Lindsell Train Ltd

Lindsell Train's $3.14B Q1 2026 13F is a quality-active portfolio that systematically reduced its largest positions while adding to a smaller set of high-conviction compounders. Alphabet fell from $654M to $490M (-18.4% in shares), Thermo Fisher from $400M to $303M (-10.5%), Disney from $396M to $309M (-7.9%), and PayPal from $251M to $189M (-2.8%). The manager simultaneously added to Fair Isaac and Intuit — share counts rose 15% and 20% respectively — in names that had declined in price enough that total position values still fell despite the additions. The net effect is a smaller book ($3.14B vs. $3.94B prior) with a narrower, higher-conviction core. The only outright sale was a small T. Rowe Price position.