Independent Franchise Partners LLP

Long Only Manager • Value

Independent Franchise Partners LLP is a Value-focused institution led by Jayson Ian Vowles, reporting $16.5B in AUM as of Q3 2025 with 32% Communication Services concentration and 56% concentrated in top 10 holdings.

Managing PartnerJayson Ian Vowles

Portfolio Value: $15.2B
Positions: 29
Top Holding: SOLV at 6.21%
Last Reported: Q3 2025

AddressLevel 1, 10 Portman Square, London, W1H 6AZ, United Kingdom

Top Holdings

Largest long holdings in Independent Franchise Partners LLP's portfolio (55.7% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Solventum SOLV	Medical - Care Facilities Healthcare	$941.6M	6.21%	+$201.3M Bought	7.44% 12.9M shares	Q3 2024 Held for 1y 2m
2 Bristol-Myers Squibb BMY	Drug Manufacturers - General Healthcare	$930.1M	6.13%	-$15.9M Sold	1.01% 20.6M shares	Q3 2019 Held for 6y 2m
3 Live Nation Entertainment LYV	Entertainment Communication Services	$905.3M	5.97%	-$16.3M Sold	2.39% 5.5M shares	Q3 2024 Held for 1y 2m
4 News Corporation NWSA	Entertainment Communication Services	$884.3M	5.83%	-$11.5M Sold	5.12% 28.8M shares	Q2 2017 Held for 8y 5m
5 Johnson & Johnson JNJ	Drug Manufacturers - General Healthcare	$850.9M	5.61%	-$121.5M Sold	0.19% 4.6M shares	≤ Q2 2013 Held for 12y 5m+
6 Gartner IT	Information Technology Services Technology	$840.2M	5.54%	+$840.2M New	4.22% 3.2M shares	Q3 2025 Held for 2 months
7 Zillow Group, Inc. Z	Internet Content & Information Communication Services	$836.7M	5.52%	-$14.0M Sold	4.48% 10.9M shares	Q4 2021 Held for 3y 11m
8 Intercontinental Exchange ICE	Financial - Data & Stock Exchanges Financial Services	$805.7M	5.31%	-$223.0M Sold	0.84% 4.8M shares	Q2 2021 Held for 4y 5m
9 Aon plc AON	Insurance - Brokers Financial Services	$747.6M	4.93%	+$219.5M Bought	0.97% 2.1M shares	Q3 2020 Held for 5y 2m
10 Corteva CTVA	Agricultural Inputs Basic Materials	$702.5M	4.63%	-$203.4M Sold	1.53% 10.4M shares	Q4 2019 Held for 5y 11m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Independent Franchise Partners LLP's latest filing

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Market Value

$15.2B

Prior: $15.0B

Q/Q Change

+0.921%

+$138.4M

Net Flows % of MV

-4.45%

Turnover Ratio

12.26%

New Purchases

4 stocks

$1.5B

Added To

4 stocks

+$439.3M

Sold Out Of

0 stocks

Reduced Holdings

21 stocks

-$2.7B

Increased Positions

Position	Shares Δ	Change
1 Gartner IT	New	0 → 3.2M +$840.2M
2 Airbnb ABNB	New	0 → 4.2M +$505.7M
3 Otis Worldwide OTIS	New	0 → 1.1M +$100.4M
4 Ryan Specialty Holdings RYAN	New	0 → 1.7M +$95.8M
5 RTO Rentokil Initial RTO	+662.2%	102.2K → 778.6K +$17.1M

Decreased Positions

Position	Shares Δ	Change
1 Oracle ORCL	-95.77%	3.6M → 151.0K −$961.1M
2 TKO Group Holdings TKO	-82.1%	3.1M → 563.1K −$521.7M
3 RB Global RBA	-48.56%	5.7M → 2.9M −$299.8M
4 Corteva CTVA	-22.45%	13.4M → 10.4M −$203.4M
5 Intercontinental Exchange ICE	-21.68%	6.1M → 4.8M −$223.0M