London-based fund manager Lindsell Train significantly cut its stake in eBay (EBAY) by 42% during the second quarter of 2026. According to a quarterly disclosure filed with the SEC on July 15, the firm sold an estimated $90.68M worth of stock, reducing its position from 1.93 million to 1.12 million shares. As with all 13F filings, the disclosure is delayed and reflects trades made between April 1 and June 30, 2026.
The reduction was the sharpest cut in Lindsell Train's US equity portfolio for the quarter and stands out given the firm's famous low-turnover, long-term investment strategy. The move was part of a broader trimming of some of the firm's largest holdings during the period, suggesting a potential focus on valuation discipline rather than a fundamental change in thesis on the companies themselves. The sales occurred during a quarter where eBay reported strong revenue and volume growth.