Investor: Michael Lindsell & Nick Train
Number of Assets: 28
Reporting Period: Q3 - 2025
Holdings at Report: $4,076,472,912
Return Since Report: +$251,710,226
Return Since Report: +6.17%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Adobe Inc. (ADBE) | Equity | +26.40% | 4,500 | 0.04% | $352.75 | $356.04 | $1,587,375 | $1,602,180 | +$14,805 | +0.93% |
| Canadian Pacific Kansas City Limited (CP) | Equity | +114.29% | 28,500 | 0.05% | $74.49 | $75.32 | $2,122,965 | $2,146,620 | +$23,655 | +1.11% |
| Colgate-Palmolive Company (CL) | Equity | 0% | 15,000 | 0.03% | $79.94 | $78.19 | $1,199,100 | $1,172,775 | -$26,325 | -2.20% |
| Intuit Inc. (INTU) | Equity | -8.11% | 611,810 | 10.25% | $682.91 | $669.19 | $417,811,167 | $409,417,134 | -$8,394,033 | -2.01% |
| Pepsico Inc. (PEP) | Equity | -9.29% | 2,201,671 | 7.59% | $140.44 | $149.80 | $309,202,675 | $329,799,307 | +$20,596,632 | +6.66% |
| T. Rowe Price Group Inc. (TROW) | Equity | 0% | 12,000 | 0.03% | $102.64 | $104.64 | $1,231,680 | $1,255,680 | +$24,000 | +1.95% |
| American Express Company (AXP) | Equity | 0% | 10,200 | 0.08% | $332.16 | $380.07 | $3,388,032 | $3,876,714 | +$488,682 | +14.42% |
| Brown-Forman Corp. (BF-B) | Equity | 0% | 1,649,764 | 1.10% | $27.08 | $30.95 | $44,675,609 | $51,051,947 | +$6,376,338 | +14.27% |
| Brown-Forman Corp. (BF-A) | Equity | +0.34% | 2,742,740 | 1.81% | $26.91 | $30.55 | $73,807,133 | $83,776,993 | +$9,969,860 | +13.51% |
| The Coca-Cola Company (KO) | Equity | -2.63% | 18,500 | 0.03% | $66.32 | $70.18 | $1,226,920 | $1,298,238 | +$71,318 | +5.81% |
| Fair Isaac Corp. (FICO) | Equity | -0.07% | 222,955 | 8.18% | $1,496.53 | $1,840.02 | $333,658,846 | $410,240,544 | +$76,581,698 | +22.95% |
| Oracle Corp. (ORCL) | Equity | -48.57% | 9,000 | 0.06% | $281.24 | $189.67 | $2,531,160 | $1,707,030 | -$824,130 | -32.56% |
| Paypal Holdings Inc. (PYPL) | Equity | -0.98% | 4,483,618 | 7.38% | $67.06 | $61.89 | $300,671,423 | $277,491,118 | -$23,180,305 | -7.71% |
| Visa Inc. (V) | Equity | 0% | 10,000 | 0.08% | $341.38 | $347.47 | $3,413,800 | $3,474,700 | +$60,900 | +1.78% |
| Alphabet Inc. (GOOGL) | Equity | +10.15% | 2,234,098 | 13.32% | $243.10 | $309.47 | $543,109,224 | $691,386,308 | +$148,277,084 | +27.30% |
| CME Group Inc. (CME) | Equity | 0% | 7,400 | 0.05% | $270.19 | $272.98 | $1,999,406 | $2,020,052 | +$20,646 | +1.03% |
| The Walt Disney Company (DIS) | Equity | -8.84% | 3,725,830 | 10.47% | $114.50 | $111.35 | $426,607,535 | $414,871,171 | -$11,736,365 | -2.75% |
| Ebay Inc. (EBAY) | Equity | -25.26% | 2,455,079 | 5.48% | $90.95 | $84.95 | $223,289,435 | $208,558,961 | -$14,730,474 | -6.60% |
| Equifax Inc. (EFX) | Equity | +1.94% | 10,500 | 0.07% | $256.53 | $218.74 | $2,693,565 | $2,296,770 | -$396,795 | -14.73% |
| The Estée Lauder Companies Inc. (EL) | Equity | +7.45% | 15,500 | 0.03% | $88.12 | $104.60 | $1,365,860 | $1,621,300 | +$255,440 | +18.70% |
| Madison Square Garden Sports Corp. (MSGS) | Equity | 0% | 3,300 | 0.02% | $227.00 | $236.90 | $749,100 | $781,763 | +$32,663 | +4.36% |
| Manchester United PLC (MANU) | Equity | -9.01% | 4,376,500 | 1.63% | $15.14 | $15.42 | $66,260,210 | $67,463,748 | +$1,203,538 | +1.82% |
| Mondelez International Inc. (MDLZ) | Equity | -11.92% | 5,028,787 | 7.71% | $62.47 | $54.16 | $314,148,324 | $272,333,960 | -$41,814,364 | -13.31% |
| Nike Inc. (NKE) | Equity | 0% | 20,400 | 0.03% | $69.73 | $67.41 | $1,422,492 | $1,375,062 | -$47,430 | -3.33% |
| S&P Global Inc. (SPGI) | Equity | +10.17% | 6,500 | 0.08% | $486.71 | $499.89 | $3,163,615 | $3,249,285 | +$85,670 | +2.71% |
| Thermo Fisher Scientific Inc. (TMO) | Equity | -4.34% | 817,529 | 9.73% | $485.02 | $571.69 | $396,517,916 | $467,373,154 | +$70,855,238 | +17.87% |
| Tko Group Holdings Inc. (TKO) | Equity | -6.90% | 2,954,704 | 14.64% | $201.96 | $208.11 | $596,732,020 | $614,903,449 | +$18,171,429 | +3.05% |
| Verisk Analytics Inc. (VRSK) | Equity | +13.64% | 7,500 | 0.05% | $251.51 | $218.29 | $1,886,325 | $1,637,175 | -$249,150 | -13.21% |