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Lindsell Train

Superinvestor

Lindsell Train Ltd

SEC CIK
0001484150
Manager
Nick Train
Style
Quality
Latest filing
Nov 2, 2026

The latest 13F from Lindsell Train covers Q3 2026 (filed Nov 2, 2026): 28 long positions worth $2.36B. The top 10 holdings make up 89.2% of the portfolio, and the largest is Alphabet Inc. (GOOGL) at 16.4%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2026

Full comparison

Share counts compared with Q2 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

New
0
Added
2
Est. +$29.6M
Reduced
17
Est. −$285.0M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. GOOGLAlphabet Inc.
    16.4%$387.4MHistory
  2. TKOTKO Group Holdings, Inc.
    14.8%$348.5MHistory
  3. TMOThermo Fisher Scientific Inc.
    12.4%$293.1MHistory
  4. DISWalt Disney Co
    10.2%$241.2MHistory
  5. INTUIntuit Inc.
    7.3%$173.0MHistory

Share of portfolio

Top 5 holdings and the other 23 positions, by share of portfolio value

  1. GOOGL16.4%
  2. TKO14.8%
  3. TMO12.4%
  4. DIS10.2%
  5. INTU7.3%
  6. Other 23 positions38.8%

Biggest buys

New and added positions, by estimated amount bought

  1. KKRKKR & Co. Inc.
    +$29.4MAddedHistory
  2. WMGWarner Music Group Corp.
    +$138.1KAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. KKRKKR & Co. Inc.
    +1.51 pp2.3% → 3.8%History
  2. WMGWarner Music Group Corp.
    +0.01 pp0.1% → 0.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. TMOThermo Fisher Scientific Inc.
    −$91.7MReducedHistory
  2. GOOGLAlphabet Inc.
    −$55.3MReducedHistory
  3. DISWalt Disney Co
    −$32.4MReducedHistory
  4. TKOTKO Group Holdings, Inc.
    −$28.7MReducedHistory
  5. MDLZMondelez International, Inc.
    −$18.2MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. FICOFair Isaac Corp
    −4.93 pp10.3% → 5.3%History
  2. TKOTKO Group Holdings, Inc.
    −1.28 pp16.1% → 14.8%History
  3. GOOGLAlphabet Inc.
    −1.05 pp17.5% → 16.4%History
  4. MANUManchester United plc
    −0.18 pp2.4% → 2.2%History
  5. PEPPepsiCo Inc
    −0.16 pp5.3% → 5.1%History

Metrics

13F metrics for Q3 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$2.36B
−$272.3M (−10.4%) vs. prior quarter
Positions
28
0 vs. prior quarter
Top 10 concentration
89.2%
Top 10 as share of value
Turnover
1.2%
Q3 2026, one quarter
Average holding period
16.0 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

23 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $7.73B (Q2 2021)

Q1 2021: $7.10BQ2 2021: $7.73BQ3 2021: $7.24BQ4 2021: $6.90BQ1 2022: $6.35BQ2 2022: $5.10BQ3 2022: $4.92BQ4 2022: $5.26BQ1 2023: $5.73BQ2 2023: $5.61BQ3 2023: $4.98BQ4 2023: $5.16BQ1 2024: $4.76BQ2 2024: $4.33BQ3 2024: $4.43BQ4 2024: $4.00BQ1 2025: $3.61BQ2 2025: $4.24BQ3 2025: $4.08BQ4 2025: $3.94BQ1 2026: $3.14BQ2 2026: $2.63BQ3 2026: $2.36B
Q1 2021Q3 2026
13F filings of Lindsell Train by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2026Nov 2, 202628$2.36BGOOGLTKOTMOvs. Q2 2026SEC
Q2 2026Jul 15, 202628$2.63BGOOGLTKOFICOvs. Q1 2026SEC
Q1 2026Apr 24, 202627$3.14BTKOGOOGLINTUvs. Q4 2025SEC
Q4 2025Feb 11, 202628$3.94BGOOGLTKOINTUvs. Q3 2025SEC
Q3 2025Nov 12, 202528$4.08BTKOGOOGLDISvs. Q2 2025SEC
Q2 2025Aug 8, 202529$4.24BTKOINTUDISvs. Q1 2025SEC
Q1 2025May 15, 202529$3.61BTKOINTUFICOvs. Q4 2024SEC
Q4 2024Jan 21, 202528$4.00BTKOFICOMDLZvs. Q3 2024SEC
Q3 2024Oct 17, 202429$4.43BMDLZFICOINTUvs. Q2 2024SEC
Q2 2024Jul 23, 202429$4.33BMDLZFICOINTUvs. Q1 2024SEC
Q1 2024May 10, 202430$4.76BMDLZFICOINTUvs. Q4 2023SEC
Q4 2023Feb 13, 202430$5.16BMDLZFICOINTUvs. Q3 2023SEC
Q3 2023Nov 9, 202330$4.98BMDLZINTUFICOvs. Q2 2023SEC
Q2 2023Aug 14, 202329$5.61BMDLZWWEFICOvs. Q1 2023SEC
Q1 2023May 12, 202329$5.73BMDLZWWEPEPvs. Q4 2022SEC
Q4 2022Jan 27, 202329$5.26BMDLZPEPINTUvs. Q3 2022SEC
Q3 2022Nov 14, 202229$4.92BMDLZPEPINTUvs. Q2 2022SEC
Q2 2022Aug 11, 202229$5.10BMDLZPEPINTUvs. Q1 2022SEC
Q1 2022May 11, 202229$6.35BMDLZPEPINTUvs. Q4 2021SEC
Q4 2021Feb 14, 202228$6.90BMDLZINTUPEPvs. Q3 2021SEC
Q3 2021Nov 12, 202127$7.24BMDLZPYPLINTUvs. Q2 2021SEC
Q2 2021Aug 13, 202127$7.73BMDLZPYPLINTUvs. Q1 2021SEC
Q1 2021May 12, 202127$7.10BMDLZPYPLDIS–SEC

13D and 13G filings

Companies where Lindsell Train reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

1 company, largest stake first.

Companies where Lindsell Train owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
MANUManchester United plc13G/A6.41%3.60M shares−1.39 ppfrom 7.80%Feb 10, 202111 filingsJan 6, 2026SEC

Latest filings

23 filings on file made by Lindsell Train or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Lindsell Train
CompanyFiled (ET)FormStakeChangeEvent dateFiling
MANUManchester United plcJan 6, 20269:03 AM ET13G/A6.41%3.60M shares−1.39 ppfrom 7.80%Dec 31, 2025SEC
MANUManchester United plcOct 6, 20251:57 PM ET13G/A7.80%4.38M shares−1.50 ppfrom 9.30%Sep 30, 2025SEC
MANUManchester United plcApr 4, 20259:01 AM ET13G/A9.30%5.05M shares−1.20 ppfrom 10.50%Mar 31, 2025SEC
TKOTKO Group Holdings, Inc.Jan 13, 20253:12 PM ET13G/A4.47%3.63M shares–Below 5%Dec 31, 2024SEC
MANUManchester United plcJan 13, 20253:11 PM ET13G/A10.50%5.78M shares–Dec 31, 2024SEC
TKOTKO Group Holdings, Inc.Oct 17, 202413G/AOld format–––SEC
MANUManchester United plcOct 17, 202413G/AOld format–––SEC
MANUManchester United plcMar 8, 202413G/AOld format–––SEC
TKOTKO Group Holdings, Inc.Feb 7, 202413GOld format–New–SEC
MANUManchester United plcFeb 7, 202413G/AOld format–––SEC
WWEWorld Wrestling Entertainment, LLCSep 12, 202313G/AOld format–––SEC
WWEWorld Wrestling Entertainment, LLCFeb 8, 202313G/AOld format–––SEC
MANUManchester United plcFeb 8, 202313G/AOld format–––SEC
Cazoo Group LtdFeb 8, 202313G/AOld format–––SEC
WWEWorld Wrestling Entertainment, LLCAug 5, 202213G/AOld format–––SEC
WWEWorld Wrestling Entertainment, LLCFeb 11, 202213G/AOld format–––SEC
PSOPearson PLCFeb 11, 202213G/AOld format–––SEC
MANUManchester United plcFeb 11, 202213G/AOld format–––SEC
Cazoo Group LtdJan 10, 202213GOld format–New–SEC
MANUManchester United plcDec 1, 202113G/AOld format–––SEC