# Independent Franchise Partners LLP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1483866. Source: https://holderbook.com/funds/1483866-independent-franchise-partners-llp/

- Reported value: $15.2B
- Positions: 26
- Weight of the ten largest: 63.7%
- Filed: 2026-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $1.3B | 21,792,841 | 8.2% | 28 |
| SOLVENTUM CORP | [SOLV](https://holderbook.com/stocks/SOLV/) | $1.2B | 16,170,038 | 8.2% | 8 |
| LIVE NATION ENTERTAINMENT IN | [LYV](https://holderbook.com/stocks/LYV/) | $1.1B | 6,013,439 | 7.2% | 8 |
| TRANSUNION | [TRU](https://holderbook.com/stocks/TRU/) | $1.0B | 13,976,652 | 6.6% | 18 |
| KENVUE INC | [KVUE](https://holderbook.com/stocks/KVUE/) | $963.7M | 50,427,994 | 6.3% | 8 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $911.6M | 5,818,837 | 6.0% | 3 |
| AON PLC | [AON](https://holderbook.com/stocks/AON/) | $878.0M | 2,646,943 | 5.8% | 24 |
| NEWS CORP NEW | [NWSA](https://holderbook.com/stocks/NWSA/) | $796.4M | 32,074,535 | 5.2% | 31 |
| AIRBNB INC | [ABNB](https://holderbook.com/stocks/ABNB/) | $776.1M | 5,423,764 | 5.1% | 4 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $772.9M | 3,043,186 | 5.1% | 31 |
| GARTNER INC | [IT](https://holderbook.com/stocks/IT/) | $723.7M | 5,582,962 | 4.7% | 4 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $646.7M | 5,253,130 | 4.2% | 21 |
| ZILLOW GROUP INC | [Z](https://holderbook.com/stocks/Z/) | $513.8M | 16,300,754 | 3.4% | 19 |
| EBAY INC. | [EBAY](https://holderbook.com/stocks/EBAY/) | $508.1M | 4,546,653 | 3.3% | 31 |
| PHILIP MORRIS INTL INC | [PM](https://holderbook.com/stocks/PM/) | $466.4M | 2,578,328 | 3.1% | 31 |
| FOX CORP | [FOXA](https://holderbook.com/stocks/FOXA/) | $438.1M | 8,398,658 | 2.9% | 30 |
| LAUDER ESTEE COS INC | [EL](https://holderbook.com/stocks/EL/) | $390.2M | 4,941,737 | 2.6% | 12 |
| OTIS WORLDWIDE CORP | [OTIS](https://holderbook.com/stocks/OTIS/) | $368.9M | 5,152,104 | 2.4% | 4 |
| WARNER MUSIC GROUP CORP | [WMG](https://holderbook.com/stocks/WMG/) | $351.9M | 12,997,804 | 2.3% | 9 |
| FOX CORP | [FOX](https://holderbook.com/stocks/FOX/) | $256.8M | 5,482,675 | 1.7% | 13 |
| NEWS CORP NEW | [NWS](https://holderbook.com/stocks/NWS/) | $253.2M | 9,023,857 | 1.7% | 31 |
| WARNER BROS DISCOVERY INC | [WBD](https://holderbook.com/stocks/WBD/) | $217.5M | 8,157,933 | 1.4% | 6 |
| ZILLOW GROUP INC | [ZG](https://holderbook.com/stocks/ZG/) | $115.2M | 3,672,937 | 0.8% | 19 |
| RYAN SPECIALTY HOLDINGS INC | [RYAN](https://holderbook.com/stocks/RYAN/) | $99.9M | 2,645,789 | 0.7% | 4 |
| CORTEVA INC | [CTVA](https://holderbook.com/stocks/CTVA/) | $94.4M | 1,115,112 | 0.6% | 27 |
| TKO GROUP HOLDINGS INC | [TKO](https://holderbook.com/stocks/TKO/) | $86.4M | 429,092 | 0.6% | 12 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +1.0% | +14.8% | -13.8% | 100% |
| Q1 2026 | -8.2% | -4.6% | -3.6% | 100% |
| Q4 2025 | +1.8% | +2.4% | -0.6% | 100% |
| Q3 2025 | +5.4% | +7.8% | -2.4% | 100% |
| Q2 2025 | +6.1% | +10.5% | -4.4% | 100% |
| Q1 2025 | +6.6% | -4.6% | +11.2% | 100% |
| Q4 2024 | +2.3% | +2.1% | +0.1% | 100% |
| Q3 2024 | +14.7% | +5.4% | +9.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $15.2B | 26 |
| Q1 2026 | $14.3B | 26 |
| Q4 2025 | $15.7B | 27 |
| Q3 2025 | $15.2B | 29 |
| Q2 2025 | $15.0B | 25 |
| Q1 2025 | $14.0B | 25 |
| Q4 2024 | $13.3B | 25 |
| Q3 2024 | $11.3B | 25 |
| Q2 2024 | $10.9B | 24 |
| Q1 2024 | $12.1B | 23 |
| Q4 2023 | $11.8B | 25 |
| Q3 2023 | $11.5B | 24 |