Filed: 11/14/2025ACC: 0001172661-25-004789
📋 What this filing means
INDEPENDENT FRANCHISE PARTNERS LLP filed this quarterly 13F‑HR report disclosing 29 equity positions with a total reported market value of $15.17B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
29
Positions
$15.17B
Total AUM (reported)
225.28M
Total Shares
Allocation by class
COM$8.21B54.1%
CL A$1.93B12.7%
COM CL A$953.68M6.3%
COM SHS$941.64M6.2%
CL C CAP STK$836.67M5.5%
SHS CL A$747.56M4.9%
CL A COM$666.93M4.4%
Portfolio Concentration
Top 3$2.78B18.3%
4–10$5.67B37.4%
11–25$6.47B42.6%
Rest$258.37M1.7%
Top 3 weight
18.3%
Top 10 weight
55.7%
Voting Authority Distribution
Total shares with voting rights: 225.28M
Sole
Full voting authority
221.13M
shares
% of voting shares98.2%
Shared
Joint voting authority
1.17M
shares
% of voting shares0.5%
None
No voting authority
2.99M
shares
% of voting shares1.3%
Investment Discretion (by position count)
Sole0
Shared0
Other29
Dominant voting typeSole · 98.2% of voting shares
Institutional Holdings29
Rows:
SOLVENTUM CORP
OTRShares12.90M
TypeSH
Market value$941.64M
6.21%
Sole
12.63M
Shared
77.04K
None
195.73K
BRISTOL-MYERS SQUIBB CO
OTRShares20.62M
TypeSH
Market value$930.11M
6.13%
Sole
20.20M
Shared
119.10K
None
302.17K
LIVE NATION ENTERTAINMENT IN
OTRShares5.54M
TypeSH
Market value$905.34M
5.97%
Sole
5.42M
Shared
33.57K
None
83.87K
NEWS CORP NEW
OTRShares28.80M
TypeSH
Market value$884.34M
5.83%
Sole
28.18M
Shared
150.22K
None
470.52K
JOHNSON & JOHNSON
OTRShares4.59M
TypeSH
Market value$850.87M
5.61%
Sole
4.50M
Shared
29.62K
None
63.91K
GARTNER INC
OTRShares3.20M
TypeSH
Market value$840.17M
5.54%
Sole
3.13M
Shared
19.24K
None
48.69K
ZILLOW GROUP INC
OTRShares10.86M
TypeSH
Market value$836.67M
5.52%
Sole
10.64M
Shared
62.06K
None
155.07K
INTERCONTINENTAL EXCHANGE IN
OTRShares4.78M
TypeSH
Market value$805.66M
5.31%
Sole
4.68M
Shared
30.64K
None
70.33K
AON PLC
OTRShares2.10M
TypeSH
Market value$747.56M
4.93%
Sole
2.05M
Shared
11.88K
None
30.31K
CORTEVA INC
OTRShares10.39M
TypeSH
Market value$702.54M
4.63%
Sole
10.17M
Shared
60.73K
None
154.87K
LAUDER ESTEE COS INC
OTRShares7.75M
TypeSH
Market value$683.23M
4.50%
Sole
7.59M
Shared
46.80K
None
116.57K
EBAY INC.
OTRShares7.36M
TypeSH
Market value$669.72M
4.41%
Sole
7.21M
Shared
43.90K
None
111.89K
FOX CORP
OTRShares10.58M
TypeSH
Market value$666.93M
4.40%
Sole
10.38M
Shared
56.08K
None
139.65K
PHILIP MORRIS INTL INC
OTRShares3.78M
TypeSH
Market value$612.39M
4.04%
Sole
3.70M
Shared
0.00
None
70.52K
ELECTRONIC ARTS INC
OTRShares2.73M
TypeSH
Market value$551.40M
3.63%
Sole
2.68M
Shared
16.50K
None
42.17K
AIRBNB INC
OTRShares4.16M
TypeSH
Market value$505.67M
3.33%
Sole
4.08M
Shared
25.01K
None
63.91K
KENVUE INC
OTRShares30.80M
TypeSH
Market value$499.93M
3.30%
Sole
30.23M
Shared
161.34K
None
411.88K
WARNER MUSIC GROUP CORP
OTRShares13.15M
TypeSH
Market value$448.00M
2.95%
Sole
12.98M
Shared
50.64K
None
126.53K
TRANSUNION
OTRShares4.58M
TypeSH
Market value$383.32M
2.53%
Sole
4.48M
Shared
28.43K
None
62.33K
RB GLOBAL INC
OTRShares2.93M
TypeSH
Market value$317.64M
2.09%
Sole
2.87M
Shared
17.41K
None
41.31K
NEWS CORP NEW
OTRShares9.17M
TypeSH
Market value$316.78M
2.09%
Sole
8.99M
Shared
75.48K
None
104.43K
FOX CORP
OTRShares5.11M
TypeSH
Market value$293.01M
1.93%
Sole
5M
Shared
31.45K
None
78.45K
WARNER BROS DISCOVERY INC
OTRShares13.11M
TypeSH
Market value$255.98M
1.69%
Sole
13.11M
Shared
0.00
None
0.00
ZILLOW GROUP INC
OTRShares2M
TypeSH
Market value$149.08M
0.98%
Sole
1.96M
Shared
12.08K
None
30.18K
TKO GROUP HOLDINGS INC
OTRShares563.12K
TypeSH
Market value$113.73M
0.75%
Sole
561.59K
Shared
454.00
None
1.07K
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
SOLVENTUM CORPOTR | COM SHS | 12.90M | SH | $941.64M 6.21% | 12.63M | 77.04K | 195.73K |
BRISTOL-MYERS SQUIBB COOTR | COM | 20.62M | SH | $930.11M 6.13% | 20.20M | 119.10K | 302.17K |
LIVE NATION ENTERTAINMENT INOTR | COM | 5.54M | SH | $905.34M 5.97% | 5.42M | 33.57K | 83.87K |
NEWS CORP NEWOTR | CL A | 28.80M | SH | $884.34M 5.83% | 28.18M | 150.22K | 470.52K |
JOHNSON & JOHNSONOTR | COM | 4.59M | SH | $850.87M 5.61% | 4.50M | 29.62K | 63.91K |
GARTNER INCOTR | COM | 3.20M | SH | $840.17M 5.54% | 3.13M | 19.24K | 48.69K |
ZILLOW GROUP INCOTR | CL C CAP STK | 10.86M | SH | $836.67M 5.52% | 10.64M | 62.06K | 155.07K |
INTERCONTINENTAL EXCHANGE INOTR | COM | 4.78M | SH | $805.66M 5.31% | 4.68M | 30.64K | 70.33K |
AON PLCOTR | SHS CL A | 2.10M | SH | $747.56M 4.93% | 2.05M | 11.88K | 30.31K |
CORTEVA INCOTR | COM | 10.39M | SH | $702.54M 4.63% | 10.17M | 60.73K | 154.87K |
LAUDER ESTEE COS INCOTR | CL A | 7.75M | SH | $683.23M 4.50% | 7.59M | 46.80K | 116.57K |
EBAY INC.OTR | COM | 7.36M | SH | $669.72M 4.41% | 7.21M | 43.90K | 111.89K |
FOX CORPOTR | CL A COM | 10.58M | SH | $666.93M 4.40% | 10.38M | 56.08K | 139.65K |
PHILIP MORRIS INTL INCOTR | COM | 3.78M | SH | $612.39M 4.04% | 3.70M | 0.00 | 70.52K |
ELECTRONIC ARTS INCOTR | COM | 2.73M | SH | $551.40M 3.63% | 2.68M | 16.50K | 42.17K |
AIRBNB INCOTR | COM CL A | 4.16M | SH | $505.67M 3.33% | 4.08M | 25.01K | 63.91K |
KENVUE INCOTR | COM | 30.80M | SH | $499.93M 3.30% | 30.23M | 161.34K | 411.88K |
WARNER MUSIC GROUP CORPOTR | COM CL A | 13.15M | SH | $448.00M 2.95% | 12.98M | 50.64K | 126.53K |
TRANSUNIONOTR | COM | 4.58M | SH | $383.32M 2.53% | 4.48M | 28.43K | 62.33K |
RB GLOBAL INCOTR | COM | 2.93M | SH | $317.64M 2.09% | 2.87M | 17.41K | 41.31K |
NEWS CORP NEWOTR | CL B | 9.17M | SH | $316.78M 2.09% | 8.99M | 75.48K | 104.43K |
FOX CORPOTR | CL B COM | 5.11M | SH | $293.01M 1.93% | 5M | 31.45K | 78.45K |
WARNER BROS DISCOVERY INCOTR | COM SER A | 13.11M | SH | $255.98M 1.69% | 13.11M | 0.00 | 0.00 |
ZILLOW GROUP INCOTR | CL A | 2M | SH | $149.08M 0.98% | 1.96M | 12.08K | 30.18K |
TKO GROUP HOLDINGS INCOTR | CL A | 563.12K | SH | $113.73M 0.75% | 561.59K | 454.00 | 1.07K |
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