Independent Franchise Partners LLP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Independent Franchise Partners LLP reported 25 stock positions worth $14.0 billion. Its top holding was Intercontinental Exchange (ICE) at 7.6% of the portfolio, followed by Bristol-Myers Squibb (BMY, 7.6%) and Corteva (CTVA, 7.5%). Compared with Q4 2024, it opened 1 new position, sold out of 1, added to 17 and reduced 7. The biggest buy was Solventum (SOLV, shares +263%) and the biggest sale RB Global (RBA, shares −41%).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001483866
- Portfolio Value
- $14.0B (Q1 2025)
- SEC Filing
- 0001172661-25-001882 ↗ filed May 14, 2025
Holdings Value
Holdings 25 stocks · $14.0B
| ICE Intercontinental Exchange Inc. | 7.62% | 6,192,424 | $1.1B | Add +0.5% |
| BMY Bristol-Myers Squibb Co. | 7.57% | 17,393,791 | $1.1B | Add +1.5% |
| CTVA Corteva Inc. | 7.53% | 16,785,300 | $1.1B | Add +1.8% |
| JNJ Johnson & Johnson | 6.27% | 5,302,536 | $879.4M | Add +2.1% |
| EBAY eBay Inc. | 5.65% | 11,689,267 | $791.7M | Add +4.6% |
| Z Zillow Group Inc. Class C | 5.45% | 11,153,697 | $764.7M | Add +2.5% |
| LYV Live Nation Entertainment Inc. | 5.31% | 5,698,560 | $744.1M | Add +21.4% |
| NWSA News Corp. Class A | 5.28% | 27,189,590 | $740.1M | Add +2.1% |
| FOXA Fox Corp. Class A | 5.20% | 12,888,660 | $729.5M | Reduce -20.3% |
| PM Philip Morris International | 4.93% | 4,353,531 | $691.0M | Reduce -34.5% |
| AON Aon PLC Class A | 4.51% | 1,583,221 | $631.8M | Reduce -21.5% |
| ORCL Oracle Corp. | 4.19% | 4,198,933 | $587.1M | Add +1.5% |
| RBA RB Global Inc. | 4.11% | 5,745,840 | $576.3M | Reduce -40.5% |
| EA Electronic Arts Inc. | 4.07% | 3,945,702 | $570.2M | Add +2.3% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 3.75% | 7,976,434 | $526.4M | Add +1.5% |
| TKO Tko Group Holdings Inc. | 3.46% | 3,178,282 | $485.7M | Reduce -6.8% |
| SOLV Solventum Corp. | 3.16% | 5,820,724 | $442.6M | Add +263.1% |
| WMG Warner Music Group Corp. Class A | 2.99% | 13,378,864 | $419.4M | Add +127.0% |
| NWS News Corp. Class B | 2.11% | 9,728,572 | $295.5M | Add +0.8% |
| FOX Fox Corp. Class B | 1.98% | 5,260,915 | $277.3M | Reduce -7.8% |
| KVUE Kenvue Inc. | 1.60% | 9,379,037 | $224.9M | Add +159.3% |
| TRU Transunion | 1.25% | 2,116,568 | $175.7M | Add +1.5% |
| WBD Warner Bros Discovery Inc. | 1.00% | 13,068,375 | $140.2M | New |
| ZG Zillow Group Inc. Class A | 0.98% | 2,060,399 | $137.8M | Add +1.8% |
| RTO Rentokil Initial PLC-SP ADR | 0.03% | 168,001 | $3.8M | Reduce -43.8% |
Portfolio Sells Q4 2024 → Q1 2025
| RBA RB Global Inc. | Reduce -40.5% | 4.11% | −2.43 |
| PM Philip Morris International | Reduce -34.5% | 4.93% | −1.07 |
| AZPN Aspen Technology Inc. | Sold out | 0.00% | −0.97 |
| AON Aon PLC Class A | Reduce -21.5% | 4.51% | −0.93 |
| FOXA Fox Corp. Class A | Reduce -20.3% | 5.20% | −0.70 |
| TKO Tko Group Holdings Inc. | Reduce -6.8% | 3.46% | −0.17 |
| RTO Rentokil Initial PLC-SP ADR | Reduce -43.8% | 0.03% | −0.03 |
| FOX Fox Corp. Class B | Reduce -7.8% | 1.98% | +0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| SOLV Solventum Corp. | Add +263.1% | 3.16% | +2.36 |
| WMG Warner Music Group Corp. Class A | Add +127.0% | 2.99% | +1.62 |
| KVUE Kenvue Inc. | Add +159.3% | 1.60% | +1.02 |
| WBD Warner Bros Discovery Inc. | New | 1.00% | +1.00 |
| LYV Live Nation Entertainment Inc. | Add +21.4% | 5.31% | +0.74 |
| ICE Intercontinental Exchange Inc. | Add +0.5% | 7.62% | +0.73 |
| JNJ Johnson & Johnson | Add +2.1% | 6.27% | +0.63 |
| CTVA Corteva Inc. | Add +1.8% | 7.53% | +0.48 |
| EBAY eBay Inc. | Add +4.6% | 5.65% | +0.45 |
| BMY Bristol-Myers Squibb Co. | Add +1.5% | 7.57% | +0.29 |
| ZG Zillow Group Inc. Class A | Add +1.8% | 0.98% | −0.09 |
| NWS News Corp. Class B | Add +0.8% | 2.11% | −0.10 |
| EA Electronic Arts Inc. | Add +2.3% | 4.07% | −0.17 |
| TRU Transunion | Add +1.5% | 1.25% | −0.20 |
| NWSA News Corp. Class A | Add +2.1% | 5.28% | −0.22 |
| Z Zillow Group Inc. Class C | Add +2.5% | 5.45% | −0.60 |
| EL Estee Lauder Companies Class A | Add +1.5% | 3.75% | −0.67 |
| ORCL Oracle Corp. | Add +1.5% | 4.19% | −0.99 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 26 | $15.2B | BMY, SOLV, LYV, TRU, KVUE |
| Q1 2026 | 26 | $14.3B | BMY, SOLV, LYV, KVUE, TRU |
| Q4 2025 | 27 | $15.7B | SOLV, BMY, IT, KVUE, EL |
| Q3 2025 | 29 | $15.2B | SOLV, BMY, LYV, NWSA, JNJ |
| Q2 2025 | 25 | $15.0B | ICE, CTVA, BMY, NWSA, LYV |
| Q1 2025 | 25 | $14.0B | ICE, BMY, CTVA, JNJ, EBAY |
| Q4 2024 | 25 | $13.3B | BMY, CTVA, ICE, RBA, Z |
| Q3 2024 | 25 | $11.3B | RBA, ICE, Z, PM, BMY |
| Q2 2024 | 24 | $10.9B | RBA, ICE, ORCL, AON, PM |
| Q1 2024 | 23 | $12.1B | RBA, CTVA, ICE, AON, BMY |