Independent Franchise Partners LLP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Independent Franchise Partners LLP reported 25 stock positions worth $15.0 billion. Its top holding was Intercontinental Exchange (ICE) at 7.5% of the portfolio, followed by Corteva (CTVA, 6.6%) and Bristol-Myers Squibb (BMY, 6.5%). Compared with Q1 2025, it added to 5 and reduced 20. The biggest buy was Kenvue (KVUE, shares +233%) and the biggest sale eBay (EBAY, shares −31%).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001483866
- Portfolio Value
- $15.0B (Q2 2025)
- SEC Filing
- 0001172661-25-003135 ↗ filed Aug 13, 2025
Holdings Value
Holdings 25 stocks · $15.0B
| ICE Intercontinental Exchange Inc. | 7.45% | 6,105,335 | $1.1B | Reduce -1.4% |
| CTVA Corteva Inc. | 6.64% | 13,395,475 | $998.4M | Reduce -20.2% |
| BMY Bristol-Myers Squibb Co. | 6.46% | 20,976,954 | $971.0M | Add +20.6% |
| NWSA News Corp. Class A | 5.77% | 29,170,531 | $866.9M | Add +7.3% |
| LYV Live Nation Entertainment Inc. | 5.68% | 5,640,306 | $853.3M | Reduce -1.0% |
| JNJ Johnson & Johnson | 5.33% | 5,244,138 | $801.0M | Reduce -1.1% |
| ORCL Oracle Corp. | 5.19% | 3,568,470 | $780.2M | Reduce -15.0% |
| Z Zillow Group Inc. Class C | 5.14% | 11,039,921 | $773.3M | Reduce -1.0% |
| SOLV Solventum Corp. | 5.12% | 10,141,066 | $769.1M | Add +74.2% |
| PM Philip Morris International | 4.62% | 3,814,895 | $694.8M | Reduce -12.4% |
| KVUE Kenvue Inc. | 4.35% | 31,265,574 | $654.4M | Add +233.4% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 4.24% | 7,892,037 | $637.7M | Reduce -1.1% |
| RBA RB Global Inc. | 4.03% | 5,697,981 | $605.1M | Reduce -0.8% |
| EBAY eBay Inc. | 4.02% | 8,113,689 | $604.1M | Reduce -30.6% |
| FOXA Fox Corp. Class A | 4.00% | 10,736,192 | $601.7M | Reduce -16.7% |
| TKO Tko Group Holdings Inc. | 3.81% | 3,146,091 | $572.4M | Reduce -1.0% |
| EA Electronic Arts Inc. | 3.63% | 3,415,129 | $545.4M | Reduce -13.4% |
| AON Aon PLC Class A | 3.51% | 1,480,916 | $528.3M | Reduce -6.5% |
| TRU Transunion | 2.72% | 4,646,903 | $408.9M | Add +119.5% |
| WMG Warner Music Group Corp. Class A | 2.41% | 13,280,185 | $361.8M | Reduce -0.7% |
| NWS News Corp. Class B | 2.15% | 9,423,928 | $323.3M | Reduce -3.1% |
| FOX Fox Corp. Class B | 1.79% | 5,208,045 | $268.9M | Reduce -1.0% |
| WBD Warner Bros Discovery Inc. | 0.99% | 13,037,924 | $149.4M | Reduce -0.2% |
| ZG Zillow Group Inc. Class A | 0.93% | 2,038,517 | $139.6M | Reduce -1.1% |
| RTO Rentokil Initial PLC-SP ADR | 0.02% | 102,155 | $2.5M | Reduce -39.2% |
Portfolio Sells Q1 2025 → Q2 2025
| EBAY eBay Inc. | Reduce -30.6% | 4.02% | −1.63 |
| FOXA Fox Corp. Class A | Reduce -16.7% | 4.00% | −1.20 |
| AON Aon PLC Class A | Reduce -6.5% | 3.51% | −0.99 |
| JNJ Johnson & Johnson | Reduce -1.1% | 5.33% | −0.94 |
| CTVA Corteva Inc. | Reduce -20.2% | 6.64% | −0.89 |
| WMG Warner Music Group Corp. Class A | Reduce -0.7% | 2.41% | −0.58 |
| EA Electronic Arts Inc. | Reduce -13.4% | 3.63% | −0.44 |
| Z Zillow Group Inc. Class C | Reduce -1.0% | 5.14% | −0.31 |
| PM Philip Morris International | Reduce -12.4% | 4.62% | −0.31 |
| FOX Fox Corp. Class B | Reduce -1.0% | 1.79% | −0.19 |
| ICE Intercontinental Exchange Inc. | Reduce -1.4% | 7.45% | −0.17 |
| RBA RB Global Inc. | Reduce -0.8% | 4.03% | −0.09 |
| ZG Zillow Group Inc. Class A | Reduce -1.1% | 0.93% | −0.05 |
| RTO Rentokil Initial PLC-SP ADR | Reduce -39.2% | 0.02% | −0.01 |
| WBD Warner Bros Discovery Inc. | Reduce -0.2% | 0.99% | −0.01 |
| NWS News Corp. Class B | Reduce -3.1% | 2.15% | +0.04 |
| TKO Tko Group Holdings Inc. | Reduce -1.0% | 3.81% | +0.34 |
| LYV Live Nation Entertainment Inc. | Reduce -1.0% | 5.68% | +0.37 |
| EL Estee Lauder Companies Class A | Reduce -1.1% | 4.24% | +0.49 |
| ORCL Oracle Corp. | Reduce -15.0% | 5.19% | +1.00 |
Portfolio Buys Q1 2025 → Q2 2025
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 |