Investor: Michael Lindsell & Nick Train
Number of Assets: 28
Reporting Period: Q4 - 2025
Holdings at Report: $3,943,390,802
Return Since Report: -$480,959,560
Return Since Report: -12.20%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Adobe Inc. (ADBE) | Equity | +17.78% | 5,300 | 0.05% | $349.99 | $243.40 | $1,854,947 | $1,290,020 | -$564,927 | -30.46% |
| Alphabet Inc. (GOOGL) | Equity | -6.51% | 2,088,598 | 16.58% | $313.00 | $287.22 | $653,731,174 | $599,887,118 | -$53,844,056 | -8.24% |
| American Express Company (AXP) | Equity | -3.92% | 9,800 | 0.09% | $369.95 | $302.24 | $3,625,510 | $2,961,952 | -$663,558 | -18.30% |
| Brown-Forman Corp. (BF-A) | Equity | 0% | 2,742,740 | 1.83% | $26.31 | $26.72 | $72,161,489 | $73,286,013 | +$1,124,524 | +1.56% |
| Brown-Forman Corp. (BF-B) | Equity | 0% | 1,649,764 | 1.09% | $26.06 | $26.44 | $42,992,850 | $43,611,511 | +$618,661 | +1.44% |
| Canadian Pacific Kansas City Limited (CP) | Equity | +5.26% | 30,000 | 0.06% | $73.63 | $78.58 | $2,208,900 | $2,357,400 | +$148,500 | +6.72% |
| CME Group Inc. (CME) | Equity | 0% | 7,400 | 0.05% | $273.08 | $295.45 | $2,020,792 | $2,186,330 | +$165,538 | +8.19% |
| The Coca-Cola Company (KO) | Equity | -8.11% | 17,000 | 0.03% | $69.91 | $76.17 | $1,188,470 | $1,294,805 | +$106,335 | +8.95% |
| Colgate-Palmolive Company (CL) | Equity | -2.67% | 14,600 | 0.03% | $79.02 | $85.21 | $1,153,692 | $1,244,066 | +$90,374 | +7.83% |
| The Walt Disney Company (DIS) | Equity | -6.55% | 3,481,830 | 10.05% | $113.77 | $96.32 | $396,127,799 | $335,369,866 | -$60,757,933 | -15.34% |
| Ebay Inc. (EBAY) | Equity | -15.32% | 2,079,079 | 4.59% | $87.10 | $91.02 | $181,087,781 | $189,237,771 | +$8,149,990 | +4.50% |
| Equifax Inc. (EFX) | Equity | +4.76% | 11,000 | 0.06% | $216.98 | $180.04 | $2,386,780 | $1,980,440 | -$406,340 | -17.02% |
| Fair Isaac Corp. (FICO) | Equity | -2.85% | 216,593 | 9.29% | $1,690.62 | $1,068.14 | $366,176,458 | $231,351,647 | -$134,824,811 | -36.82% |
| Intuit Inc. (INTU) | Equity | -0.25% | 610,251 | 10.25% | $662.42 | $432.26 | $404,242,467 | $263,787,097 | -$140,455,370 | -34.75% |
| The Estée Lauder Companies Inc. (EL) | Equity | 0% | 15,500 | 0.04% | $104.72 | $71.57 | $1,623,160 | $1,109,335 | -$513,825 | -31.66% |
| Madison Square Garden Sports Corp. (MSGS) | Equity | 0% | 3,300 | 0.02% | $258.65 | $322.91 | $853,545 | $1,065,587 | +$212,042 | +24.84% |
| Manchester United PLC (MANU) | Equity | -17.82% | 3,596,500 | 1.45% | $15.92 | $16.86 | $57,256,280 | $60,636,990 | +$3,380,710 | +5.90% |
| Mondelez International Inc. (MDLZ) | Equity | -10.92% | 4,479,854 | 6.12% | $53.83 | $57.44 | $241,150,541 | $257,300,414 | +$16,149,873 | +6.70% |
| Nike Inc. (NKE) | Equity | 0% | 20,400 | 0.03% | $63.71 | $52.84 | $1,299,684 | $1,077,936 | -$221,748 | -17.06% |
| Oracle Corp. (ORCL) | Equity | 0% | 9,000 | 0.04% | $194.91 | $146.96 | $1,754,190 | $1,322,595 | -$431,595 | -24.60% |
| Paypal Holdings Inc. (PYPL) | Equity | -4.13% | 4,298,618 | 6.36% | $58.38 | $45.19 | $250,953,319 | $194,233,054 | -$56,720,265 | -22.60% |
| Pepsico Inc. (PEP) | Equity | -18.15% | 1,801,971 | 6.56% | $143.52 | $155.09 | $258,618,878 | $279,458,673 | +$20,839,795 | +8.06% |
| T. Rowe Price Group Inc. (TROW) | Equity | 0% | 12,000 | 0.03% | $102.38 | $90.30 | $1,228,560 | $1,083,600 | -$144,960 | -11.80% |
| S&P Global Inc. (SPGI) | Equity | +4.62% | 6,800 | 0.09% | $522.59 | $426.27 | $3,553,612 | $2,898,636 | -$654,976 | -18.43% |
| Thermo Fisher Scientific Inc. (TMO) | Equity | -15.66% | 689,503 | 10.13% | $579.45 | $492.01 | $399,532,513 | $339,238,924 | -$60,293,589 | -15.09% |
| Tko Group Holdings Inc. (TKO) | Equity | -4.55% | 2,820,204 | 14.95% | $209.00 | $201.66 | $589,422,636 | $568,722,339 | -$20,700,297 | -3.51% |
| Verisk Analytics Inc. (VRSK) | Equity | 0% | 7,500 | 0.04% | $223.69 | $189.73 | $1,677,675 | $1,422,975 | -$254,700 | -15.18% |
| Visa Inc. (V) | Equity | 0% | 10,000 | 0.09% | $350.71 | $301.42 | $3,507,100 | $3,014,150 | -$492,950 | -14.06% |