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Asset manager

Lindsell Train Ltd

13F for the quarter to June 30, 2026, filed July 15, 2026 · SEC CIK 1484150

Reported value
$2.6bn
96% in companies we cover
Positions we cover
26
Largest GOOGL 17.5%
Copy, a year
+12.8%
S&P 500 +13.9%
Copy Sharpe ratio
0.66
S&P 500 0.77

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $55.9k$49.3k
CopyS&P 500 $10,000 copying Lindsell Train Ltd's filed holdings in companies we cover from August 9, 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 −32.8% (S&P 500 −31.8%); beta 0.91; alpha +0.4% a year (t = 0.15); last 12 months −4.6% against +12.1%.

Reported value by quarter

Lindsell Train Ltd: 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 $2T $4T $6T Reported value, 2013-06-30: $440.4M Reported value, 2013-09-30: $500.7M Reported value, 2013-12-31: $623M Reported value, 2014-03-31: $749.8M Reported value, 2014-06-30: $840.8M Reported value, 2014-09-30: $880.7M Reported value, 2014-12-31: $1.1B Reported value, 2015-03-31: $1.2B Reported value, 2015-06-30: $1.4B Reported value, 2015-09-30: $1.5B Reported value, 2015-12-31: $1.7B Reported value, 2016-03-31: $1.7B Reported value, 2016-06-30: $1.8B Reported value, 2016-09-30: $2B Reported value, 2016-12-31: $2B Reported value, 2017-03-31: $2.3B Reported value, 2017-06-30: $2.6B Reported value, 2017-09-30: $3B Reported value, 2017-12-31: $3.5B Reported value, 2018-03-31: $3.8B Reported value, 2018-06-30: $4B Reported value, 2018-09-30: $4.4B Reported value, 2018-12-31: $4.1B Reported value, 2019-03-31: $5.2B Reported value, 2019-06-30: $5.9B Reported value, 2019-09-30: $5.9B Reported value, 2019-12-31: $6.2B Reported value, 2020-03-31: $4.7B Reported value, 2020-06-30: $6B Reported value, 2020-09-30: $6.2B Reported value, 2020-12-31: $6.9B Reported value, 2021-03-31: $7.1B Reported value, 2021-06-30: $7.7B Reported value, 2021-09-30: $7.2B Reported value, 2021-12-31: $6.9B Reported value, 2022-03-31: $6.3B Reported value, 2022-06-30: $5.1B Reported value, 2022-09-30: $4.9B Reported value, 2022-12-31: $5.3T Reported value, 2023-03-31: $5.7B Reported value, 2023-06-30: $5.6B Reported value, 2023-09-30: $5B Reported value, 2023-12-31: $5.2B Reported value, 2024-03-31: $4.8B Reported value, 2024-06-30: $4.3B Reported value, 2024-09-30: $4.4B Reported value, 2024-12-31: $4B Reported value, 2025-03-31: $3.6B Reported value, 2025-06-30: $4.2B Reported value, 2025-09-30: $4.1B Reported value, 2025-12-31: $3.9B Reported value, 2026-03-31: $3.1B Reported value, 2026-06-30: $2.6B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $2.6B
View chart data
Period Reported value
2013-06-30 $440.4M
2013-09-30 $500.7M
2013-12-31 $623M
2014-03-31 $749.8M
2014-06-30 $840.8M
2014-09-30 $880.7M
2014-12-31 $1.1B
2015-03-31 $1.2B
2015-06-30 $1.4B
2015-09-30 $1.5B
2015-12-31 $1.7B
2016-03-31 $1.7B
2016-06-30 $1.8B
2016-09-30 $2B
2016-12-31 $2B
2017-03-31 $2.3B
2017-06-30 $2.6B
2017-09-30 $3B
2017-12-31 $3.5B
2018-03-31 $3.8B
2018-06-30 $4B
2018-09-30 $4.4B
2018-12-31 $4.1B
2019-03-31 $5.2B
2019-06-30 $5.9B
2019-09-30 $5.9B
2019-12-31 $6.2B
2020-03-31 $4.7B
2020-06-30 $6B
2020-09-30 $6.2B
2020-12-31 $6.9B
2021-03-31 $7.1B
2021-06-30 $7.7B
2021-09-30 $7.2B
2021-12-31 $6.9B
2022-03-31 $6.3B
2022-06-30 $5.1B
2022-09-30 $4.9B
2022-12-31 $5.3T
2023-03-31 $5.7B
2023-06-30 $5.6B
2023-09-30 $5B
2023-12-31 $5.2B
2024-03-31 $4.8B
2024-06-30 $4.3B
2024-09-30 $4.4B
2024-12-31 $4B
2025-03-31 $3.6B
2025-06-30 $4.2B
2025-09-30 $4.1B
2025-12-31 $3.9B
2026-03-31 $3.1B
2026-06-30 $2.6B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
GOOGLAlphabet Inc. (Class A)17.49%$459.9m1.29M−24.5% Reduced
TKOTKO Group Holdings16.07%$422.5m2.10M−14.3% Reduced
FICOFair Isaac10.28%$270.2m226.2K−9.3% Reduced
TMOThermo Fisher Scientific9.81%$258.0m514.5K−16.6% Reduced
DISThe Walt Disney Company9.55%$251.0m2.61M−18.7% Reduced
INTUIntuit6.62%$174.1m666.9K−9.1% Reduced
MDLZMondelez International5.64%$148.4m2.57M−28.0% Reduced
PEPPepsiCo5.27%$138.6m1.02M−19.8% Reduced
PYPLPayPal5.20%$136.6m3.16M−24.3% Reduced
EBAYeBay Inc.4.74%$124.7m1.12M−42.1% Reduced
MANUManchester United plc2.41%$63.3m2.76M−12.2% Reduced
KKRKKR & Co.2.33%$61.3m667.8KNew
VVisa Inc.0.14%$3.6m10.5K+1.9% Added
SPGIS&P Global0.12%$3.0m7.4K+1.4% Added
CPCanadian Pacific Kansas City LTD0.10%$2.6m30.0K0.0%
AXPAmerican Express0.10%$2.6m7.6K−15.6% Reduced
EFXEquifax0.07%$1.9m11.8K+2.6% Added
VRSKVerisk Analytics, Inc.0.07%$1.7m9.5K+13.1% Added
CMECME Group0.06%$1.5m6.9K0.0%
ADBEAdobe Inc.0.06%$1.4m7.0K0.0%
WMGWarner Music Group Corp.0.05%$1.4m50.0KNew
ORCLOracle Corporation0.05%$1.3m9.0K0.0%
ELThe Estée Lauder Companies0.04%$1.2m15.0K0.0%
MSGSMadison Square Garden Sports Corp.0.04%$1.1m2.8K0.0%
KOThe Coca-Cola Company0.04%$975,24012.0K0.0%
NKENike, Inc.0.03%$862,05021.0K+1.0% Added
CompanyBought (value)Shares
KKRKKR & Co.$61.3m667.8K
WMGWarner Music Group Corp.$1.4m50.0K
VRSKVerisk Analytics, Inc.$197,4831.1K
VVisa Inc.$68,618200
EFXEquifax$47,616300
SPGIS&P Global$40,726100
NKENike, Inc.$8,210200

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

CompanySold (value)Shares
GOOGLAlphabet Inc. (Class A)−$149.3m−417.8K
EBAYeBay Inc.−$90.7m−811.5K
TKOTKO Group Holdings−$70.6m−350.6K
MDLZMondelez International−$57.6m−996.5K
DISThe Walt Disney Company−$57.6m−598.6K
TMOThermo Fisher Scientific−$51.5m−102.7K
PYPLPayPal−$43.9m−1.02M
PEPPepsiCo−$34.3m−253.5K
FICOFair Isaac−$27.8m−23.2K
INTUIntuit−$17.4m−66.8K
MANUManchester United plc−$8.8m−383.6K
CLColgate-Palmolive−$852,300−10.0K
AXPAmerican Express−$473,550−1.4K

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

CompanyValue last quarterShares
CLColgate-Palmolive$852,30010.0K
  • Communication Services47.3%
  • Technology17.6%
  • Consumer Staples11.4%
  • Health Care10.2%
  • Financials8.2%
  • Consumer Discretionary5.0%
  • Industrials0.2%

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

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 9, 2013 to November 2, 2026+12.8%+13.9%0.660.77−32.8%0.91
2018 onwardsJanuary 5, 2018 to November 2, 2026+10.9%+13.9%0.490.66−32.8%0.89
Last three yearsNovember 3, 2023 to November 2, 2026+11.7%+21.8%0.511.16−15.7%0.68
Last yearNovember 7, 2025 to November 2, 2026−3.8%+14.2%−0.360.84−15.7%0.62

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.