CIK: 0001483866
Total reported value
$14.3B
Reporting period: 2026-03-31 · Number of holdings: 26
Independent Franchise Partners LLP disclosed 26 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $14.3B and a quarterly turnover rate of 23.1%.
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Independent Franchise Partners LLP's disclosed holdings carry a Herfindahl concentration index of 0.052 — mathematically equivalent to about 19 equally-sized positions, close to its 26 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.60), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 4.3 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Add CRM
+650.0% $610.7M
Trim CTVA
-88.7% -$604.0M
Trim EL
-15.4% -$345.0M
Add BMY
+2.1% $166.9M
Trim FOXA
-16.4% -$237.0M
Add AON
+22.3% $88.8M
Independent Franchise Partners is telegraphing a capital rotation: exiting CTVA, trimming FOXA and EL to fund a massive conviction build in CRM and a deeper stake in BMY. This is not rebalancing—this is a deliberate pivot toward Tech and Health Care names they see as mispriced, backed by extreme position-sizing discipline.
The portfolio's 100% contrarian score and low turnover reveal a bet that the market's current growth preferences will reverse. By ruthlessly trimming recent winners and plowing into legacy tech and pharma, they are pricing in a regime shift where innovation and pipeline value reassert pricing power over momentum and narrative. The opposing thesis: these are value traps shedding weight for a reason, and the market rotation away from 'old economy' growth is structural, not cyclical.
The CRM position—a 5x weight increase to 5.27% in a single quarter—now sits as a high-conviction bet in a stock that may be consensus 'value' but is in a sector facing multiple compression. If CRM's earnings disappoint, the position sizing alone introduces single-stock risk that dwarfs the capital liberation from the trims. Furthermore, the combined 47% weight in Health Care and Communication Services is a sector concentration that, while diversified within, leaves the portfolio exposed to regulatory or technological disruption in both verticals simultaneously.
This narrative is produced by AI from publicly available filings and describes past activity only — it is informational, not investment advice.
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BMY | Bristol-myers Squibb Co | Stock-Healthcare | 9.03% | +1.89% | +2.15% | |
| 2 | SOLV | Solventum CORP | Stock-Healthcare | 7.19% | -0.55% | +2.46% | |
| 3 | LYV | Live Nation Entertainment In | Stock-Comm Services | 6.26% | +1.06% | +2.29% | |
| 4 | KVUE | Kenvue INC | Stock-Consumer Staples | 5.94% | +0.66% | +2.21% | |
| 5 | TRU | Transunion | Stock-Financials | 5.87% | +0.89% | +32.78% | |
| 6 | AON | Aon plc | Stock-Financials | 5.85% | +1.10% | +22.33% | |
| 7 | ICE | Intercontinental Exchange In | Stock-Financials | 5.45% | +0.47% | +2.55% | |
| 8 | NWSA | News CORP - Class A | Stock-Comm Services | 5.40% | +0.43% | +3.31% | |
| 9 | CRM | Salesforce INC | Stock-Tech | 5.27% | +4.36% | +650.01% | |
| 10 | IT | Gartner INC | Stock-Tech | 5.10% | -0.21% | +39.06% | |
| 11 | JNJ | Johnson & Johnson | Stock-Healthcare | 5.08% | +0.27% | -18.73% | |
| 12 | ABNB | Airbnb Inc-class A | Stock-Consumer Disc | 4.66% | +0.22% | +2.51% | |
| 13 | EBAY | Ebay INC | Stock-Consumer Disc | 4.31% | +0.02% | -12.60% | |
| 14 | Z | Zillow Group INC - C | Stock-Comm Services | 3.82% | -0.93% | +20.49% | |
| 15 | FOXA | Fox CORP - Class A | Stock-Comm Services | 3.34% | -1.20% | -16.39% | |
| 16 | EL | Estee Lauder Companies-cl A | Stock-Consumer Staples | 3.33% | -1.89% | -15.42% | |
| 17 | PM | Philip Morris International | Stock-Consumer Staples | 2.96% | -0.94% | -33.03% | |
| 18 | WMG | Warner Music Group Corp-cl A | Stock-Other | 2.33% | -0.22% | -0.47% | |
| 19 | FOX | Fox CORP - Class B | Stock-Comm Services | 1.97% | -0.17% | +2.57% | |
| 20 | NWS | News CORP - Class B | Stock-Comm Services | 1.82% | +0.09% | -0.54% | |
| 21 | WBD | Warner Bros Discovery INC | Stock-Comm Services | 1.67% | -0.66% | -31.50% | |
| 22 | ZG | Zillow Group INC - A | Stock-Comm Services | 0.79% | -0.09% | +35.26% | |
| 23 | CTVA | Corteva INC | Stock-Materials | 0.70% | -3.77% | -88.67% | |
| 24 | RYAN | Ryan Specialty Holdings INC | Stock-Financials | 0.67% | -0.02% | +33.35% | |
| 25 | TKO | Tko Group Holdings INC | Stock-Comm Services | 0.65% | — | -5.81% | |
| 26 | OTIS | Otis Worldwide CORP | Stock-Industrials | 0.54% | -0.05% | -5.81% |
Performance for Q3 2026
+5.2%
Performance Last 4 Quarters
+3.9%
Based on 71% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 26 | $14.3B | 23 | |
| 2025-12-31 | 27 | $15.7B | 21 | |
| 2025-09-30 | 29 | $15.2B | 37 | |
| 2025-06-30 | 25 | $15.0B | 0 | |
| 2025-03-31 | 25 | $14.0B | 100 | |
| 2024-12-31 | 25 | $13.3B | 0 | |
| 2024-09-30 | 25 | $11.3B | 0 | |
| 2024-06-30 | 24 | $10.9B | 0 | |
| 2024-03-31 | 23 | $12.1B | 0 | |
| 2023-12-31 | 25 | $11.8B | 0 | |
| 2023-09-30 | 24 | $11.5B | 0 | |
| 2023-06-30 | 24 | $11.9B | 0 | |
| 2023-03-31 | 23 | $11.1B | 0 | |
| 2022-12-31 | 24 | $10.2B | 0 | |
| 2022-09-30 | 25 | $9.5B | 0 | |
| 2022-06-30 | 26 | $10.6B | 0 | |
| 2022-03-31 | 26 | $12.7B | 0 | |
| 2021-12-31 | 26 | $12.7B | 0 | |
| 2021-09-30 | 25 | $12.7B | 0 | |
| 2021-06-30 | 24 | $13.4B | 97 | |
| 2021-03-31 | 24 | $12.6B | 21 | |
| 2020-12-31 | 25 | $11.6B | 22 | |
| 2020-09-30 | 25 | $10.1B | 26 | |
| 2020-06-30 | 25 | $9.8B | 26 | |
| 2020-03-31 | 26 | $8.1B | 44 | |
| 2019-12-31 | 22 | $10.0B | 23 | |
| 2019-09-30 | 22 | $9.8B | 12 | |
| 2019-06-30 | 20 | $9.7B | 23 | |
| 2019-03-31 | 22 | $8.9B | 45 | |
| 2018-12-31 | 18 | $8.1B | 31 | |
| 2018-09-30 | 17 | $10.4B | 22 | |
| 2018-06-30 | 20 | $10.6B | 31 | |
| 2018-03-31 | 23 | $11.3B | 26 | |
| 2017-12-31 | 25 | $11.8B | 18 | |
| 2017-09-30 | 23 | $11.2B | 13 | |
| 2017-06-30 | 24 | $11.1B | 18 | |
| 2017-03-31 | 22 | $10.5B | 8 | |
| 2016-12-31 | 22 | $10.0B | 11 | |
| 2016-09-30 | 21 | $10.0B | 18 | |
| 2016-06-30 | 19 | $9.1B | 19 | |
| 2016-03-31 | 20 | $8.9B | 20 | |
| 2015-12-31 | 20 | $8.8B | 15 | |
| 2015-09-30 | 20 | $7.9B | 24 | |
| 2015-06-30 | 19 | $8.5B | 14 | |
| 2015-03-31 | 19 | $8.2B | 23 | |
| 2014-12-31 | 18 | $7.6B | 9 | |
| 2014-09-30 | 19 | $7.2B | 14 | |
| 2014-06-30 | 19 | $6.6B | 27 | |
| 2014-03-31 | 20 | $6.1B | 7 | |
| 2013-12-31 | 21 | $6.3B | 14 | |
| 2013-09-30 | 22 | $5.9B | 20 | |
| 2013-06-30 | 22 | $5.2B | 0 |
Independent Franchise Partners LLP's most significant position changes for 2026-03-31: Sold out: Rb Global INC (RBA); Add: Salesforce INC (CRM) — shares +650.01%; Trim: Corteva INC (CTVA) — shares -88.67%; Trim: Estee Lauder Companies-cl A (EL) — shares -15.42%; Add: Bristol-myers Squibb Co (BMY) — shares +2.15%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CRM | Salesforce INC | +4.4% | +650.01% | Add |
| 2 | BMY | Bristol-myers Squibb Co | +1.9% | +2.15% | Add |
| 3 | AON | Aon plc | +1.1% | +22.33% | Add |
| 4 | LYV | Live Nation Entertainment In | +1.1% | +2.29% | Add |
| 5 | TRU | Transunion | +0.9% | +32.78% | Add |
| 6 | KVUE | Kenvue INC | +0.7% | +2.21% | Add |
| 7 | ICE | Intercontinental Exchange In | +0.5% | +2.55% | Add |
| 8 | NWSA | News CORP - Class A | +0.4% | +3.31% | Add |
| 9 | JNJ | Johnson & Johnson | +0.3% | -18.73% | Trim |
| 10 | ABNB | Airbnb Inc-class A | +0.2% | +2.51% | Add |
| 11 | NWS | News CORP - Class B | +0.1% | -0.54% | Trim |
| 12 | EBAY | Ebay INC | 0% | -12.60% | Trim |
| 13 | TKO | Tko Group Holdings INC | — | -5.81% | Trim |
| 14 | RYAN | Ryan Specialty Holdings INC | 0% | +33.35% | Add |
| 15 | OTIS | Otis Worldwide CORP | -0.1% | -5.81% | Trim |
| 16 | ZG | Zillow Group INC - A | -0.1% | +35.26% | Add |
| 17 | FOX | Fox CORP - Class B | -0.2% | +2.57% | Add |
| 18 | IT | Gartner INC | -0.2% | +39.06% | Add |
| 19 | WMG | Warner Music Group Corp-cl A | -0.2% | -0.47% | Trim |
| 20 | SOLV | Solventum CORP | -0.6% | +2.46% | Add |
| 21 | WBD | Warner Bros Discovery INC | -0.7% | -31.50% | Trim |
| 22 | Z | Zillow Group INC - C | -0.9% | +20.49% | Add |
| 23 | PM | Philip Morris International | -0.9% | -33.03% | Trim |
| 24 | FOXA | Fox CORP - Class A | -1.2% | -16.39% | Trim |
| 25 | EL | Estee Lauder Companies-cl A | -1.9% | -15.42% | Trim |
| 26 | CTVA | Corteva INC | -3.8% | -88.67% | Trim |
| 27 | RBA | Rb Global INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-13 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-13 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-14 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-10-23 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-27 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-10 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-01-27 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-01 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-03 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-09 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-01-28 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-03 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-29 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-04-30 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-03 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-10-31 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-01 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-28 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-29 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-07-30 | 13F-HR | View on EDGAR |
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