Data as of Q4 2025 (Dec 31, 2025)

Independent Franchise Partners LLP

•CIK: 1483866•Filing: Q4 2025

Independent Franchise Partners LLP, managed by the seasoned duo of John A. Katz and John A. Katz Jr., maintains a $15.7 billion AUM with a focus on high-quality franchises, currently holding 27 positions. Notably, the fund has recently added CRM and TRU, while significantly cutting RBA by 63%, reflecting a strategic pivot towards growth-oriented franchises amid a dynamic market environment.

Total AUM
$15.7B
QoQ Performance
+3.6%
Positions
24
Top 10 Concentration
55.6%
Latest Filing
Q4 2025

Top Holdings Allocation

SOLV
BMY
IT
KVUE
EL
LYV
SOLV7.7%
BMY7.1%
IT5.3%
KVUE5.3%
EL5.2%
LYV5.2%
TRU5.0%
ICE5.0%

📈 Biggest Buys

TRU
TRANSUNION
+99.7%
5.0% of portfolio
KVUE
KENVUE INC
+56.3%
5.3% of portfolio
SOLV
SOLVENTUM CORP
+19.0%
7.7% of portfolio
CRM
SALESFORCE INC
NEW
0.9% of portfolio
ABNB
AIRBNB INC
+23.6%
4.4% of portfolio

📉 Biggest Sells

JNJ
JOHNSON & JOHNSON
-20.3%
4.8% of portfolio
RBA
RB GLOBAL INC
-60.7%
0.8% of portfolio
FOXA
FOX CORP
-7.6%
4.5% of portfolio
TKO
TKO GROUP HOLDINGS INC
-13.7%
0.6% of portfolio
WBD
WARNER BROS DISCOVERY INC
-3.1%
2.3% of portfolio

Sector Breakdown

Other77.9%
Healthcare12.0%
Financial4.7%
Consumer4.4%
Technology0.9%

🚪 Exited Positionssold since Q3 2025

EA
ELECTRONIC ARTS INC
SOLD
$551.4M
ORCL
ORACLE CORP
SOLD
$42.5M
RTO
RENTOKIL INITIAL PLC
SOLD
$19.7M

Changes from Q3 2025

NEW1 new position
↑18 increased
↓8 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

SOLV7.7%
SOLVENTUM CORP
$1.2B
BMY7.1%
BRISTOL-MYERS SQUIBB CO
$1.1B
IT5.3%
GARTNER INC
$834.7M
KVUE5.3%
KENVUE INC
$830.5M
EL5.2%
LAUDER ESTEE COS INC
$820.7M

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