Lindsell Train (Michael Lindsell & Nick Train) latest 13F portfolio: 28 holdings worth $2.6B as of Q2 2026.
Backtested since 2020: mirroring Lindsell Train's reported 13F equity holdings each quarter would have returned +80.4% versus +188.7%for the S&P 500 (+10.0% annualized). See the Performance tab for the full equity curve.
Investor: Michael Lindsell & Nick Train
Number of Assets: 28
Reporting Period: Q2 - 2026
Holdings at Report: $2,628,784,112
Return $ Since Report: +$100,280,407
Return % Since Report: +3.81%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Adobe Inc. (ADBE) | Equity | 0% | 7,000 | 0.05% | $205.02 | $251.34 | $1,435,140 | $1,759,380 | +$324,240 | +22.59% |
| Alphabet Inc. (GOOGL) | Equity | -24.51% | 1,286,845 | 17.49% | $357.37 | $373.51 | $459,879,798 | $480,649,476 | +$20,769,678 | +4.52% |
| American Express Company (AXP) | Equity | -15.56% | 7,600 | 0.10% | $338.25 | $344.72 | $2,570,700 | $2,619,872 | +$49,172 | +1.91% |
| Brown-Forman Corp. (BF-A) | Equity | -17.42% | 2,134,789 | 2.22% | $27.36 | $28.12 | $58,407,827 | $60,030,267 | +$1,622,440 | +2.78% |
| Brown-Forman Corp. (BF-B) | Equity | -12.48% | 1,379,324 | 1.40% | $26.65 | $27.81 | $36,758,985 | $38,359,000 | +$1,600,015 | +4.35% |
| Canadian Pacific Kansas City Limited (CP) | Equity | 0% | 30,000 | 0.10% | $86.65 | $90.65 | $2,599,500 | $2,719,500 | +$120,000 | +4.62% |
| CME Group Inc. (CME) | Equity | 0% | 6,900 | 0.06% | $220.83 | $266.17 | $1,523,727 | $1,836,573 | +$312,846 | +20.53% |
| The Coca-Cola Company (KO) | Equity | 0% | 12,000 | 0.04% | $81.27 | $86.86 | $975,240 | $1,042,320 | +$67,080 | +6.88% |
| The Walt Disney Company (DIS) | Equity | -18.67% | 2,607,846 | 9.55% | $96.25 | $98.14 | $251,005,178 | $255,934,006 | +$4,928,828 | +1.96% |
| Ebay Inc. (EBAY) | Equity | -42.10% | 1,116,001 | 4.74% | $111.75 | $107.13 | $124,713,112 | $119,557,187 | -$5,155,925 | -4.13% |
| Equifax Inc. (EFX) | Equity | +2.61% | 11,800 | 0.07% | $158.72 | $174.11 | $1,872,896 | $2,054,498 | +$181,602 | +9.70% |
| Fair Isaac Corp. (FICO) | Equity | -9.32% | 226,186 | 10.28% | $1,194.78 | $1,045.46 | $270,242,509 | $236,468,416 | -$33,774,093 | -12.50% |
| Intuit Inc. (INTU) | Equity | -9.11% | 666,883 | 6.62% | $261.00 | $318.39 | $174,056,463 | $212,328,878 | +$38,272,415 | +21.99% |
| KKR & Co. Inc. (KKR) | Equity | +100% | 667,780 | 2.33% | $91.78 | $106.56 | $61,288,848 | $71,158,637 | +$9,869,789 | +16.10% |
| The Estée Lauder Companies Inc. (EL) | Equity | 0% | 15,000 | 0.05% | $78.95 | $84.68 | $1,184,250 | $1,270,200 | +$85,950 | +7.26% |
| Madison Square Garden Sports Corp. (MSGS) | Equity | 0% | 2,800 | 0.04% | $401.84 | $384.88 | $1,125,152 | $1,077,664 | -$47,488 | -4.22% |
| Manchester United PLC (MANU) | Equity | -12.21% | 2,758,446 | 2.41% | $22.93 | $22.60 | $63,251,167 | $62,340,880 | -$910,287 | -1.44% |
| Mondelez International Inc. (MDLZ) | Equity | -27.98% | 2,565,453 | 5.64% | $57.84 | $61.73 | $148,385,802 | $158,365,414 | +$9,979,612 | +6.73% |
| Nike Inc. (NKE) | Equity | +0.96% | 21,000 | 0.03% | $41.05 | $42.64 | $862,050 | $895,440 | +$33,390 | +3.87% |
| Oracle Corp. (ORCL) | Equity | 0% | 9,000 | 0.05% | $146.55 | $141.85 | $1,318,950 | $1,276,650 | -$42,300 | -3.21% |
| Paypal Holdings Inc. (PYPL) | Equity | -24.33% | 3,162,672 | 5.19% | $43.18 | $57.87 | $136,564,177 | $183,023,829 | +$46,459,652 | +34.02% |
| Pepsico Inc. (PEP) | Equity | -19.85% | 1,023,706 | 5.27% | $135.40 | $139.63 | $138,609,792 | $142,940,069 | +$4,330,277 | +3.12% |
| S&P Global Inc. (SPGI) | Equity | +1.37% | 7,400 | 0.11% | $407.26 | $416.25 | $3,013,724 | $3,080,250 | +$66,526 | +2.21% |
| Thermo Fisher Scientific Inc. (TMO) | Equity | -16.64% | 514,512 | 9.81% | $501.36 | $574.03 | $257,955,736 | $295,345,323 | +$37,389,587 | +14.49% |
| Tko Group Holdings Inc. (TKO) | Equity | -14.31% | 2,098,862 | 16.07% | $201.31 | $183.91 | $422,521,909 | $386,001,710 | -$36,520,199 | -8.64% |
| Verisk Analytics Inc. (VRSK) | Equity | +13.10% | 9,500 | 0.06% | $179.53 | $193.11 | $1,705,535 | $1,834,545 | +$129,010 | +7.56% |
| Visa Inc. (V) | Equity | +1.94% | 10,500 | 0.14% | $343.09 | $365.67 | $3,602,445 | $3,839,535 | +$237,090 | +6.58% |
| Warner Music Group Corp. (WMG) | Equity | +100% | 50,000 | 0.05% | $27.07 | $25.10 | $1,353,500 | $1,255,000 | -$98,500 | -7.28% |