# Lindsell Train: 13F portfolio, Q2 2026

Investment firm, London.

Source: SEC Form 13F filed 2026-07-15 for the quarter ended 2026-06-30: https://www.sec.gov/Archives/edgar/data/1484150/000117266126002623/0001172661-26-002623-index.htm
Values are as the manager reported them in the filing, not current market prices.
Page: https://valuepeg.com/managers/lindsell-train
Updated: 2026-07-15 · Next filing due by 2026-11-14

## Summary
- Reported value: $2.6B (Q1 2026: $3.1B)
- Positions: 28 (Q1 2026: 27)
- Top 10 holdings: 90.7% of the portfolio
- This quarter: 2 new, 5 added to, 14 trimmed, 1 sold out

## What Lindsell Train did in Q2 2026
Lindsell Train opened new positions in KKR and Warner Music Group. It sold out of Colgate Palmolive. Alphabet is now the largest holding, at 17.5% of the portfolio.

## Biggest buys
- KKR (KKR): New
- Warner Music Group (WMG): New
- Verisk Analytics (VRSK): +13%
- Equifax (EFX): +3%
- Visa (V): +2%

## Biggest sells
- Colgate Palmolive (CL): Sold out
- Ebay (EBAY): −42%
- Mondelez International (MDLZ): −28%
- Alphabet (GOOGL): −25%
- PayPal Holdings (PYPL): −24%

## Top 15 holdings
| # | Company | Ticker | % of portfolio | Reported value | Change vs Q1 2026 | Held since |
|---|---|---|---|---|---|---|
| 1 | Alphabet | GOOGL | 17.5% | $459.9M | −25% | Q1 2025 |
| 2 | TKO Group Holdings | TKO | 16.1% | $422.5M | −14% | Q3 2024 or earlier |
| 3 | Fair Isaac | FICO | 10.3% | $270.2M | −9% | Q3 2024 or earlier |
| 4 | Thermo Fisher Scientific | TMO | 9.8% | $258.0M | −17% | Q4 2024 |
| 5 | Walt Disney | DIS | 9.5% | $251.0M | −19% | Q3 2024 or earlier |
| 6 | Intuit | INTU | 6.6% | $174.1M | −9% | Q3 2024 or earlier |
| 7 | Mondelez International | MDLZ | 5.6% | $148.4M | −28% | Q3 2024 or earlier |
| 8 | Pepsico | PEP | 5.3% | $138.6M | −20% | Q3 2024 or earlier |
| 9 | PayPal Holdings | PYPL | 5.2% | $136.6M | −24% | Q3 2024 or earlier |
| 10 | Ebay | EBAY | 4.7% | $124.7M | −42% | Q3 2024 or earlier |
| 11 | Manchester United | MANU | 2.4% | $63.3M | −12% | Q3 2024 or earlier |
| 12 | KKR | KKR | 2.3% | $61.3M | New | Q2 2026 |
| 13 | Brown Forman | BF-A | 2.2% | $58.4M | −17% | Q3 2024 or earlier |
| 14 | Brown Forman | BF-B | 1.4% | $36.8M | −12% | Q3 2024 or earlier |
| 15 | Visa | V | 0.1% | $3.6M | +2% | Q3 2024 or earlier |

13 more positions and every quarter's holdings are on Valuepeg for members: https://valuepeg.com/managers/lindsell-train

## Other value investors
- Lone Pine Capital: https://valuepeg.com/managers/lone-pine-capital
- Markel Group: https://valuepeg.com/managers/markel-group
- Muhlenkamp & Company: https://valuepeg.com/managers/muhlenkamp
- Oaktree Capital (Howard Marks): https://valuepeg.com/managers/oaktree-capital
- Pershing Square (Bill Ackman): https://valuepeg.com/managers/pershing-square

## About this data
- **What is a 13F?** A quarterly report to the SEC in which an investment manager with over $100 million in US-listed stocks lists what it holds.
- **How current is it?** Managers file up to 45 days after each quarter ends, so the holdings may have changed since.
- **Whose figures are these?** The values are as the manager reported them in the filing, not today's prices. The SEC lets a manager keep some positions confidential for a time, and those are not in the filing.
- **What does it leave out?** Short positions, cash, bonds and most holdings outside US markets. Options are left out here too.

Not investment advice.