In its latest 13F filing for the third quarter of 2026, Lindsell Train reported a portfolio value of approximately $2.36 billion. The fund, known for its concentrated, long-term investment style, continued to hold a significant portion of its assets in a few key names. The top holdings included Alphabet (GOOGL), TKO Group Holdings (TKO), Thermo Fisher Scientific (TMO), and The Walt Disney Company (DIS), which together represented a substantial part of the portfolio.
The most significant changes during the quarter involved reductions in several of the firm's largest positions. Lindsell Train decreased its holdings in Alphabet, selling a notable number of shares, which saw its portfolio weight slightly decrease. Similarly, the firm trimmed its stakes in Thermo Fisher Scientific, Disney, and Mondelez (MDLZ). These moves are described as high-signal changes, indicating a meaningful reduction in the fund's conviction or a rebalancing of the portfolio.
Conversely, the filing revealed a medium-signal increase in the fund's position in KKR & Co. (KKR), an alternative asset manager. While not a new position, the significant increase in shares suggests a growing interest in the financial sector. The overall portfolio adjustments reflect a nuanced shift in strategy, with the fund taking profits or reducing exposure to some of its long-standing winners while building a more substantial position elsewhere.