Nick Train Top Portfolio Trims: Consumer Staples, Financials, and Technology

Top 5 Sells by % Change – Q2 2025

Lindsell Train Ltd (Nick Train)
Total Portfolio Value: $4.24 billion
Top 10 Holdings Concentration: 94.44%

1. Colgate-Palmolive Co (CL)
Value: $1.36 million
Shares Sold: –5,100
% Change in Shares: ▼ 25.37%
Remaining Shares: 15,000

Possible Reason for Sale:
Colgate-Palmolive is a global leader in consumer staples with strong brand equity. The significant percentage reduction, despite the small dollar value, suggests a tidy-up of a minor position rather than a shift in conviction. This could reflect a focus on consolidating capital into core holdings.

2. CME Group Inc (CME)
Value: $2.04 million
Shares Sold: –1,200
% Change in Shares: ▼ 13.95%
Remaining Shares: 7,400

Possible Reason for Sale:
CME operates the world’s largest derivatives marketplace. The trim may reflect valuation considerations or a portfolio rebalancing decision, especially given CME’s defensive qualities and the small overall weight in the portfolio.

3. American Express Co (AXP)
Value: $3.25 million
Shares Sold: –1,400
% Change in Shares: ▼ 12.07%
Remaining Shares: 10,200

Possible Reason for Sale:
American Express is a long-standing global payments brand, but interest rate cycles and consumer spending trends can influence sentiment. The modest reduction could be about refining exposure while retaining the long-term franchise.

4. Visa Inc (V)
Value: $3.55 million
Shares Sold: –1,200
% Change in Shares: ▼ 10.71%
Remaining Shares: 10,000

Possible Reason for Sale:
Visa remains one of the most dominant payment networks globally. The small-scale trim likely reflects position sizing discipline rather than a change in strategic view — possibly freeing up liquidity for other opportunities.

5. Intuit Inc (INTU)
Value: $524.39 million
Shares Sold: –75,231
% Change in Shares: ▼ 10.15%
Remaining Shares: 665,786

Possible Reason for Sale:
Intuit, the maker of QuickBooks and TurboTax, is a major holding for Lindsell Train. After substantial price appreciation, the trim may be a risk management move, capturing gains while keeping the company as a core position.

Strategy Insight:
Nick Train is renowned for holding a concentrated portfolio of brand-led, cash-generative businesses for the long haul. These Q2 2025 sales are incremental trims, not wholesale exits — consistent with a disciplined approach to capital allocation. The moves show:

• Position right-sizing in both small and large holdings (e.g., CL, INTU)
• Freeing capital for potential redeployment without abandoning core convictions
• Maintaining portfolio balance while holding onto long-term compounders