions totaling significant value), Lindsell Train appears poised for selective redeployment into undervalued quality or fresh moats. The stable portfolio size suggests no rush to add names, potentially awaiting dips in current holdings or overlooked consumer/tech plays.
Market conditions—elevated valuations post-2025 rallies—favor their defensive tilt, with healthcare (TMO) and staples providing ballast against rotations. Current positioning sets up for steady compounding if holdings execute, while cash flexibility enables opportunistic strikes in a volatile 2026.
FAQ about Lindsell Train Portfolio
Q: Why did Lindsell Train reduce nearly every top holding in Q4 2025?
A: The uniform trims (e.g., GOOGL -6.51%, PEP -18.15%) likely reflect profit-taking after strong performance, rebalancing overweight positions, or raising dry powder amid high valuations—no full exits signal enduring conviction.
Q: How does Lindsell Train's concentration strategy work?
A: 94.9% in top 10 across 28 positions emphasizes high-conviction quality franchises held 18 quarters on average, minimizing noise from minor bets while amplifying returns from understood businesses.
Q: What sectors dominate the portfolio?
A: Technology/comms (GOOGL, INTU, TKO ~41%), healthcare (TMO), media/entertainment (DIS), and consumer staples (PEP, MDLZ) form the core, blending growth durability with recession resistance.
Q: How can I track Lindsell Train's moves?
A: Follow quarterly 13F filings (45-day lag) via ValueSense's superinvestor tracker for real-time updates, changes, and intrinsic value tools to analyze holdings like GOOGL.
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