Independent Franchise Partners LLP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Independent Franchise Partners LLP reported 27 stock positions worth $15.7 billion. Its top holding was Solventum (SOLV) at 7.7% of the portfolio, followed by Bristol-Myers Squibb (BMY, 7.1%) and Gartner (IT, 5.3%). Compared with Q3 2025, it opened 1 new position, sold out of 3, added to 18 and reduced 8. The biggest buy was Transunion (TRU, shares +100%) and the biggest sale an exit from Electronic Arts (EA).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001483866
- Portfolio Value
- $15.7B (Q4 2025)
- SEC Filing
- 0001172661-26-000867 ↗ filed Feb 17, 2026
Holdings Value
Holdings 27 stocks · $15.7B
| SOLV Solventum Corp. | 7.74% | 15,355,691 | $1.2B | Add +19.0% |
| BMY Bristol-Myers Squibb Co. | 7.14% | 20,828,148 | $1.1B | Add +1.0% |
| IT Gartner Inc. | 5.31% | 3,308,566 | $834.7M | Add +3.5% |
| KVUE Kenvue Inc. | 5.28% | 48,146,476 | $830.5M | Add +56.3% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 5.22% | 7,837,249 | $820.7M | Add +1.1% |
| LYV Live Nation Entertainment Inc. | 5.20% | 5,733,718 | $817.1M | Add +3.5% |
| TRU Transunion | 4.98% | 9,136,903 | $783.5M | Add +99.7% |
| ICE Intercontinental Exchange Inc. | 4.98% | 4,831,853 | $782.6M | Add +1.0% |
| NWSA News Corp. Class A | 4.97% | 29,934,048 | $781.9M | Add +4.0% |
| JNJ Johnson & Johnson | 4.81% | 3,656,329 | $756.7M | Reduce -20.3% |
| Z Zillow Group Inc. Class C | 4.75% | 10,953,405 | $747.2M | Add +0.9% |
| AON Aon PLC Class A | 4.75% | 2,115,523 | $746.5M | Add +0.9% |
| FOXA Fox Corp. Class A | 4.54% | 9,777,519 | $714.4M | Reduce -7.5% |
| CTVA Corteva Inc. | 4.47% | 10,495,388 | $703.5M | Add +1.0% |
| ABNB Airbnb Inc. Class A | 4.44% | 5,146,272 | $698.5M | Add +23.6% |
| EBAY eBay Inc. | 4.29% | 7,748,177 | $674.9M | Add +5.2% |
| PM Philip Morris International | 3.90% | 3,823,728 | $613.3M | Add +1.3% |
| WMG Warner Music Group Corp. Class A | 2.55% | 13,096,205 | $401.7M | Reduce -0.4% |
| WBD Warner Bros Discovery Inc. | 2.33% | 12,697,174 | $365.9M | Reduce -3.1% |
| FOX Fox Corp. Class B | 2.14% | 5,174,660 | $336.0M | Add +1.2% |
| NWS News Corp. Class B | 1.73% | 9,161,455 | $271.5M | Reduce -0.1% |
| CRM Salesforce Inc. | 0.91% | 537,999 | $142.5M | New |
| ZG Zillow Group Inc. Class A | 0.88% | 2,024,556 | $138.1M | Add +1.1% |
| RBA RB Global Inc. | 0.75% | 1,151,798 | $118.5M | Reduce -60.7% |
| RYAN Ryan Specialty Holdings Inc. | 0.69% | 2,115,313 | $109.2M | Add +24.4% |
| TKO Tko Group Holdings Inc. | 0.65% | 485,832 | $101.5M | Reduce -13.7% |
| OTIS Otis Worldwide Corp. | 0.59% | 1,064,149 | $93.0M | Reduce -3.1% |
Portfolio Sells Q3 2025 → Q4 2025
| EA Electronic Arts Inc. | Sold out | 0.00% | −3.63 |
| RBA RB Global Inc. | Reduce -60.7% | 0.75% | −1.34 |
| JNJ Johnson & Johnson | Reduce -20.3% | 4.81% | −0.80 |
| WMG Warner Music Group Corp. Class A | Reduce -0.4% | 2.55% | −0.40 |
| NWS News Corp. Class B | Reduce -0.1% | 1.73% | −0.36 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.28 |
| RTO Rentokil Initial PLC-SP ADR | Sold out | 0.00% | −0.13 |
| TKO Tko Group Holdings Inc. | Reduce -13.7% | 0.65% | −0.10 |
| OTIS Otis Worldwide Corp. | Reduce -3.1% | 0.59% | −0.07 |
| FOXA Fox Corp. Class A | Reduce -7.5% | 4.54% | +0.15 |
| WBD Warner Bros Discovery Inc. | Reduce -3.1% | 2.33% | +0.64 |
Portfolio Buys Q3 2025 → Q4 2025
| TRU Transunion | Add +99.7% | 4.98% | +2.46 |
| KVUE Kenvue Inc. | Add +56.3% | 5.28% | +1.99 |
| SOLV Solventum Corp. | Add +19.0% | 7.74% | +1.53 |
| ABNB Airbnb Inc. Class A | Add +23.6% | 4.44% | +1.11 |
| BMY Bristol-Myers Squibb Co. | Add +1.0% | 7.14% | +1.01 |
| CRM Salesforce Inc. | New | 0.91% | +0.91 |
| EL Estee Lauder Companies Class A | Add +1.1% | 5.22% | +0.72 |
| FOX Fox Corp. Class B | Add +1.2% | 2.14% | +0.21 |
| RYAN Ryan Specialty Holdings Inc. | Add +24.4% | 0.69% | +0.06 |
| ZG Zillow Group Inc. Class A | Add +1.1% | 0.88% | −0.10 |
| EBAY eBay Inc. | Add +5.2% | 4.29% | −0.12 |
| PM Philip Morris International | Add +1.3% | 3.90% | −0.14 |
| CTVA Corteva Inc. | Add +1.0% | 4.47% | −0.16 |
| AON Aon PLC Class A | Add +0.9% | 4.75% | −0.18 |
| IT Gartner Inc. | Add +3.5% | 5.31% | −0.23 |
| ICE Intercontinental Exchange Inc. | Add +1.0% | 4.98% | −0.33 |
| Z Zillow Group Inc. Class C | Add +0.9% | 4.75% | −0.76 |
| LYV Live Nation Entertainment Inc. | Add +3.5% | 5.20% | −0.77 |
| NWSA News Corp. Class A | Add +4.0% | 4.97% | −0.86 |
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 |