Investor: Michael Lindsell & Nick Train
Number of Assets: 28
Reporting Period: Q3 - 2025
Holdings at Report: $4,076,472,912
Return Since Report: +$216,110,837
Return Since Report: +5.30%
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 | $345.72 | $1,587,375 | $1,555,740 | -$31,635 | -1.99% |
| Canadian Pacific Kansas City Limited (CP) | Equity | +114.29% | 28,500 | 0.05% | $74.49 | $73.46 | $2,122,965 | $2,093,610 | -$29,355 | -1.38% |
| Colgate-Palmolive Company (CL) | Equity | 0% | 15,000 | 0.03% | $79.94 | $79.18 | $1,199,100 | $1,187,700 | -$11,400 | -0.95% |
| Intuit Inc. (INTU) | Equity | -8.11% | 611,810 | 10.25% | $682.91 | $664.38 | $417,811,167 | $406,474,328 | -$11,336,839 | -2.71% |
| Pepsico Inc. (PEP) | Equity | -9.29% | 2,201,671 | 7.59% | $140.44 | $150.50 | $309,202,675 | $331,351,486 | +$22,148,811 | +7.16% |
| T. Rowe Price Group Inc. (TROW) | Equity | 0% | 12,000 | 0.03% | $102.64 | $103.31 | $1,231,680 | $1,239,720 | +$8,040 | +0.65% |
| American Express Company (AXP) | Equity | 0% | 10,200 | 0.08% | $332.16 | $379.85 | $3,388,032 | $3,874,470 | +$486,438 | +14.36% |
| Brown-Forman Corp. (BF-B) | Equity | 0% | 1,649,764 | 1.10% | $27.08 | $30.37 | $44,675,609 | $50,103,333 | +$5,427,724 | +12.15% |
| Brown-Forman Corp. (BF-A) | Equity | +0.34% | 2,742,740 | 1.81% | $26.91 | $29.95 | $73,807,133 | $82,145,063 | +$8,337,930 | +11.30% |
| The Coca-Cola Company (KO) | Equity | -2.63% | 18,500 | 0.03% | $66.32 | $70.79 | $1,226,920 | $1,309,523 | +$82,603 | +6.73% |
| Fair Isaac Corp. (FICO) | Equity | -0.07% | 222,955 | 8.18% | $1,496.53 | $1,787.00 | $333,658,846 | $398,420,585 | +$64,761,739 | +19.41% |
| Oracle Corp. (ORCL) | Equity | -48.57% | 9,000 | 0.06% | $281.24 | $188.87 | $2,531,160 | $1,699,830 | -$831,330 | -32.84% |
| Paypal Holdings Inc. (PYPL) | Equity | -0.98% | 4,483,618 | 7.38% | $67.06 | $61.09 | $300,671,423 | $273,904,224 | -$26,767,199 | -8.90% |
| Visa Inc. (V) | Equity | 0% | 10,000 | 0.08% | $341.38 | $344.09 | $3,413,800 | $3,440,900 | +$27,100 | +0.79% |
| Alphabet Inc. (GOOGL) | Equity | +10.15% | 2,234,098 | 13.32% | $243.10 | $304.17 | $543,109,224 | $679,545,589 | +$136,436,365 | +25.12% |
| CME Group Inc. (CME) | Equity | 0% | 7,400 | 0.05% | $270.19 | $272.50 | $1,999,406 | $2,016,500 | +$17,094 | +0.85% |
| The Walt Disney Company (DIS) | Equity | -8.84% | 3,725,830 | 10.47% | $114.50 | $111.72 | $426,607,535 | $416,249,728 | -$10,357,807 | -2.43% |
| Ebay Inc. (EBAY) | Equity | -25.26% | 2,455,079 | 5.48% | $90.95 | $81.36 | $223,289,435 | $199,732,952 | -$23,556,483 | -10.55% |
| Equifax Inc. (EFX) | Equity | +1.94% | 10,500 | 0.07% | $256.53 | $217.22 | $2,693,565 | $2,280,810 | -$412,755 | -15.32% |
| The Estée Lauder Companies Inc. (EL) | Equity | +7.45% | 15,500 | 0.03% | $88.12 | $104.09 | $1,365,860 | $1,613,395 | +$247,535 | +18.12% |
| Madison Square Garden Sports Corp. (MSGS) | Equity | 0% | 3,300 | 0.02% | $227.00 | $233.39 | $749,100 | $770,171 | +$21,071 | +2.81% |
| Manchester United PLC (MANU) | Equity | -9.01% | 4,376,500 | 1.63% | $15.14 | $15.08 | $66,260,210 | $65,997,620 | -$262,590 | -0.40% |
| Mondelez International Inc. (MDLZ) | Equity | -11.92% | 5,028,787 | 7.71% | $62.47 | $54.16 | $314,148,324 | $272,344,018 | -$41,804,306 | -13.31% |
| Nike Inc. (NKE) | Equity | 0% | 20,400 | 0.03% | $69.73 | $66.97 | $1,422,492 | $1,366,106 | -$56,386 | -3.96% |
| S&P Global Inc. (SPGI) | Equity | +10.17% | 6,500 | 0.08% | $486.71 | $497.72 | $3,163,615 | $3,235,180 | +$71,565 | +2.26% |
| Thermo Fisher Scientific Inc. (TMO) | Equity | -4.34% | 817,529 | 9.73% | $485.02 | $564.17 | $396,517,916 | $461,225,336 | +$64,707,420 | +16.32% |
| Tko Group Holdings Inc. (TKO) | Equity | -6.90% | 2,954,704 | 14.64% | $201.96 | $211.79 | $596,732,020 | $625,776,760 | +$29,044,740 | +4.87% |
| Verisk Analytics Inc. (VRSK) | Equity | +13.64% | 7,500 | 0.05% | $251.51 | $217.21 | $1,886,325 | $1,629,075 | -$257,250 | -13.64% |