Lindsell Train Portfolio Q3'2025: Top Holdings & Recent Changes
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Lindsell Train, the London-based investment firm renowned for its long-term, quality-focused approach, showcased disciplined portfolio management in its latest 13F filing. Their $4.08B Q3 2025 portfolio features extreme concentration in proven winners, with notable additions in tech giants amid broad reductions across consumer and entertainment names, signaling a refined bet on resilient growth amid market volatility.
Portfolio Overview: Extreme Concentration Meets Patient Mastery
Portfolio Highlights (Q3’2025): - Market Value: $4,076.5M - Top 10 Holdings: 94.7% - Portfolio Size: 28 -1 - Average Holding Period: 28 quarters - Turnover: 3.6%
Lindsell Train's portfolio exemplifies the power of extreme concentration, with the top 10 holdings commanding a staggering 94.7% of the total value. This isn't reckless betting but a hallmark of their strategy: deep research into high-quality businesses with durable competitive advantages, held for the very long term. The average holding period of 28 quarters—over seven years—underscores their aversion to short-term noise, prioritizing intrinsic value creation over market timing.
Low turnover at just 3.6% further highlights this patience, with only one position trimmed from the portfolio entirely. Yet, the Q3 moves reveal active stewardship: selective additions like Alphabet (GOOGL) amid widespread reductions suggest Lindsell Train is fine-tuning exposure to capitalize on AI-driven opportunities while derisking in cyclical consumer names. Track these dynamics live on their ValueSense superinvestor page.
This structure positions the firm to weather economic shifts, blending growth stalwarts in tech and healthcare with staple consumer brands, all while maintaining geographic focus primarily on U.S. equities.
Top Holdings: Tech Additions Amid Consumer Reductions
Lindsell Train's portfolio leads with TKO Group Holdings (TKO) at 14.6% $596.7M, though they reduced this stake by 6.90%, possibly taking profits after strong performance in entertainment mergers. The standout move was adding 10.15% to Alphabet (GOOGL) (13.3%, $543.1M), signaling conviction in Big Tech's AI and cloud dominance as a core growth engine.
Several key positions saw trims: Disney (DIS) dropped 8.84% to 10.5% $426.6M, Intuit (INTU) by 8.11% to 10.2% $417.8M, and Thermo Fisher (TMO) by 4.34% to 9.7% $396.5M. Deeper cuts hit consumer staples like Mondelez (MDLZ) (-11.92% to 7.7%, $314.1M) and PepsiCo (PEP) (-9.29% to 7.6%, $309.2M), alongside PayPal (PYPL) (-0.98% to 7.4%, $300.7M) and a sharp 25.26% reduction in eBay (EBAY) (5.5%, $223.3M).
Other top names include Fair Isaac (FICO) at 8.2% ($333.7M, minor -0.07% trim), reflecting ongoing faith in credit analytics moats. This mix—tech boosts, healthcare stability, and consumer tweaks—shows Lindsell Train balancing growth potential with prudent rebalancing across 28 positions.
What the Portfolio Reveals
Lindsell Train's Q3 moves paint a picture of quality compounding in uncertain times. Key themes emerge:
- Quality Over Speculation: Heavy weighting in software and analytics leaders like GOOGL, INTU, and FICO prioritizes businesses with sticky revenues, high margins, and tech-enabled scalability.
- Sector Tilt to Tech and Healthcare: Additions in tech contrast reductions in media/entertainment (DIS, TKO) and staples (MDLZ, PEP), betting on innovation over defensive cyclicals.
- Risk Management via Trims: Broad reductions (e.g., EBAY -25%) derisk after rallies, while the single position exit shrinks the portfolio to 28, enhancing focus.
- Long-Term Dividend Discipline: Holdings like PEP and MDLZ maintain yield exposure, but trims suggest valuation discipline trumps income chasing.
Overall, this reveals a strategy favoring U.S.-centric, moat-heavy firms poised for secular growth.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| TKO Group Holdings, Inc. | $596.7M | 14.6% | Reduce 6.90% |
| Alphabet Inc. | $543.1M | 13.3% | Add 10.15% |
| The Walt Disney Company | $426.6M | 10.5% | Reduce 8.84% |
| Intuit Inc. | $417.8M | 10.2% | Reduce 8.11% |
| Thermo Fisher Scientific Inc. | $396.5M | 9.7% | Reduce 4.34% |
| Fair Isaac Corporation | $333.7M | 8.2% | Reduce 0.07% |
| Mondelez International, Inc. | $314.1M | 7.7% | Reduce 11.92% |
| PepsiCo, Inc. | $309.2M | 7.6% | Reduce 9.29% |
| PayPal Holdings, Inc. | $300.7M | 7.4% | Reduce 0.98% |
This table underscores Lindsell Train's conviction-driven approach, with no single position dominating beyond 14.6% yet the top 10 capturing 94.7% of assets. The blend of one addition (GOOGL) and pervasive trims reflects profit-taking in outperformers like MDLZ -11.92% while doubling down on undervalued growth.
Such concentration amplifies returns from winners but demands rigorous analysis—Lindsell Train's 28-quarter average tenure suggests they excel here, using low turnover to compound advantages in quality names.
Investment Lessons from Lindsell Train
Lindsell Train's portfolio offers timeless principles for patient investors:
- Embrace Extreme Concentration in Quality: 94.7% in top 10 demands understanding businesses deeply—mimic by sizing bets on moats like FICO's analytics dominance.
- Hold for Quarters, Not Quarters: 28-quarter average proves time in quality trumps timing the market.
- Trim Winners Ruthlessly: Reductions in TKO, DIS show discipline at peaks.
- Selective Adds Signal Conviction: The GOOGL boost highlights pouncing on AI/themes without chasing fads.
- Low Turnover Builds Wealth: 3.6% churn minimizes taxes and fees, letting compounding work.
Looking Ahead: What Comes Next?
With turnover at 3.6% and a trimmed portfolio (28 positions, -1), Lindsell Train holds dry powder for opportunistic buys, especially in tech/healthcare after GOOGL's addition. Expect further trims in overvalued consumer names if inflation lingers, freeing capital for undervalued innovators.
In a high-valuation market, their quality focus positions well for volatility, with staples like PEP providing ballast. Watch for AI/healthcare expansions—current setup favors steady compounding over aggressive bets. Track updates on ValueSense.
FAQ about Lindsell Train Portfolio
Q: What drove Lindsell Train's key changes in Q3 2025?
A: The firm added 10.15% to Alphabet (GOOGL) for AI exposure while trimming winners like Mondelez (MDLZ) -11.92% and eBay (EBAY) -25.26%, reflecting profit-taking and reallocation to higher-conviction growth.
Q: Why is Lindsell Train's portfolio so concentrated?
A: With 94.7% in the top 10, their strategy bets big on deeply researched quality businesses, minimizing diversification dilution while leveraging long holding periods (28 quarters average) for superior returns.
Q: What sectors dominate Lindsell Train's holdings?
A: Tech (GOOGL, INTU), healthcare (TMO), and consumer staples (PEP, MDLZ) lead, with entertainment like DIS seeing reductions.
Q: How can I track and follow Lindsell Train's portfolio?
A: Monitor quarterly 13F filings on the SEC site or use ValueSense's superinvestor tracker at https://valuesense.io/superinvestors/lindsell-train for real-time analysis, historical changes, and visualizations—note the 45-day reporting lag means positions may evolve post-filing.
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