13F filing recap · Q3 2025

What did Lindsell Train buy in Q3 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$4.08B

Positions

Estimated turnover

8.5%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Lindsell Train exited Hershey entirely and added to Alphabet, while trimming Mondelez and eBay. The firm also modestly reduced Tko Group, Disney, Intuit, Thermo Fisher, Fair Isaac, PepsiCo, PayPal, Manchester United, Coca-Cola, and others. It substantially cut Oracle, sharply increased Canadian Pacific Kansas City, and made smaller additions to S&P Global, Equifax, Verisk, Adobe, Estee Lauder, and Brown-Forman.

Increased positions

GOOGLAlphabet Inc.$543.11Mreported value+205.9K shares+10.2%BF-ABrown-Forman Corp$73.81Mreported value+9.4K shares+0.3%SPGIS&P Global Inc.$3.16Mreported value+600 shares+10.2%EFXEquifax Inc$2.69Mreported value+200 shares+1.9%

Reduced positions

TKOTko Group Holdings, Inc.$596.73Mreported value-219.0K shares-6.9%DISWalt Disney Co/$426.61Mreported value-361.4K shares-8.8%INTUIntuit Inc.$417.81Mreported value-54.0K shares-8.1%TMOThermo Fisher Scientific Inc.$396.52Mreported value-37.1K shares

Exited positions

HSYHershey Co$846.3Kprior reported value-5.1K shares-100.0%