Institutional Manager · CIK 0001601407

Troy Asset Management Ltd

LONDON, X0 · File #028-16709

Latest AUM

$3.88B

Positions

Top-10 Concentration

81.7%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	ALPHABET INC-CL A	GOOG	-636,651	-$199.3M	+$175.9M
EXITED	AMERICAN EXPRESS CO	025816109	-458,008	-$152.1M	$0
ADD	HUBBELL INC	HUBB	+208,327	+$92.5M	+$4.7M
ADD	VISA INC-CLASS A SHARES	V	+191,130	+$67.0M	+$13.3M
EXITED	FISERV INC	337738108	-374,142	-$48.2M	$0
NEW	AMAZON.COM INC AMZN US	AMZN	+117,567	+$27.1M	$0
ADD	ACCENTURE PLC-CL A	ACN	+41,710	+$11.2M	+$1.7M
ADD	NIKE INC -CL B	NKE	+95,943	+$6.1M	-$2.7M
ADD	INTUIT INC	INTU	+7,921	+$5.2M	-$968,091
ADD	S&P GLOBAL INC	SPGI	+8,652	+$4.5M	+$1.2M

Sector Allocation

31.3%$1.21B

17.8%$691.7M

13.3%$516.4M

6.3%$245.0M

Consumer Discretionary

3.3%$130.0M

Consumer Staples

2.2%$84.1M

Communication Services

1.8%$68.7M

Filing History

Feb 9, 202613F HOLDINGS REPORTQ/E Dec 202531 pos · $3.88B
Dec 3, 202513F HOLDINGS REPORT (Amended)Q/E Dec 202533 pos · $3.08B
Nov 7, 202513F HOLDINGS REPORT (Amended)Q/E Sep 20251 pos · $19.8M
Nov 7, 202513F HOLDINGS REPORT (Amended)Q/E Sep 20251 pos · $39.1M
Nov 7, 202513F HOLDINGS REPORT (Amended)Q/E Sep 20251 pos · $30.9M
Nov 7, 202513F HOLDINGS REPORT (Amended)Q/E Sep 202531 pos · $3.65B
Nov 7, 202513F HOLDINGS REPORT (Amended)Q/E Sep 20251 pos · $28.4M
Nov 7, 202513F HOLDINGS REPORT (Amended)Q/E Sep 20251 pos · $18.6M
Nov 7, 202513F HOLDINGS REPORT (Amended)Q/E Sep 202531 pos · $3.66B
Nov 7, 202513F HOLDINGS REPORTQ/E Sep 202532 pos · $3.89B
Sep 10, 202513F HOLDINGS REPORT (Amended)Q/E Sep 20251 pos · $61.9M
Sep 10, 202513F HOLDINGS REPORT (Amended)Q/E Sep 20251 pos · $32.2M
Sep 10, 202513F HOLDINGS REPORT (Amended)Q/E Sep 20251 pos · $36.4M
Sep 10, 202513F HOLDINGS REPORT (Amended)Q/E Sep 20251 pos · $33.7M
Sep 10, 202513F HOLDINGS REPORT (Amended)Q/E Sep 20251 pos · $19.0M
Sep 10, 202513F HOLDINGS REPORT (Amended)Q/E Sep 20251 pos · $30.9M
Sep 10, 202513F HOLDINGS REPORT (Amended)Q/E Sep 20251 pos · $39.4M
Sep 10, 202513F HOLDINGS REPORT (Amended)Q/E Sep 20251 pos · $40.0M
Sep 10, 202513F HOLDINGS REPORT (Amended)Q/E Sep 20251 pos · $27.5M
Sep 10, 202513F HOLDINGS REPORT (Amended)Q/E Sep 20251 pos · $29.9M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	ALPHABET INC-CL A	GOOG	1,879,693	$588.3M	15.16%
2	VISA INC-CLASS A SHARES	V	1,617,876	$567.4M	14.62%
3	MICROSOFT CORP	MSFT	711,900	$344.3M	8.87%
4	AGILENT TECHNOLOGIES INC	A	2,405,863	$327.4M	8.44%
5	CANADIAN NATL RAILWAY CO	136375102	2,736,154	$288.0M	7.42%
6	CHUBB LTD	CB	792,483	$247.3M	6.37%
7	HUBBELL INC	HUBB	551,620	$245.0M	6.31%
8	VERISIGN INC	V	780,419	$189.6M	4.89%
9	ALCON INC	ALC	2,987,050	$189.0M	4.87%
10	ADOBE INC	ADBE	524,975	$183.7M	4.74%
11	CME GROUP INC	CME	314,284	$85.8M	2.21%
12	MASTERCARD INC - A	MA	129,779	$74.1M	1.91%
13	PAYCHEX INC	PAYX	575,765	$64.6M	1.66%
14	META PLATFORMS INC	META	78,489	$51.8M	1.34%
15	BOOKING HOLDINGS INC	BKNG	8,271	$44.3M	1.14%
16	INTUIT INC	INTU	55,168	$36.5M	0.94%
17	PEPSICO INC	PEP	252,920	$36.3M	0.94%
18	NIKE INC -CL B	NKE	542,792	$34.6M	0.89%
19	SYSCO CORP	SYY	442,441	$32.6M	0.84%
20	ACCENTURE PLC-CL A	ACN	120,532	$32.3M	0.83%