13F filing recap · Q4 2025

What did Lindsell Train buy in Q4 2025?

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

Stock value

$3.94B

Positions

Estimated turnover

8.3%

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 trimmed a number of positions during the fourth quarter, with the most notable reductions in Thermo Fisher Scientific, PepsiCo, Mondelez International, eBay, and Manchester United. It also modestly decreased Alphabet, TKO Group Holdings, Intuit, Walt Disney, Fair Isaac, PayPal, American Express, Coca-Cola, and Colgate-Palmolive. On the buying side, the firm added to Adobe and slightly increased S&P Global, Equifax, and Canadian Pacific Kansas City.

Increased positions

SPGIS&P Global Inc.$3.55Mreported value+300 shares+4.6%EFXEquifax Inc$2.39Mreported value+500 shares+4.8%CPCanadian Pacific Kansas City Ltd/cn$2.21Mreported value+1.5K shares+5.3%ADBEAdobe Inc.$1.85Mreported value+800 shares+17.8%

Reduced positions

GOOGLAlphabet Inc.$653.73Mreported value-145.5K shares-6.5%TKOTko Group Holdings, Inc.$589.42Mreported value-134.5K shares-4.6%INTUIntuit Inc.$404.24Mreported value-1.6K shares-0.3%TMOThermo Fisher Scientific Inc.$399.53Mreported value-128.0K shares