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Independent Franchise Partners LLP

13F for the quarter to June 30, 2026, filed August 13, 2026 · SEC CIK 1483866

Reported value
$15.2bn
94% in companies we cover
Positions we cover
22
Largest BMY 8.2%
Copy, a year
+16.1%
S&P 500 +13.8%
Copy Sharpe ratio
0.87
S&P 500 0.76

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $72.0k$55.3k
CopyS&P 500 $10,000 copying Independent Franchise Partners LLP's filed holdings in companies we cover from August 2, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −30.6% (S&P 500 −31.8%); beta 0.90; alpha +3.3% a year (t = 1.54); last 12 months +17.8% against +12.1%.

Reported value by quarter

Independent Franchise Partners LLP: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $5T $10T $15T Reported value, 2013-06-30: $5.2B Reported value, 2013-09-30: $5.9B Reported value, 2013-12-31: $6.3B Reported value, 2014-03-31: $6.1B Reported value, 2014-06-30: $6.6B Reported value, 2014-09-30: $7.2B Reported value, 2014-12-31: $7.6B Reported value, 2015-03-31: $8.2B Reported value, 2015-06-30: $8.5B Reported value, 2015-09-30: $7.9B Reported value, 2015-12-31: $8.8B Reported value, 2016-03-31: $8.9B Reported value, 2016-06-30: $9.1B Reported value, 2016-09-30: $10B Reported value, 2016-12-31: $10B Reported value, 2017-03-31: $10.5B Reported value, 2017-06-30: $11.1B Reported value, 2017-09-30: $11.2B Reported value, 2017-12-31: $11.8B Reported value, 2018-03-31: $11.3B Reported value, 2018-06-30: $10.6B Reported value, 2018-09-30: $10.4B Reported value, 2018-12-31: $8.1B Reported value, 2019-03-31: $8.9B Reported value, 2019-06-30: $9.7B Reported value, 2019-09-30: $9.8B Reported value, 2019-12-31: $10B Reported value, 2020-03-31: $8.1B Reported value, 2020-06-30: $9.8B Reported value, 2020-09-30: $10.1B Reported value, 2020-12-31: $11.6B Reported value, 2021-03-31: $12.6B Reported value, 2021-06-30: $13.4B Reported value, 2021-09-30: $12.7B Reported value, 2021-12-31: $12.7B Reported value, 2022-03-31: $12.7B Reported value, 2022-06-30: $10.6B Reported value, 2022-09-30: $9.5B Reported value, 2022-12-31: $10.2T Reported value, 2023-03-31: $11.1B Reported value, 2023-06-30: $11.9B Reported value, 2023-09-30: $11.5B Reported value, 2023-12-31: $11.8B Reported value, 2024-03-31: $12.1B Reported value, 2024-06-30: $10.9B Reported value, 2024-09-30: $11.3B Reported value, 2024-12-31: $13.3B Reported value, 2025-03-31: $14B Reported value, 2025-06-30: $15B Reported value, 2025-09-30: $15.2B Reported value, 2025-12-31: $15.7B Reported value, 2026-03-31: $14.3B Reported value, 2026-06-30: $15.2B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $15.2B
View chart data
Period Reported value
2013-06-30 $5.2B
2013-09-30 $5.9B
2013-12-31 $6.3B
2014-03-31 $6.1B
2014-06-30 $6.6B
2014-09-30 $7.2B
2014-12-31 $7.6B
2015-03-31 $8.2B
2015-06-30 $8.5B
2015-09-30 $7.9B
2015-12-31 $8.8B
2016-03-31 $8.9B
2016-06-30 $9.1B
2016-09-30 $10B
2016-12-31 $10B
2017-03-31 $10.5B
2017-06-30 $11.1B
2017-09-30 $11.2B
2017-12-31 $11.8B
2018-03-31 $11.3B
2018-06-30 $10.6B
2018-09-30 $10.4B
2018-12-31 $8.1B
2019-03-31 $8.9B
2019-06-30 $9.7B
2019-09-30 $9.8B
2019-12-31 $10B
2020-03-31 $8.1B
2020-06-30 $9.8B
2020-09-30 $10.1B
2020-12-31 $11.6B
2021-03-31 $12.6B
2021-06-30 $13.4B
2021-09-30 $12.7B
2021-12-31 $12.7B
2022-03-31 $12.7B
2022-06-30 $10.6B
2022-09-30 $9.5B
2022-12-31 $10.2T
2023-03-31 $11.1B
2023-06-30 $11.9B
2023-09-30 $11.5B
2023-12-31 $11.8B
2024-03-31 $12.1B
2024-06-30 $10.9B
2024-09-30 $11.3B
2024-12-31 $13.3B
2025-03-31 $14B
2025-06-30 $15B
2025-09-30 $15.2B
2025-12-31 $15.7B
2026-03-31 $14.3B
2026-06-30 $15.2B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
BMYBristol Myers Squibb8.24%$1.3bn21.79M+2.4% Added
SOLVSolventum8.19%$1.2bn16.17M+2.8% Added
LYVLive Nation Entertainment7.22%$1.1bn6.01M+2.5% Added
TRUTransunion6.62%$1.0bn13.98M+15.2% Added
KVUEKenvue6.32%$963.7m50.43M+2.5% Added
CRMSalesforce5.98%$911.6m5.82M+44.2% Added
AONAon plc5.76%$878.0m2.65M+2.3% Added
NWSANews Corp (Class A)5.22%$796.4m32.07M+3.7% Added
ABNBAirbnb5.09%$776.1m5.42M+2.8% Added
JNJJohnson & Johnson5.07%$772.9m3.04M+2.4% Added
ITGartner4.75%$723.7m5.58M+21.3% Added
ICEIntercontinental Exchange4.24%$646.7m5.25M+6.0% Added
ZZillow Group, Inc.3.37%$513.8m16.30M+23.5% Added
EBAYeBay Inc.3.33%$508.1m4.55M−32.9% Reduced
PMPhilip Morris International3.06%$466.4m2.58M+0.7% Added
FOXAFox Corporation (Class A)2.87%$438.1m8.40M+2.7% Added
ELThe Estée Lauder Companies2.56%$390.2m4.94M−25.4% Reduced
OTISOtis Worldwide2.42%$368.9m5.15M+414.0% Added
WMGWarner Music Group Corp.2.31%$351.9m13.00M−0.3%
RYANRyan Specialty Holdings, Inc.0.66%$99.9m2.65M−6.2% Reduced
CTVACorteva, Inc.0.62%$94.4m1.12M−6.2% Reduced
TKOTKO Group Holdings0.57%$86.4m429.1K−6.2% Reduced
CompanyBought (value)Shares
OTISOtis Worldwide$297.1m4.15M
CRMSalesforce$279.4m1.78M
TRUTransunion$133.1m1.84M
ITGartner$127.3m982.2K
ZZillow Group, Inc.$97.8m3.10M
ICEIntercontinental Exchange$36.7m297.9K
SOLVSolventum$33.7m436.5K
BMYBristol Myers Squibb$29.8m517.4K
NWSANews Corp (Class A)$28.6m1.15M
LYVLive Nation Entertainment$27.2m148.7K
KVUEKenvue$23.3m1.22M
ABNBAirbnb$21.2m148.1K
AONAon plc$19.6m58.9K
JNJJohnson & Johnson$18.2m71.8K
FOXAFox Corporation (Class A)$11.7m224.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
EBAYeBay Inc.−$248.7m−2.23M
ELThe Estée Lauder Companies−$133.2m−1.69M
RYANRyan Specialty Holdings, Inc.−$6.6m−175.1K
CTVACorteva, Inc.−$6.2m−73.8K
TKOTKO Group Holdings−$5.7m−28.5K
WMGWarner Music Group Corp.−$986,701−36.5K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

No positions in covered companies were sold out this quarter.

  • Health Care22.8%
  • Communication Services19.3%
  • Consumer Staples12.6%
  • Technology11.4%
  • Financials11.3%
  • Industrials9.6%
  • Consumer Discretionary8.9%
  • Real Estate3.6%
  • Materials0.7%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 2, 2013 to November 2, 2026+16.1%+13.8%0.870.76−30.6%0.90
2018 onwardsJanuary 5, 2018 to November 2, 2026+15.2%+13.9%0.710.66−30.6%0.89
Last three yearsNovember 3, 2023 to November 2, 2026+23.3%+21.8%1.181.16−12.4%0.64
Last yearNovember 7, 2025 to November 2, 2026+18.0%+14.2%0.850.84−11.7%0.45

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.