Troy Asset Management Ltd
Long book
$3.35B
Q1 2026
Positions
30
Top-10 weight
83%
concentration
Last quarter
+10.3%
SPY +14.8%
Turnover
6%
of book per quarter
Strategy in plain words
auto-generated from filingsTroy Asset Management Ltd is a concentrated fundamental stock-picker, running a $3.35B US long book across 30 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: VISA INC-CLASS A SHARES, ALPHABET INC-CL A, CHUBB LTD, CANADIAN NATL RAILWAY CO, AGILENT TECHNOLOGIES INC.
Over the last 9 quarters its long book ran on average 0.9pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+0.0%
Q2 2024
+6.7%
Q3 2024
+4.0%
Q4 2024
+0.7%
Q1 2025
+10.2%
Q2 2025
+4.2%
Q3 2025
+5.6%
Q4 2025
-9.4%
Q1 2026
+10.3%
Sector allocation
Technology 42%
Services media 19%
Healthcare 13%
Financials 11%
Industrials 9%
Consumer discretionary 2%
Consumer staples 2%
Other 1%
Long book by quarter
What does Troy Asset own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| V VISA INC-CLASS A SHARES | Services media | 1.6M | $493.2M | 14.7% | -32.0% |
| GOOGL ALPHABET INC-CL A | Technology | 1.5M | $425.5M | 12.7% | -21.3% |
| CB CHUBB LTD | Financials | 874.8K | $285.1M | 8.5% | +10.4% |
| CNI CANADIAN NATL RAILWAY CO | Industrials | 2.6M | $284.6M | 8.5% | -3.9% |
| A AGILENT TECHNOLOGIES INC | Healthcare | 2.4M | $275.1M | 8.2% | +0.3% |
| HUBB HUBBELL INC | Technology | 554.0K | $271.9M | 8.1% | +0.4% |
| MSFT MICROSOFT CORP | Technology | 687.3K | $254.4M | 7.6% | -3.5% |
| VRSN VERISIGN INC | Technology | 783.4K | $194.6M | 5.8% | New |
| ALC ALCON INC | Healthcare | 3.0M | $177.1M | 5.3% | 0.0% |
| ADBE ADOBE INC | Technology | 524.9K | $127.6M | 3.8% | 0.0% |
| CME CME GROUP INC | Financials | 228.7K | $67.5M | 2.0% | -27.2% |
| MA MASTERCARD INC - A | Services media | 128.4K | $64.2M | 1.9% | -1.0% |
| META META PLATFORMS INC-CLASS A | Technology | 71.8K | $41.1M | 1.2% | -8.5% |
| PAYX PAYCHEX INC | Services media | 365.9K | $33.7M | 1.0% | -36.4% |
| TXN TEXAS INSTRUMENTS INC | Technology | 166.0K | $32.2M | 1.0% | -8.2% |
| BKNG BOOKING HOLDINGS INC | Industrials | 7.6K | $32.1M | 1.0% | -7.9% |
| INTU INTUIT INC | Technology | 71.6K | $31.0M | 0.9% | +29.8% |
| PEP PEPSICO INC | Consumer staples | 196.6K | $30.5M | 0.9% | -22.3% |
| SYY SYSCO CORP | Consumer discretionary | 406.1K | $29.0M | 0.9% | -8.2% |
| ACN ACCENTURE PLC-CL A | Services media | 138.6K | $27.5M | 0.8% | +15.0% |
| NKE NIKE INC -CL B | Other | 498.5K | $26.3M | 0.8% | -8.2% |
| AMZN AMAZON.COM INC | Consumer discretionary | 122.3K | $25.5M | 0.8% | +4.0% |
| MCD MCDONALD'S CORP | Consumer discretionary | 71.9K | $22.3M | 0.7% | -8.3% |
| ADP AUTOMATIC DATA PROCESSING | Technology | 107.7K | $21.9M | 0.7% | -8.2% |
| PM PHILIP MORRIS INTERNATIONAL | Consumer staples | 130.5K | $21.6M | 0.6% | -6.6% |
| SPGI S&P GLOBAL INC | Services media | 41.2K | $17.5M | 0.5% | -1.3% |
| KVUE KENVUE INC | Other | 809.5K | $14.0M | 0.4% | -8.3% |
| TTWO TAKE-TWO INTERACTIVE SOFTWRE | Technology | 65.1K | $12.8M | 0.4% | -1.3% |
| MCO MOODY'S CORP | Services media | 28.5K | $12.4M | 0.4% | -1.4% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 11, 2026 | 30 | $3.35B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 9, 2026 | 31 | $3.88B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 7, 2025 | 32 | $3.89B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR/ARESTATEMENT | Nov 7, 2025 | 31 | $3.66B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR/ANEW HOLDINGS | Sep 10, 2025 | 1 | $61.9M | SEC ↗ | |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 31 | $3.63B | SEC ↗ | |
| Q1 2025 | 13F-HR/ARESTATEMENT | Nov 7, 2025 | 31 | $3.65B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR/ANEW HOLDINGS | Sep 10, 2025 | 1 | $40.0M | SEC ↗ | |
| Q1 2025 | 13F-HR | May 14, 2025 | 30 | $3.10B | SEC ↗ | |
| Q4 2024 | 13F-HR/ANEW HOLDINGS | Nov 7, 2025 | 1 | $18.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR/ANEW HOLDINGS | Sep 10, 2025 | 1 | $35.9M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 31 | $2.98B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR/ANEW HOLDINGS | Nov 7, 2025 | 1 | $28.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR/ANEW HOLDINGS | Sep 10, 2025 | 1 | $42.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 1, 2024 | 31 | $3.10B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR/ARESTATEMENT | Dec 3, 2025 | 33 | $3.08B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR/ANEW HOLDINGS | Nov 7, 2025 | 1 | $30.9M | SEC ↗ | |
| Q2 2024 | 13F-HR/ANEW HOLDINGS | Sep 10, 2025 | 1 | $38.1M | SEC ↗ | |
| Q2 2024 | 13F-HR/ANEW HOLDINGS | Aug 23, 2024 | 31 | $3.01B | SEC ↗ | |
| Q2 2024 | 13F-HR | Jul 23, 2024 | 30 | $2.9M | SEC ↗ | |
| Q1 2024 | 13F-HR/ANEW HOLDINGS | Nov 7, 2025 | 1 | $39.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR/ANEW HOLDINGS | Sep 10, 2025 | 1 | $38.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR/ARESTATEMENT | Sep 10, 2024 | 31 | $3.23B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 29, 2024 | 31 | $3.2M | SEC ↗ |
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