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Independent Franchise Partners LLP — 13F Holdings & Portfolio

CIK 1483866 · latest 13F-HR filed 2026-08-13

Backtest portfolio

Independent Franchise Partners LLP manages $15.24B in 13F-reported U.S. long-equity assets across 26 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are BMY (8.24%), SOLV (8.18%), LYV (7.22%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 0 new positions and exited 0; 11 existing positions rose in reported value and 9 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

Loading holdings…
AUM
$15.24B

Long-equity book

Holdings
26

Distinct positions

Period
2026-06-30

Filed 2026-08-13

Q/Q Activity
+0 / −0 / ↑11 / ↓9

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
BMY8.2% · +2%SOLV8.2% · +3%LYV7.2% · +2%TRU6.6% · +15%KVUE6.3% · +2%CRM6.0% · +44%AON5.8% · +2%NWSA5.2% · +4%ABNB5.1% · +3%JNJ5.1% · +2%IT4.7% · +21%ICE4.2% · +6%Z3.4% · +24%EBAY3.3% · -33%PM3.1% · +1%FOXA2.9% · +3%EL2.6% · -25%OTIS2.4% · +414%WMG2.3% · -0%FOX1.7% · +3%NWS1.7% · -1%WBD1.4% · -6%ZG0.8% · +34%RYAN0.7% · -6%CTVA0.6% · -6%TKO0.6% · -6%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 63.7%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Jul 2, 2026.

Assets Under Management
$23.85B
Discretionary
$23.85B
Employees
34
Accounts
35
Address
LEVEL 1
10 PORTMAN SQUARE
LONDON W1H 6AZ
United Kingdom
Phone
+44 207 495 9070
Website
Name Title / Status Ownership Type
CROSTHWAITE, RICHARD, FRANCIS ControlPARTNER
since Feb 2019
10–25%Individual
Fisher, Terence, James ControlPARTNER
since Apr 2026
Less than 5%Individual
GHELA, SANDEEP, PARVIN ControlPARTNER, CHIEF COMPLIANCE OFFICER & CHIEF OPERATING OFFICER
since Dec 2017
10–25%Individual
LADHA, KARIM, RIAZ ControlPARTNER
since Apr 2017
10–25%Individual
VOWLES, JAYSON, IAN ControlMANAGING PARTNER
since Jan 2023
25–50%Individual
SAMANNAJOSH LIMITEDOWNER/PARTNER
since Feb 2011
5–10%Foreign Entity
VOWLES, JAYSON, IAN Control
Indirect owner via SAMANNAJOSH LIMITED
OWNER
since Feb 2011
75% or moreIndividual
Ownership & leadership changes · 13 filings with changes since Jan 3, 2012

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Jul 2, 2026 filing
  • No longer listedALLISON, MICHAEL, DENNIS ASHTON · PARTNER · Less than 5% · control person · listed since Mar 2009
Apr 2, 2026 filing
  • AddedFisher, Terence, James · PARTNER · Less than 5% · control person
Jan 4, 2023 filing
  • No longer listedELMASRY, HASSAN, AHMED · PARTNER · 25–50% · control person · listed since Mar 2009
  • No longer listedELMASRY, HASSAN, AHMED · OWNER · 75% or more · indirect via YODE PSC LIMITED · control person · listed since Feb 2011
  • No longer listedYODE PSC LIMITED · OWNER/PARTNER · 10–25% · listed since Feb 2011
  • ChangedCROSTHWAITE, RICHARD, FRANCIS · ownership 5–10% → 10–25%
  • ChangedGHELA, SANDEEP, PARVIN · ownership 5–10% → 10–25%
  • ChangedLADHA, KARIM, RIAZ · ownership 5–10% → 10–25%
  • ChangedVOWLES, JAYSON, IAN · title PARTNER → MANAGING PARTNER; ownership 10–25% → 25–50%
Jan 6, 2021 filing
  • ChangedCROSTHWAITE, RICHARD, FRANCIS · ownership Less than 5% → 5–10%
  • ChangedLADHA, KARIM, RIAZ · ownership Less than 5% → 5–10%
  • ChangedSAMANNAJOSH LIMITED · ownership 10–25% → 5–10%
  • ChangedYODE PSC LIMITED · ownership 25–50% → 10–25%
Apr 6, 2020 filing
  • ChangedGHELA, SANDEEP, PARVIN · title CHIEF COMPLIANCE OFFICER & CHIEF OPERATING OFFICER → PARTNER, CHIEF COMPLIANCE OFFICER & CHIEF OPERATING OFFICER; ownership Less than 5% → 5–10%; now a control person
Feb 18, 2019 filing
  • AddedCROSTHWAITE, RICHARD, FRANCIS · PARTNER · Less than 5% · control person
Mar 23, 2018 filing
  • ChangedGHELA, SANDEEP, PARVIN · title CHIEF COMPLIANCE OFFICER → CHIEF COMPLIANCE OFFICER & CHIEF OPERATING OFFICER
Jan 2, 2018 filing
  • No longer listedKELLY- JONES, JOHN, THOMAS · PARTNER · Less than 5% · control person · listed since Mar 2009
  • No longer listedKELLY- JONES, JOHN, THOMAS · OWNER · 75% or more · indirect via WOODRIDINGS LIMITED · control person · listed since Feb 2011
  • No longer listedWOODRIDINGS LIMITED · OWNER/PARTNER · 10–25% · listed since Feb 2011
  • ChangedELMASRY, HASSAN, AHMED · ownership 10–25% → 25–50%
  • ChangedVOWLES, JAYSON, IAN · ownership 5–10% → 10–25%
Dec 1, 2017 filing
  • AddedGHELA, SANDEEP, PARVIN · CHIEF COMPLIANCE OFFICER · Less than 5%
  • ChangedKELLY- JONES, JOHN, THOMAS · title PARTNER / CHIEF COMPLIANCE OFFICER → PARTNER
Apr 3, 2017 filing
  • AddedLADHA, KARIM, RIAZ · PARTNER · Less than 5% · control person
Older changes (4 more filings)
Aug 24, 2015 filing
  • No longer listedDODHIA, PARAS, CHUNILAL · PARTNER · Less than 5% · control person · listed since Mar 2009
  • No longer listedDODHIA, PARAS, CHUNILAL · OWNER · 75% or more · indirect via NGAO LIMITED · control person · listed since Feb 2011
  • No longer listedNGAO LIMITED · OWNER/PARTNER · 10–25% · listed since Feb 2011
  • ChangedELMASRY, HASSAN, AHMED · ownership Less than 5% → 10–25%
  • ChangedVOWLES, JAYSON, IAN · ownership Less than 5% → 5–10%
Jul 10, 2014 filing
  • No longer listedALLISON, MICHAEL, DENNIS ASHTON · OWNER · 75% or more · indirect via RUSHMERE HOLDCO LIMITED · control person · listed since Feb 2011
  • No longer listedRUSHMERE HOLDCO LIMITED · OWNER/PARTNER · 10–25% · listed since Feb 2011
Mar 25, 2013 filing
  • No longer listedVOWLES, JAYSON, IAN · OWNER · 75% or more · indirect via ANNASAM LIMITED · control person · listed since Feb 2011
  • AddedVOWLES, JAYSON, IAN · OWNER · 75% or more · indirect via SAMANNAJOSH LIMITED · control person
  • ChangedELMASRY, HASSAN, AHMED · ownership 25–50% → Less than 5%
  • ChangedNGAO LIMITED · ownership 5–10% → 10–25%
  • ChangedRUSHMERE HOLDCO LIMITED · ownership 5–10% → 10–25%
  • ChangedSAMANNAJOSH LIMITED · ownership 5–10% → 10–25%
  • ChangedWOODRIDINGS LIMITED · ownership 5–10% → 10–25%
  • ChangedYODE PSC LIMITED · ownership 10–25% → 25–50%
Jan 3, 2012 filing (earliest on record)
  • ListedALLISON, MICHAEL, DENNIS ASHTON · PARTNER · Less than 5% · control person
  • ListedALLISON, MICHAEL, DENNIS ASHTON · OWNER · 75% or more · indirect via RUSHMERE HOLDCO LIMITED · control person
  • ListedDODHIA, PARAS, CHUNILAL · PARTNER · Less than 5% · control person
  • ListedDODHIA, PARAS, CHUNILAL · OWNER · 75% or more · indirect via NGAO LIMITED · control person
  • ListedELMASRY, HASSAN, AHMED · PARTNER · 25–50% · control person
  • ListedELMASRY, HASSAN, AHMED · OWNER · 75% or more · indirect via YODE PSC LIMITED · control person
  • ListedKELLY- JONES, JOHN, THOMAS · PARTNER / CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ListedKELLY- JONES, JOHN, THOMAS · OWNER · 75% or more · indirect via WOODRIDINGS LIMITED · control person
  • ListedNGAO LIMITED · OWNER/PARTNER · 5–10%
  • ListedRUSHMERE HOLDCO LIMITED · OWNER/PARTNER · 5–10%
  • ListedSAMANNAJOSH LIMITED · OWNER/PARTNER · 5–10%
  • ListedVOWLES, JAYSON, IAN · PARTNER · Less than 5% · control person
  • ListedVOWLES, JAYSON, IAN · OWNER · 75% or more · indirect via ANNASAM LIMITED · control person
  • ListedWOODRIDINGS LIMITED · OWNER/PARTNER · 5–10%
  • ListedYODE PSC LIMITED · OWNER/PARTNER · 10–25%

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Top Adds (vs prior quarter)

Show all 11 →

Top Trims

Show all 9 →

New Positions

  • No new positions this quarter.
Show all 0 →

Exited Positions

  • No exits this quarter.
Show all 0 →

Independent Franchise Partners LLP Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 BRISTOL-MYERS SQUIBB CO BMY 110122108 $1.26B 8.24% 21,792,841 SH
2 SOLVENTUM CORP SOLV 83444M101 $1.25B 8.18% 16,170,038 SH
3 LIVE NATION ENTERTAINMENT IN LYV 538034109 $1.10B 7.22% 6,013,439 SH
4 TRANSUNION TRU 89400J107 $1.01B 6.61% 13,976,652 SH
5 KENVUE INC KVUE 49177J102 $963.7M 6.32% 50,427,994 SH
6 SALESFORCE INC CRM 79466L302 $911.6M 5.98% 5,818,837 SH
7 AON PLC AON G0403H108 $878.0M 5.76% 2,646,943 SH
8 NEWS CORP NEW NWSA 65249B109 $796.4M 5.22% 32,074,535 SH
9 AIRBNB INC ABNB 009066101 $776.1M 5.09% 5,423,764 SH
10 JOHNSON & JOHNSON JNJ 478160104 $772.9M 5.07% 3,043,186 SH
11 GARTNER INC IT 366651107 $723.7M 4.75% 5,582,962 SH
12 INTERCONTINENTAL EXCHANGE IN ICE 45866F104 $646.7M 4.24% 5,253,130 SH
13 ZILLOW GROUP INC Z 98954M200 $513.8M 3.37% 16,300,754 SH
14 EBAY INC. EBAY 278642103 $508.1M 3.33% 4,546,653 SH
15 PHILIP MORRIS INTL INC PM 718172109 $466.4M 3.06% 2,578,328 SH
16 FOX CORP FOXA 35137L105 $438.1M 2.87% 8,398,658 SH
17 LAUDER ESTEE COS INC EL 518439104 $390.2M 2.56% 4,941,737 SH
18 OTIS WORLDWIDE CORP OTIS 68902V107 $368.9M 2.42% 5,152,104 SH
19 WARNER MUSIC GROUP CORP WMG 934550203 $351.9M 2.31% 12,997,804 SH
20 FOX CORP FOX 35137L204 $256.8M 1.68% 5,482,675 SH
21 NEWS CORP NEW NWS 65249B208 $253.2M 1.66% 9,023,857 SH
22 WARNER BROS DISCOVERY INC WBD 934423104 $217.5M 1.43% 8,157,933 SH
23 ZILLOW GROUP INC ZG 98954M101 $115.2M 0.76% 3,672,937 SH
24 RYAN SPECIALTY HOLDINGS INC RYAN 78351F107 $99.9M 0.66% 2,645,789 SH
25 CORTEVA INC CTVA 22052L104 $94.4M 0.62% 1,115,112 SH
26 TKO GROUP HOLDINGS INC TKO 87256C101 $86.4M 0.57% 429,092 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-13 $15.24B 26 0001172661-26-003379
2026-03-31 2026-05-14 $14.29B 26 0001172661-26-001918
2025-12-31 2026-02-17 $15.72B 27 0001172661-26-000867
2025-09-30 2025-11-14 $15.17B 29 0001172661-25-004789
Filer Information
Address
LEVEL 1
10 PORTMAN SQUARE
LONDON, X0 W1H6AZ
Phone
442074959070
Filing Manager
Independent Franchise Partners LLP
London, X0
Signatory
Sandeep Ghela
Chief Operating Officer