Independent Franchise Partners LLP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Independent Franchise Partners LLP reported 29 stock positions worth $15.2 billion. Its top holding was Solventum (SOLV) at 6.2% of the portfolio, followed by Bristol-Myers Squibb (BMY, 6.1%) and Live Nation Entertainment (LYV, 6.0%). Compared with Q2 2025, it opened 4 new positions, added to 4 and reduced 21. The biggest buy was a new position in Gartner (IT) and the biggest sale Oracle (ORCL, shares −96%).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001483866
- Portfolio Value
- $15.2B (Q3 2025)
- SEC Filing
- 0001172661-25-004789 ↗ filed Nov 14, 2025
Holdings Value
Holdings 29 stocks · $15.2B
| SOLV Solventum Corp. | 6.21% | 12,899,240 | $941.6M | Add +27.2% |
| BMY Bristol-Myers Squibb Co. | 6.13% | 20,623,351 | $930.1M | Reduce -1.7% |
| LYV Live Nation Entertainment Inc. | 5.97% | 5,540,614 | $905.3M | Reduce -1.8% |
| NWSA News Corp. Class A | 5.83% | 28,796,357 | $884.3M | Reduce -1.3% |
| JNJ Johnson & Johnson | 5.61% | 4,588,890 | $850.9M | Reduce -12.5% |
| IT Gartner Inc. | 5.54% | 3,196,127 | $840.2M | New |
| Z Zillow Group Inc. Class C | 5.52% | 10,858,836 | $836.7M | Reduce -1.6% |
| ICE Intercontinental Exchange Inc. | 5.31% | 4,781,925 | $805.7M | Reduce -21.7% |
| AON Aon PLC Class A | 4.93% | 2,096,486 | $747.6M | Add +41.6% |
| CTVA Corteva Inc. | 4.63% | 10,387,954 | $702.5M | Reduce -22.4% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 4.50% | 7,753,392 | $683.2M | Reduce -1.8% |
| EBAY eBay Inc. | 4.41% | 7,363,607 | $669.7M | Reduce -9.2% |
| FOXA Fox Corp. Class A | 4.40% | 10,576,112 | $666.9M | Reduce -1.5% |
| PM Philip Morris International | 4.04% | 3,775,512 | $612.4M | Reduce -1.0% |
| EA Electronic Arts Inc. | 3.63% | 2,733,751 | $551.4M | Reduce -19.9% |
| ABNB Airbnb Inc. Class A | 3.33% | 4,164,648 | $505.7M | New |
| KVUE Kenvue Inc. | 3.30% | 30,802,691 | $499.9M | Reduce -1.5% |
| WMG Warner Music Group Corp. Class A | 2.95% | 13,153,384 | $448.0M | Reduce -0.9% |
| TRU Transunion | 2.53% | 4,575,284 | $383.3M | Reduce -1.5% |
| RBA RB Global Inc. | 2.09% | 2,931,316 | $317.6M | Reduce -48.6% |
| NWS News Corp. Class B | 2.09% | 9,168,830 | $316.8M | Reduce -2.7% |
| FOX Fox Corp. Class B | 1.93% | 5,114,507 | $293.0M | Reduce -1.8% |
| WBD Warner Bros Discovery Inc. | 1.69% | 13,107,132 | $256.0M | Add +0.5% |
| ZG Zillow Group Inc. Class A | 0.98% | 2,002,694 | $149.1M | Reduce -1.8% |
| TKO Tko Group Holdings Inc. | 0.75% | 563,116 | $113.7M | Reduce -82.1% |
| OTIS Otis Worldwide Corp. | 0.66% | 1,098,496 | $100.4M | New |
| RYAN Ryan Specialty Holdings Inc. | 0.63% | 1,699,753 | $95.8M | New |
| ORCL Oracle Corp. | 0.28% | 151,033 | $42.5M | Reduce -95.8% |
| RTO Rentokil Initial PLC-SP ADR | 0.13% | 778,628 | $19.7M | Add +662.2% |
Portfolio Sells Q2 2025 → Q3 2025
| ORCL Oracle Corp. | Reduce -95.8% | 0.28% | −4.91 |
| TKO Tko Group Holdings Inc. | Reduce -82.1% | 0.75% | −3.06 |
| ICE Intercontinental Exchange Inc. | Reduce -21.7% | 5.31% | −2.14 |
| CTVA Corteva Inc. | Reduce -22.4% | 4.63% | −2.01 |
| RBA RB Global Inc. | Reduce -48.6% | 2.09% | −1.93 |
| KVUE Kenvue Inc. | Reduce -1.5% | 3.30% | −1.06 |
| PM Philip Morris International | Reduce -1.0% | 4.04% | −0.59 |
| BMY Bristol-Myers Squibb Co. | Reduce -1.7% | 6.13% | −0.33 |
| TRU Transunion | Reduce -1.5% | 2.53% | −0.19 |
| NWS News Corp. Class B | Reduce -2.7% | 2.09% | −0.06 |
| EA Electronic Arts Inc. | Reduce -19.9% | 3.63% | +0.01 |
| ZG Zillow Group Inc. Class A | Reduce -1.8% | 0.98% | +0.05 |
| NWSA News Corp. Class A | Reduce -1.3% | 5.83% | +0.06 |
| FOX Fox Corp. Class B | Reduce -1.8% | 1.93% | +0.14 |
| EL Estee Lauder Companies Class A | Reduce -1.8% | 4.50% | +0.26 |
| JNJ Johnson & Johnson | Reduce -12.5% | 5.61% | +0.28 |
| LYV Live Nation Entertainment Inc. | Reduce -1.8% | 5.97% | +0.29 |
| Z Zillow Group Inc. Class C | Reduce -1.6% | 5.52% | +0.37 |
| FOXA Fox Corp. Class A | Reduce -1.5% | 4.40% | +0.39 |
| EBAY eBay Inc. | Reduce -9.2% | 4.41% | +0.40 |
| WMG Warner Music Group Corp. Class A | Reduce -0.9% | 2.95% | +0.55 |
Portfolio Buys Q2 2025 → Q3 2025
| IT Gartner Inc. | New | 5.54% | +5.54 |
| ABNB Airbnb Inc. Class A | New | 3.33% | +3.33 |
| AON Aon PLC Class A | Add +41.6% | 4.93% | +1.41 |
| SOLV Solventum Corp. | Add +27.2% | 6.21% | +1.09 |
| WBD Warner Bros Discovery Inc. | Add +0.5% | 1.69% | +0.69 |
| OTIS Otis Worldwide Corp. | New | 0.66% | +0.66 |
| RYAN Ryan Specialty Holdings Inc. | New | 0.63% | +0.63 |
| RTO Rentokil Initial PLC-SP ADR | Add +662.2% | 0.13% | +0.11 |
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 |