Reported positions
Quarter-end holdings as filed
Explore the full published position list and its source filing. This record excludes the manager’s cash, shorts and non-13(f) assets.
Independent Franchise Partners LLP
A quarter-end snapshot. Filed up to 45 days later, so this page is not current holdings and never a complete portfolio. what a 13F is — and is not ↓ · methodology §13F ↗
Period
$14.3B
reported valuesum of disclosed values for 2026-03-31; 0 positions carry a NULL value and are excluded from the sum, surfaced here rather than folded away
26
positionsALL retained default holdings for this (filer, period), including NULL-value ones
0
new stakespositions with no comparable holding in the prior quarter (kind new), 2026-03-31
1
exitspositions absent from this quarter's filing after being held last quarter (kind exit), 2026-03-31 — inferred from absence, not a sale record
Position changes — into 2026-03-31
by shares · Δ value · filing link · how changes are classified §Positionposition matched across quarters by exact reported CUSIP over a registry gap — producer-reconciled identity, never a name match identity_reconciled_by_cusip | Changethe reported share count is unchanged across the pair, so the position reads as held rather than as a buy or a sell; only builds before this release inferred a direction from the reported value instead classified_by_value · "exit" = absent this quarter: disposed, delisted, under confidential treatment, or reported instead by an affiliated manager — the filing does not say which · change not classifiable: value undisclosed on one side of the quarter pair, or neither shares nor value can classify it · "no change" = the share count is identical in both quarters; the value moved only with price, so the row is mark-to-market and never an add or a trim (Add / New / Trim / Exit / No change) · "no prior" = this filer has no comparable holdings list for the previous quarter on record — a first filing under this registration, or a quarter reported inside an affiliated manager's filing — so the position is not called a new stake | Δ valuederived by Public Filings from the published aggregate; NULL means the source did not disclose a usable value — never zero | Δ shares | Prev value | Curr value | Prev shares | Curr shares | Flags |
|---|---|---|---|---|---|---|---|---|
BRISTOL-MYERS SQUIBB CO COMposition key pos:15894 · issuer key iss:435 | add | +$167M | +447,326 | $1.1B | $1.3B | 20,828,148 | 21,275,474 | |
SOLVENTUM CORP COM SHSposition key pos:11925 · issuer key iss:2007 | add | −$189M | +377,804 | $1.2B | $1.0B | 15,355,691 | 15,733,495 | |
LIVE NATION ENTERTAINMENT IN COMposition key pos:12649 · issuer key iss:1364 | add | +$77.4M | +131,039 | $817M | $894M | 5,733,718 | 5,864,757 | |
KENVUE INC COMposition key pos:15356 · issuer key iss:1278 | add | +$17.8M | +1,062,372 | $831M | $848M | 48,146,476 | 49,208,848 | |
TRANSUNION COMposition key pos:16717 · issuer key iss:2153 | add | +$55.9M | +2,995,041 | $783M | $839M | 9,136,903 | 12,131,944 | |
AON PLC SHS CL Aposition key pos:15235 · issuer key iss:2426 | add | +$88.8M | +472,479 | $747M | $835M | 2,115,523 | 2,588,002 | |
INTERCONTINENTAL EXCHANGE IN COMposition key pos:17733 · issuer key iss:1198 | add | −$3.2M | +123,339 | $783M | $779M | 4,831,853 | 4,955,192 | |
NEWS CORP NEW CL Aposition key pos:11089 · issuer key iss:1564 | add | −$10.9M | +990,526 | $782M | $771M | 29,934,048 | 30,924,574 | |
SALESFORCE INC COMposition key pos:13593 · issuer key iss:1920 | add | +$611M | +3,497,051 | $143M | $753M | 537,999 | 4,035,050 | |
GARTNER INC COMposition key pos:11327 · issuer key iss:991 | add | −$106M | +1,292,205 | $835M | $728M | 3,308,566 | 4,600,771 | |
JOHNSON & JOHNSON COMposition key pos:14474 · issuer key iss:1258 | trim | −$30.3M | −684,893 | $757M | $726M | 3,656,329 | 2,971,436 | |
AIRBNB INC COM CL Aposition key pos:12838 · issuer key iss:102 | add | −$32.2M | +129,389 | $698M | $666M | 5,146,272 | 5,275,661 | |
EBAY INC. COMposition key pos:18440 · issuer key iss:791 | trim | −$58.5M | −975,945 | $675M | $616M | 7,748,177 | 6,772,232 | |
ZILLOW GROUP INC CL C CAP STKposition key pos:14196 · issuer key iss:2376 | add | −$201M | +2,244,024 | $747M | $546M | 10,953,405 | 13,197,429 | |
FOX CORP CL A COMposition key pos:17948 · issuer key iss:959 | trim | −$237M | −1,602,825 | $714M | $477M | 9,777,519 | 8,174,694 | |
LAUDER ESTEE COS INC CL Aposition key pos:18543 · issuer key iss:1330 | trim | −$345M | −1,208,709 | $821M | $476M | 7,837,249 | 6,628,540 | |
PHILIP MORRIS INTL INC COMposition key pos:16086 · issuer key iss:1711 | trim | −$190M | −1,263,162 | $613M | $423M | 3,823,728 | 2,560,566 | |
WARNER MUSIC GROUP CORP COM CL Aposition key pos:18492 · issuer key iss:2303 | trim | −$68.8M | −61,951 | $402M | $333M | 13,096,205 | 13,034,254 | |
FOX CORP CL B COMposition key pos:17648 · issuer key iss:959 | add | −$54.1M | +133,221 | $336M | $282M | 5,174,660 | 5,307,881 | |
NEWS CORP NEW CL Bposition key pos:15127 · issuer key iss:1564 | trim | −$11.7M | −49,695 | $271M | $260M | 9,161,455 | 9,111,760 | |
WARNER BROS DISCOVERY INC COM SER Aposition key pos:14337 · issuer key iss:2302 | trim | −$127M | −3,999,444 | $366M | $239M | 12,697,174 | 8,697,730 | |
ZILLOW GROUP INC CL Aposition key pos:15118 · issuer key iss:2376 | add | −$24.8M | +713,926 | $138M | $113M | 2,024,556 | 2,738,482 | |
CORTEVA INC COMposition key pos:12518 · issuer key iss:667 | trim | −$604M | −9,306,492 | $704M | $99.5M | 10,495,388 | 1,188,896 | |
RYAN SPECIALTY HOLDINGS INC CL Aposition key pos:16221 · issuer key iss:1882 | add | −$14.0M | +705,541 | $109M | $95.2M | 2,115,313 | 2,820,854 | |
TKO GROUP HOLDINGS INC CL Aposition key pos:16623 · issuer key iss:2074 | trim | −$9.3M | −28,232 | $102M | $92.3M | 485,832 | 457,600 | |
OTIS WORLDWIDE CORP COMposition key pos:15199 · issuer key iss:1642 | trim | −$15.7M | −61,865 | $93.0M | $77.3M | 1,064,149 | 1,002,284 | |
| pos:18741 | exit‡e | −$118M | −1,151,798 | $118M | $0 | 1,151,798 | — |
7 more changes below.
Quarter ended 2026-03-31Newest filing in this build: 2026-07-31. Per-row filing dates are on each receipt.
Changes derive from the aggregate's top-25 slices and keyable positions only; unkeyable holdings are counted in the registry, not differenced. methodology §13F ↗
Book shape
2026-03-31 · concentration · vs tracked median · tick = median- Top-25 concentration
- 99.5%above median 80.0%
- Concentration index
- 518 bpsabove median 446 bps
- Positions with value
- 26 / 26median book 97.5 positions
Concentration uses reported 13F long value, not total assets. The index is withheld when any position lacks a value. Medians are over the 8,748 tracked filers with a 2026-03-31 book; the index median over the 8,662 with a complete book.
null-value positions: 0holdings whose <value> did not parse — retained and counted, never zero-filled · top-N share ·§: 99.5% · HHI (bps) ·§: 518integer Herfindahl–Hirschman index in basis points over disclosed position values · QoQ moves: 27
Filing history
AVAILABLE QUARTERS| Period | Source |
|---|---|
| 2026-03-31 | EDGAR ↗ |
PLANNED sector rotation · Congress overlap · signals for this filer
Complete source filings on SEC EDGAR
The complete filing on EDGAR.
The position list above is served from the published Public Filings build — every position this filer reported for the selected quarter, as it reported it. This block is provenance, not a substitute: the filing itself is the record, and it is one click away. Serving this list is M2-CONTRACT §3, amended 2026-08-02; §3.1 keeps live EDGAR for filings newer than this build.
Open Independent Franchise Partners LLP's 13F filings on SEC EDGAR ↗Notes on this data
Share changes
Compare consecutive quarters
Position changes retain the producer’s classification and comparability flags. Share counts and reported values describe different changes.
Coverage
A snapshot, not current holdings
Use the quarter selector to inspect available periods. Unknown values stay unknown and each table states its coverage.
ViewPrior quarter not yet availableThis build carries one quarter for this manager: 2026-03-31. Notable managers carry four published quarters, others two.
Reported positions — 2026-03-31
1–23 of 23 issuers · $14.3B disclosed value over 26 rows · 0 undisclosed-value rowsEvery row below carries ticker not yet mapped — stated once here rather than repeated on every row.
| KindClassification is not joined into this reported-position view. Use the changed-positions view to compare the two published quarters. | TickerThis list carries reported issuer names and security identities, without a dated ticker mapping. Symbols are not inferred from names. | Issuera position composed from a base filing plus NEW-HOLDINGS amendments keeps every source row here; the composition's latest filed date is the one shown served from this build's published holdings (derived from the filer's own reported rows); every row resolves to its filing | WeightShare of total reported value, calculated only when the full position list has disclosed values. This is 13F long value, not total assets. | Valuevalue undisclosed on the filing: retained and counted, excluded from sums, never shown as $0 | Shares | Position changeShare change is available in the separate comparison view; it is not joined into this position list. | Wt | CongressThe congressional transaction join is unavailable in this build. |
|---|---|---|---|---|---|---|---|---|
| — | BMYverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | BRISTOL-MYERS SQUIBB CO BRISTOL-MYERS SQUIBB CO · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $1.3B | 21,275,474 | — | 9.0% | — | |
| — | NWSAverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) NWSverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | NEWS CORP NEW | $1.0B | 40,036,334 | — | 7.2% | — | |
| — | SOLVverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | SOLVENTUM CORP SOLVENTUM CORP · COM SHS CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $1.0B | 15,733,495 | — | 7.2% | — | |
| — | LYVverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | LIVE NATION ENTERTAINMENT IN LIVE NATION ENTERTAINMENT IN · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $894M | 5,864,757 | — | 6.3% | — | |
| — | KVUEverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | KENVUE INC KENVUE INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $848M | 49,208,848 | — | 5.9% | — | |
| — | TRUverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | TRANSUNION TRANSUNION · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $839M | 12,131,944 | — | 5.9% | — | |
| — | AONverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | AON PLC AON PLC · SHS CL A CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $835M | 2,588,002 | — | 5.8% | — | |
| — | ICEverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | INTERCONTINENTAL EXCHANGE IN INTERCONTINENTAL EXCHANGE IN · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $779M | 4,955,192 | — | 5.5% | — | |
| — | FOXAverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) FOXverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | FOX CORP | $759M | 13,482,575 | — | 5.3% | — | |
| — | CRMverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | SALESFORCE INC SALESFORCE INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $753M | 4,035,050 | — | 5.3% | — | |
| — | ITverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | GARTNER INC GARTNER INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $728M | 4,600,771 | — | 5.1% | — | |
| — | JNJverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | JOHNSON & JOHNSON JOHNSON & JOHNSON · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $726M | 2,971,436 | — | 5.1% | — | |
| — | ABNBverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | AIRBNB INC AIRBNB INC · COM CL A CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $666M | 5,275,661 | — | 4.7% | — | |
| — | Zverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) ZGverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | ZILLOW GROUP INC | $659M | 15,935,911 | — | 4.6% | — | |
| — | EBAYverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | EBAY INC. EBAY INC. · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $616M | 6,772,232 | — | 4.3% | — | |
| — | ELverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | LAUDER ESTEE COS INC LAUDER ESTEE COS INC · CL A CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $476M | 6,628,540 | — | 3.3% | — | |
| — | PMverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | PHILIP MORRIS INTL INC PHILIP MORRIS INTL INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $423M | 2,560,566 | — | 3.0% | — | |
| — | WMGverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | WARNER MUSIC GROUP CORP WARNER MUSIC GROUP CORP · COM CL A CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $333M | 13,034,254 | — | 2.3% | — | |
| — | WBDverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | WARNER BROS DISCOVERY INC WARNER BROS DISCOVERY INC · COM SER A CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $239M | 8,697,730 | — | 1.7% | — | |
| — | CTVAverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | CORTEVA INC CORTEVA INC · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $99.5M | 1,188,896 | — | 0.7% | — | |
| — | RYANverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | RYAN SPECIALTY HOLDINGS INC RYAN SPECIALTY HOLDINGS INC · CL A CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $95.2M | 2,820,854 | — | 0.7% | — | |
| — | TKOverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | TKO GROUP HOLDINGS INC TKO GROUP HOLDINGS INC · CL A CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $92.3M | 457,600 | — | 0.6% | — | |
| — | OTISverified against the SEC company list on 2026-09-10 — a reviewed mapping row for this filed issuer name and class (never inferred) | OTIS WORLDWIDE CORP OTIS WORLDWIDE CORP · COM CUSIP — quarter ended 2026-03-31 filed filed 2026-05-14 +44d | $77.3M | 1,002,284 | — | 0.5% | — |
1–23 of 23 issuers · page 1 of 1
every row this filer reported for the quarter, as it reported it — cross-filer de-duplication is applied to issuer totals elsewhere and never deletes a row here
A 13F is a quarterly, long-only snapshot filed up to 45 days late — not current holdings. what a 13F covers ↗
13F reports cover LONG positions in Section 13(f) securities (US exchange-traded equities plus reportable options, warrants, certain convertibles) held by managers with at least $100M in such securities — so managers below that threshold are absent entirely. No short positions, no cash, no non-13(f) assets — not a full portfolio, and not a census of institutional ownership.
Positions are quarter-end snapshots filed up to 45 days late — not current holdings. A position may have been changed or closed before you ever see it, and is older still by however long ago that quarter ended.
Values are the manager's stated market value at quarter-end in era-dependent units (whole dollars for form versions effective 2023-01-03 onward, thousands before), normalized here to whole dollars with unit_basis carried on every record.
Affiliated managers may report the same position (otherManager), so one position can appear under more than one filer.
Positions under confidential treatment may be omitted until a later amendment discloses them.
These are disclosures, not investment advice (ARCHITECTURE.md §5.2 / M2-CONTRACT §5).