INDEPENDENT FRANCHISE PARTNERS LLP

Filed: 8/13/2026ACC: 0001172661-26-003379

📋 What this filing means

INDEPENDENT FRANCHISE PARTNERS LLP filed this quarterly 13F‑HR report disclosing 26 equity positions with a total reported market value of $15.24B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$15.24B

Total AUM (reported)

253.67M

Total Shares

Allocation by class

COM$8.82B57.9%

CL A$1.49B9.8%

COM SHS$1.25B8.2%

COM CL A$1.13B7.4%

SHS CL A$877.96M5.8%

CL C CAP STK$513.80M3.4%

CL A COM$438.07M2.9%

Portfolio Concentration

Top 3$3.60B23.6%

4–10$6.11B40.1%

11–25$5.44B35.7%

Rest$86.38M0.6%

Top 3 weight

23.6%

Top 10 weight

63.7%

Voting Authority Distribution

Total shares with voting rights: 253.67M

Sole

Full voting authority

241.36M

% of voting shares95.1%

Shared

Joint voting authority

7.05M

% of voting shares2.8%

None

No voting authority

5.25M

% of voting shares2.1%

Investment Discretion (by position count)

Sole0

Shared0

Other26

Dominant voting typeSole · 95.1% of voting shares

Institutional Holdings26

Rows:

BRISTOL-MYERS SQUIBB CO

OTR

COM

Shares21.79M

TypeSH

Market value$1.26B

8.24%

Sole

20.67M

Shared

646.03K

None

478.08K

SOLVENTUM CORP

OTR

COM SHS

Shares16.17M

TypeSH

Market value$1.25B

8.18%

Sole

15.31M

Shared

494.92K

None

368.37K

LIVE NATION ENTERTAINMENT IN

OTR

COM

Shares6.01M

TypeSH

Market value$1.10B

7.22%

Sole

5.70M

Shared

182.09K

None

132.69K

TRANSUNION

OTR

COM

Shares13.98M

TypeSH

Market value$1.01B

6.61%

Sole

13.23M

Shared

426.60K

None

320.74K

KENVUE INC

OTR

COM

Shares50.43M

TypeSH

Market value$963.68M

6.32%

Sole

47.81M

Shared

1.50M

None

1.11M

SALESFORCE INC

OTR

COM

Shares5.82M

TypeSH

Market value$911.58M

5.98%

Sole

5.51M

Shared

175.71K

None

132.46K

AON PLC

OTR

SHS CL A

Shares2.65M

TypeSH

Market value$877.96M

5.76%

Sole

2.51M

Shared

75.70K

None

56.73K

NEWS CORP NEW

OTR

CL A

Shares32.07M

TypeSH

Market value$796.41M

5.22%

Sole

30.34M

Shared

988.19K

None

745.90K

AIRBNB INC

OTR

COM CL A

Shares5.42M

TypeSH

Market value$776.14M

5.09%

Sole

5.13M

Shared

165.96K

None

124.15K

JOHNSON & JOHNSON

OTR

COM

Shares3.04M

TypeSH

Market value$772.88M

5.07%

Sole

2.88M

Shared

104.15K

None

60.31K

GARTNER INC

OTR

COM

Shares5.58M

TypeSH

Market value$723.66M

4.75%

Sole

5.29M

Shared

169.22K

None

127.22K

INTERCONTINENTAL EXCHANGE IN

OTR

COM

Shares5.25M

TypeSH

Market value$646.71M

4.24%

Sole

4.98M

Shared

165.49K

None

111.28K

ZILLOW GROUP INC

OTR

CL C CAP STK

Shares16.30M

TypeSH

Market value$513.80M

3.37%

Sole

15.45M

Shared

487.26K

None

364.61K

EBAY INC.

OTR

COM

Shares4.55M

TypeSH

Market value$508.09M

3.33%

Sole

4.31M

Shared

137.84K

None

103.63K

PHILIP MORRIS INTL INC

OTR

COM

Shares2.58M

TypeSH

Market value$466.45M

3.06%

Sole

2.51M

Shared

0.00

None

68.85K

FOX CORP

OTR

CL A COM

Shares8.40M

TypeSH

Market value$438.07M

2.87%

Sole

7.97M

Shared

249.51K

None

179.82K

LAUDER ESTEE COS INC

OTR

CL A

Shares4.94M

TypeSH

Market value$390.15M

2.56%

Sole

4.68M

Shared

150.26K

None

108.47K

OTIS WORLDWIDE CORP

OTR

COM

Shares5.15M

TypeSH

Market value$368.89M

2.42%

Sole

4.96M

Shared

109.96K

None

83K

WARNER MUSIC GROUP CORP

OTR

COM CL A

Shares13M

TypeSH

Market value$351.85M

2.31%

Sole

12.52M

Shared

274.70K

None

200.19K

FOX CORP

OTR

CL B COM

Shares5.48M

TypeSH

Market value$256.81M

1.68%

Sole

5.19M

Shared

170.59K

None

124.13K

NEWS CORP NEW

OTR

CL B

Shares9.02M

TypeSH

Market value$253.21M

1.66%

Sole

8.60M

Shared

259.84K

None

164.62K

WARNER BROS DISCOVERY INC

OTR

COM SER A

Shares8.16M

TypeSH

Market value$217.49M

1.43%

Sole

8.16M

Shared

0.00

None

0.00

ZILLOW GROUP INC

OTR

CL A

Shares3.67M

TypeSH

Market value$115.22M

0.76%

Sole

3.47M

Shared

114.85K

None

85.94K

RYAN SPECIALTY HOLDINGS INC

OTR

CL A

Shares2.65M

TypeSH

Market value$99.90M

0.66%

Sole

2.65M

Shared

0.00

None

0.00

CORTEVA INC

OTR

COM

Shares1.12M

TypeSH

Market value$94.44M

0.62%

Sole

1.12M

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	Shared	None
BRISTOL-MYERS SQUIBB COOTR	COM	21.79M	SH	$1.26B 8.24%	20.67M	646.03K	478.08K
SOLVENTUM CORPOTR	COM SHS	16.17M	SH	$1.25B 8.18%	15.31M	494.92K	368.37K
LIVE NATION ENTERTAINMENT INOTR	COM	6.01M	SH	$1.10B 7.22%	5.70M	182.09K	132.69K
TRANSUNIONOTR	COM	13.98M	SH	$1.01B 6.61%	13.23M	426.60K	320.74K
KENVUE INCOTR	COM	50.43M	SH	$963.68M 6.32%	47.81M	1.50M	1.11M
SALESFORCE INCOTR	COM	5.82M	SH	$911.58M 5.98%	5.51M	175.71K	132.46K
AON PLCOTR	SHS CL A	2.65M	SH	$877.96M 5.76%	2.51M	75.70K	56.73K
NEWS CORP NEWOTR	CL A	32.07M	SH	$796.41M 5.22%	30.34M	988.19K	745.90K
AIRBNB INCOTR	COM CL A	5.42M	SH	$776.14M 5.09%	5.13M	165.96K	124.15K
JOHNSON & JOHNSONOTR	COM	3.04M	SH	$772.88M 5.07%	2.88M	104.15K	60.31K
GARTNER INCOTR	COM	5.58M	SH	$723.66M 4.75%	5.29M	169.22K	127.22K
INTERCONTINENTAL EXCHANGE INOTR	COM	5.25M	SH	$646.71M 4.24%	4.98M	165.49K	111.28K
ZILLOW GROUP INCOTR	CL C CAP STK	16.30M	SH	$513.80M 3.37%	15.45M	487.26K	364.61K
EBAY INC.OTR	COM	4.55M	SH	$508.09M 3.33%	4.31M	137.84K	103.63K
PHILIP MORRIS INTL INCOTR	COM	2.58M	SH	$466.45M 3.06%	2.51M	0.00	68.85K
FOX CORPOTR	CL A COM	8.40M	SH	$438.07M 2.87%	7.97M	249.51K	179.82K
LAUDER ESTEE COS INCOTR	CL A	4.94M	SH	$390.15M 2.56%	4.68M	150.26K	108.47K
OTIS WORLDWIDE CORPOTR	COM	5.15M	SH	$368.89M 2.42%	4.96M	109.96K	83K
WARNER MUSIC GROUP CORPOTR	COM CL A	13M	SH	$351.85M 2.31%	12.52M	274.70K	200.19K
FOX CORPOTR	CL B COM	5.48M	SH	$256.81M 1.68%	5.19M	170.59K	124.13K
NEWS CORP NEWOTR	CL B	9.02M	SH	$253.21M 1.66%	8.60M	259.84K	164.62K
WARNER BROS DISCOVERY INCOTR	COM SER A	8.16M	SH	$217.49M 1.43%	8.16M	0.00	0.00
ZILLOW GROUP INCOTR	CL A	3.67M	SH	$115.22M 0.76%	3.47M	114.85K	85.94K
RYAN SPECIALTY HOLDINGS INCOTR	CL A	2.65M	SH	$99.90M 0.66%	2.65M	0.00	0.00
CORTEVA INCOTR	COM	1.12M	SH	$94.44M 0.62%	1.12M	0.00	0.00

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