Q2 2026 holdings · 8 filings on record
Lindsell Train Ltd
Nick Train · Michael Lindsell
Lindsell Train is a London investment manager that Michael Lindsell and Nick Train set up in 2000, after working together for years. Lindsell is chief executive and manages its Japanese portfolios, Train is chairman and manages its UK portfolios, and the two jointly run its global portfolios. The firm invests in what it judges to be exceptional companies for the very long term, with highly concentrated portfolios and unusually low turnover. It favors durable, cash-generating franchises with heritage, predictable earnings and low capital needs, such as consumer brands, media and software, financials and pharmaceuticals. In 2026 it named new co-portfolio managers alongside Train and director James Bullock.
AI-written, awaiting an editor · as of Oct 31, 2026 · not from the filings · 5 sources
- Lindsell Train: Home lindselltrain.com ↗
- Lindsell Train: History lindselltrain.com ↗
- Lindsell Train: Team lindselltrain.com ↗
- Lindsell Train: Investment approach lindselltrain.com ↗
- SEC: Form ADV, Lindsell Train reports.adviserinfo.sec.gov ↗
Holdings
On June 30, 2026, Lindsell Train Ltd held 28 positions in US-listed stocks worth $2.6 billion. The ten largest were 90.7% of it.
What this filing cannot show
A 13F is a partial picture. Here is the part that is missing.
It lists long positions in US-listed stocks and options only. Not short positions, cash, ordinary bonds, anything listed only abroad, anything private, or anything bought and sold inside the quarter.
What is a 13F?
A quarterly SEC filing where large investment managers list the long positions in US-listed stocks and options they held at the end of the quarter. It is a snapshot, filed up to 45 days after that date.
Why is this list weeks old?
Managers have 45 days after each quarter ends to file, and most of the funds we track file on the last permitted day. So the newest list still describes where the fund stood weeks ago, and the market has moved since.
What does “behaves like” mean?
How many equal-sized positions would be exactly this concentrated. Ten positions of the same size behave like 10. Ten positions where one holds most of the money behave like fewer than 2. It is 1 divided by the sum of each position’s squared share of the total.
Why are two lines sometimes the same company?
Each line is one security as the manager filed it. Two share classes of one company, or a company’s stock and its convertible notes, are separate lines in the filing, and they stay separate here.
Filing history
8 filings on record.
| Quarter ended | Reported to the SEC | Positions | Source |
|---|---|---|---|
| Jun 30, 2026 | Jul 15, 2026 | 28 | Open the SEC filing ↗ |
| Mar 31, 2026 | Apr 24, 2026 | 27 | Open the SEC filing ↗ |
| Dec 31, 2025 | Feb 11, 2026 | 28 | Open the SEC filing ↗ |
| Sep 30, 2025 | Nov 12, 2025 | 28 | Open the SEC filing ↗ |
| Jun 30, 2025 | Aug 8, 2025 | 29 | Open the SEC filing ↗ |
| Mar 31, 2025 | May 15, 2025 | 29 | Open the SEC filing ↗ |
| Dec 31, 2024 | Jan 21, 2025 | 28 | Open the SEC filing ↗ |
| Sep 30, 2024 | Oct 17, 2024 | 29 | Open the SEC filing ↗ |
Where a manager later amended a filing, the date shown is the amendment’s. Every filing from this fund at the SEC ↗
⚠️ Public information, sourced from SEC 13F filings. A 13F shows long US-listed positions only; it cannot show shorts, cash, ordinary bonds, foreign lines, or anything bought and sold within the quarter. Values are the manager’s own quarter-end figures, filed up to 45 days later. Not financial advice.