Independent Franchise Partners LLP Concentrated Active

CIK: 0001483866 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $15,724,096 (100.0% shares, 0.0% debt)

Holdings (27)

New Positions (1)

CRM SALESFORCE INC 0.9%

Value ($000) $142,521 Shares 537,999 Est. Cost $248.17 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRM	SALESFORCE INC	537,999	$142,521	0.9%	$248.17	0.0%	COM	79466L302

Increased Positions (15)

TRU TRANSUNION 5.0%

Value ($000) $783,489 (+104.4%) Shares 9,136,903 (+99.7%) Est. Cost $84.07 Unrealized -2.3%

KVUE KENVUE INC 5.3%

Value ($000) $830,527 (+66.1%) Shares 48,146,476 (+56.3%) Est. Cost $19.75 Unrealized -17.7%

SOLV SOLVENTUM CORP 7.7%

Value ($000) $1,216,785 (+29.2%) Shares 15,355,691 (+19.0%) Est. Cost $72.60 Unrealized +5.5%

ABNB AIRBNB INC 4.4%

Value ($000) $698,452 (+38.1%) Shares 5,146,272 (+23.6%) Est. Cost $128.44 Unrealized -3.0%

EL LAUDER ESTEE COS INC 5.2%

Value ($000) $820,717 (+20.1%) Shares 7,837,249 (+1.1%) Est. Cost $111.89 Unrealized -13.5%

NWSA NEWS CORP NEW 5.0%

Value ($000) $781,877 (-11.6%) Shares 29,934,048 (+4.0%) Est. Cost $16.36 Unrealized +60.4%

LYV LIVE NATION ENTERTAINMENT IN 5.2%

Value ($000) $817,055 (-9.8%) Shares 5,733,718 (+3.5%) Est. Cost $120.75 Unrealized +19.0%

FOX FOX CORP 2.1%

Value ($000) $335,991 (+14.7%) Shares 5,174,660 (+1.2%) Est. Cost $30.98 Unrealized +88.5%

ICE INTERCONTINENTAL EXCHANGE IN 5.0%

Value ($000) $782,567 (-2.9%) Shares 4,831,853 (+1.0%) Est. Cost $117.78 Unrealized +32.6%

RYAN RYAN SPECIALTY HOLDINGS INC 0.7%

Value ($000) $109,214 (+14.0%) Shares 2,115,313 (+24.4%) Est. Cost $58.37 Unrealized -6.0%

ZG ZILLOW GROUP INC 0.9%

Value ($000) $138,135 (-7.3%) Shares 2,024,556 (+1.1%) Est. Cost $62.89 Unrealized +11.8%

IT GARTNER INC 5.3%

Value ($000) $834,685 (-0.7%) Shares 3,308,566 (+3.5%) Est. Cost $289.93 Unrealized -17.0%

EBAY EBAY INC. 4.3%

Value ($000) $674,866 (+0.8%) Shares 7,748,177 (+5.2%) Est. Cost $47.10 Unrealized +83.4%

CTVA CORTEVA INC 4.5%

Value ($000) $703,506 (+0.1%) Shares 10,495,388 (+1.0%) Est. Cost $45.47 Unrealized +42.0%

PM PHILIP MORRIS INTL INC 3.9%

Value ($000) $613,326 (+0.2%) Shares 3,823,728 (+1.3%) Est. Cost $68.85 Unrealized +123.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TRU	TRANSUNION	9,136,903 (+99.7%)	$783,489 (+104.4%)	5.0%	$84.07	-2.3%	COM	89400J107
KVUE	KENVUE INC	48,146,476 (+56.3%)	$830,527 (+66.1%)	5.3%	$19.75	-17.7%	COM	49177J102
SOLV	SOLVENTUM CORP	15,355,691 (+19.0%)	$1,216,785 (+29.2%)	7.7%	$72.60	+5.5%	COM SHS	83444M101
ABNB	AIRBNB INC	5,146,272 (+23.6%)	$698,452 (+38.1%)	4.4%	$128.44	-3.0%	COM CL A	009066101
EL	LAUDER ESTEE COS INC	7,837,249 (+1.1%)	$820,717 (+20.1%)	5.2%	$111.89	-13.5%	CL A	518439104
NWSA	NEWS CORP NEW	29,934,048 (+4.0%)	$781,877 (-11.6%)	5.0%	$16.36	+60.4%	CL A	65249B109
LYV	LIVE NATION ENTERTAINMENT IN	5,733,718 (+3.5%)	$817,055 (-9.8%)	5.2%	$120.75	+19.0%	COM	538034109
FOX	FOX CORP	5,174,660 (+1.2%)	$335,991 (+14.7%)	2.1%	$30.98	+88.5%	CL B COM	35137L204
ICE	INTERCONTINENTAL EXCHANGE IN	4,831,853 (+1.0%)	$782,567 (-2.9%)	5.0%	$117.78	+32.6%	COM	45866F104
RYAN	RYAN SPECIALTY HOLDINGS INC	2,115,313 (+24.4%)	$109,214 (+14.0%)	0.7%	$58.37	-6.0%	CL A	78351F107
ZG	ZILLOW GROUP INC	2,024,556 (+1.1%)	$138,135 (-7.3%)	0.9%	$62.89	+11.8%	CL A	98954M101
IT	GARTNER INC	3,308,566 (+3.5%)	$834,685 (-0.7%)	5.3%	$289.93	-17.0%	COM	366651107
EBAY	EBAY INC.	7,748,177 (+5.2%)	$674,866 (+0.8%)	4.3%	$47.10	+83.4%	COM	278642103
CTVA	CORTEVA INC	10,495,388 (+1.0%)	$703,506 (+0.1%)	4.5%	$45.47	+42.0%	COM	22052L104
PM	PHILIP MORRIS INTL INC	3,823,728 (+1.3%)	$613,326 (+0.2%)	3.9%	$68.85	+123.0%	COM	718172109

Exited Positions (3)

EA ELECTRONIC ARTS INC 3.5%

Value ($000) $551,398 Shares 2,733,751 Est. Cost $105.78 Unrealized +90.7%

ORCL ORACLE CORP 0.3%

Value ($000) $42,477 Shares 151,033 Est. Cost $58.08 Unrealized +309.9%

RTO RENTOKIL INITIAL PLC 0.1%

Value ($000) $19,660 Shares 778,628 Est. Cost $25.21 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EA	ELECTRONIC ARTS INC	2,733,751	$551,398	3.5%	$105.78	+90.7%	—	285512109
ORCL	ORACLE CORP	151,033	$42,477	0.3%	$58.08	+309.9%	—	68389X105
RTO	RENTOKIL INITIAL PLC	778,628	$19,660	0.1%	$25.21	—	—	760125104

Decreased Positions (6)

RBA RB GLOBAL INC 0.8%

Value ($000) $118,485 (-62.7%) Shares 1,151,798 (-60.7%) Est. Cost $56.38 Unrealized +80.2%

WBD WARNER BROS DISCOVERY INC 2.3%

Value ($000) $365,933 (+43.0%) Shares 12,697,174 (-3.1%) Est. Cost $10.46 Unrealized +123.4%

JNJ JOHNSON & JOHNSON 4.8%

Value ($000) $756,677 (-11.1%) Shares 3,656,329 (-20.3%) Est. Cost $121.60 Unrealized +62.0%

FOXA FOX CORP 4.5%

Value ($000) $714,443 (+7.1%) Shares 9,777,519 (-7.6%) Est. Cost $32.83 Unrealized +99.0%

TKO TKO GROUP HOLDINGS INC 0.6%

Value ($000) $101,539 (-10.7%) Shares 485,832 (-13.7%) Est. Cost $92.51 Unrealized +109.5%

OTIS OTIS WORLDWIDE CORP 0.6%

Value ($000) $92,953 (-7.4%) Shares 1,064,149 (-3.1%) Est. Cost $90.13 Unrealized -1.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RBA	RB GLOBAL INC	1,151,798 (-60.7%)	$118,485 (-62.7%)	0.8%	$56.38	+80.2%	COM	74935Q107
WBD	WARNER BROS DISCOVERY INC	12,697,174 (-3.1%)	$365,933 (+43.0%)	2.3%	$10.46	+123.4%	COM SER A	934423104
JNJ	JOHNSON & JOHNSON	3,656,329 (-20.3%)	$756,677 (-11.1%)	4.8%	$121.60	+62.0%	COM	478160104
FOXA	FOX CORP	9,777,519 (-7.6%)	$714,443 (+7.1%)	4.5%	$32.83	+99.0%	CL A COM	35137L105
TKO	TKO GROUP HOLDINGS INC	485,832 (-13.7%)	$101,539 (-10.7%)	0.6%	$92.51	+109.5%	CL A	87256C101
OTIS	OTIS WORLDWIDE CORP	1,064,149 (-3.1%)	$92,953 (-7.4%)	0.6%	$90.13	-1.0%	COM	68902V107

Unchanged Positions (5)

BMY BRISTOL-MYERS SQUIBB CO 7.1%

Value ($000) $1,123,470 Shares 20,828,148 Est. Cost $47.87 Unrealized -0.7%

Z ZILLOW GROUP INC 4.8%

Value ($000) $747,241 Shares 10,953,405 Est. Cost $63.45 Unrealized +14.1%

WMG WARNER MUSIC GROUP CORP 2.6%

Value ($000) $401,661 Shares 13,096,205 Est. Cost $31.19 Unrealized -3.0%

NWS NEWS CORP NEW 1.7%

Value ($000) $271,454 Shares 9,161,455 Est. Cost $14.53 Unrealized +105.2%

AON AON PLC 4.7%

Value ($000) $746,526 Shares 2,115,523 Est. Cost $260.44 Unrealized +34.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BMY	BRISTOL-MYERS SQUIBB CO	20,828,148	$1,123,470	7.1%	$47.87	-0.7%	COM	110122108
Z	ZILLOW GROUP INC	10,953,405	$747,241	4.8%	$63.45	+14.1%	CL C CAP STK	98954M200
WMG	WARNER MUSIC GROUP CORP	13,096,205	$401,661	2.6%	$31.19	-3.0%	COM CL A	934550203
NWS	NEWS CORP NEW	9,161,455	$271,454	1.7%	$14.53	+105.2%	CL B	65249B208
AON	AON PLC	2,115,523	$746,526	4.7%	$260.44	+34.1%	SHS CL A	G0403H108