Michael Lindsell, Nick Train – Lindsell Train Portfolio Activity & Recent Trades (Sep 30, 2025)

As of Sep 30, 2025, the Lindsell Train portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 12, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q3 2025, the filing reported:

New Buys –

None reported

Increases – Adobe Inc., Brown Forman Inc, Canadian Pacific Kansas City Li, Equifax, Inc., Estee Lauder Companies, Inc. (T, and 3 more

Reductions – Walt Disney Company (The), eBay Inc., Fair Isaac Corporation, Intuit Inc., Coca-Cola Company (The), and 7 more

Complete Exits – The Hershey Company

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q3 2025	ADBE Adobe Inc.	Adobe Inc.	Buy	+940	+26.4%	$1.59M	4,500
Q3 2025	BF-A Brown Forman Inc	Brown Forman Inc	Buy	+9,399	+0.3%	$73.81M	2,742,740
Q3 2025	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Buy	+15,200	+114.3%	$2.12M	28,500
Q3 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-361,446	-8.8%	$426.61M	3,725,830
Q3 2025	EBAY eBay Inc.	eBay Inc.	Sell	-829,575	-25.3%	$223.29M	2,455,079
Q3 2025	EFX Equifax, Inc.	Equifax, Inc.	Buy	+200	+1.9%	$2.69M	10,500
Q3 2025	EL Estee Lauder Companies, Inc. (T	Estee Lauder Companies, Inc. (T	Buy	+1,075	+7.5%	$1.37M	15,500
Q3 2025	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-159	-0.1%	$333.66M	222,955
Q3 2025	GOOGL Alphabet Inc.	Alphabet Inc.	Buy	+205,875	+10.2%	$543.11M	2,234,098
Q3 2025	HSY The Hershey Company	The Hershey Company	Sell - Position Exit	-5,100	-100.0%	$0.00	-
Q3 2025	INTU Intuit Inc.	Intuit Inc.	Sell	-53,976	-8.1%	$417.81M	611,810
Q3 2025	KO Coca-Cola Company (The)	Coca-Cola Company (The)	Sell	-500	-2.6%	$1.23M	18,500
Q3 2025	MANU Manchester United	Manchester United	Sell	-433,500	-9.0%	$66.26M	4,376,500
Q3 2025	MDLZ Mondelez International, Inc.	Mondelez International, Inc.	Sell	-680,500	-11.9%	$314.15M	5,028,787
Q3 2025	ORCL Oracle Corporation	Oracle Corporation	Sell	-8,500	-48.6%	$2.53M	9,000
Q3 2025	PEP Pepsico, Inc.	Pepsico, Inc.	Sell	-225,539	-9.3%	$309.20M	2,201,671
Q3 2025	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-44,220	-1.0%	$300.67M	4,483,618
Q3 2025	SPGI S&P Global Inc.	S&P Global Inc.	Buy	+600	+10.2%	$3.16M	6,500
Q3 2025	TKO TKO Group Holdings, Inc.	TKO Group Holdings, Inc.	Sell	-218,958	-6.9%	$596.73M	2,954,704
Q3 2025	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell	-37,083	-4.3%	$396.52M	817,529
Q3 2025	VRSK Verisk Analytics, Inc.	Verisk Analytics, Inc.	Buy	+900	+13.6%	$1.89M	7,500
Q2 2025	AXP American Express Company	American Express Company	Sell	-1,400	-12.1%	$3.25M	10,200
Q2 2025	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-18,986	-0.7%	$75.08M	2,733,341
Q2 2025	BF-B Brown Forman Inc	Brown Forman Inc	Buy	+74,338	+4.7%	$44.40M	1,649,764
Q2 2025	CL Colgate-Palmolive Company	Colgate-Palmolive Company	Sell	-5,100	-25.4%	$1.36M	15,000
Q2 2025	CME CME Group Inc.	CME Group Inc.	Sell	-1,200	-14.0%	$2.04M	7,400
Q2 2025	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Buy	+1,150	+9.5%	$1.05M	13,300
Q2 2025	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-193,565	-4.5%	$506.86M	4,087,276
Q2 2025	EBAY eBay Inc.	eBay Inc.	Sell	-85,367	-2.5%	$244.58M	3,284,654
Q2 2025	FICO Fair Isaac Corporation	Fair Isaac Corporation	Sell	-17,186	-7.2%	$407.84M	223,114