Trinity Street Asset Management LLP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 10, 2025), Trinity Street Asset Management LLP reported 16 stock positions worth $988.0 million. Its top holding was HDFC Bank Ltd.-ADR (HDB) at 24.5% of the portfolio, followed by Ryanair Holdings PLC-SP ADR (RYAAY, 16.9%) and Taiwan Semiconductor-SP ADR (TSM, 15.8%). Compared with Q4 2024, it opened 3 new positions, sold out of 1, added to 3 and reduced 10. The biggest buy was a new position in Cognizant Tech Solutions-A (CTSH) and the biggest sale Taiwan Semiconductor-SP ADR (TSM, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001592579
- Portfolio Value
- $988.0M (Q1 2025)
- SEC Filing
- 0001592579-25-000003 ↗ filed Apr 10, 2025
Holdings Value
Holdings 16 stocks · $988.0M
| HDB HDFC Bank Ltd.-ADR | 24.49% | 3,642,000 | $242.0M | Reduce -0.9% |
| RYAAY Ryanair Holdings PLC-SP ADR | 16.93% | 3,947,748 | $167.3M | Reduce -0.8% |
| TSM Taiwan Semiconductor-SP ADR | 15.79% | 940,005 | $156.0M | Reduce -0.8% |
| ICLR Icon PLC | 14.77% | 833,819 | $145.9M | Reduce -0.7% |
| MSFT Microsoft Corp. | 3.35% | 88,055 | $33.1M | Add +41.6% |
| GOOGL Alphabet Inc. Class A | 2.92% | 186,601 | $28.9M | Reduce -0.3% |
| CI The Cigna Group | 2.88% | 86,478 | $28.5M | Reduce -0.3% |
| AMZN Amazon.com Inc. | 2.80% | 145,303 | $27.6M | Reduce -6.7% |
| NOC Northrop Grumman Corp. | 2.50% | 48,206 | $24.7M | Reduce -0.3% |
| CLH Clean Harbors Inc. | 2.40% | 120,465 | $23.7M | Add +9.5% |
| CNH CNH Industrial NV | 2.35% | 1,891,690 | $23.2M | Reduce -0.3% |
| CTSH Cognizant Tech Solutions-A | 2.09% | 270,486 | $20.7M | New |
| NUE Nucor Corp. | 2.04% | 167,867 | $20.2M | Reduce -0.3% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 1.81% | 330,384 | $17.9M | Add +35.6% |
| AXTA Axalta Coating Systems Ltd. | 1.65% | 492,845 | $16.3M | New |
| INTU Intuit Inc. | 1.22% | 19,643 | $12.1M | New |
Portfolio Sells Q4 2024 → Q1 2025
| TSM Taiwan Semiconductor-SP ADR | Reduce -0.8% | 15.79% | −2.58 |
| ICLR Icon PLC | Reduce -0.7% | 14.77% | −2.52 |
| ABNB Airbnb Inc. Class A | Sold out | 0.00% | −2.42 |
| GOOGL Alphabet Inc. Class A | Reduce -0.3% | 2.92% | −0.56 |
| AMZN Amazon.com Inc. | Reduce -6.7% | 2.80% | −0.56 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -0.8% | 16.93% | −0.10 |
| NUE Nucor Corp. | Reduce -0.3% | 2.04% | +0.12 |
| CNH CNH Industrial NV | Reduce -0.3% | 2.35% | +0.24 |
| NOC Northrop Grumman Corp. | Reduce -0.3% | 2.50% | +0.27 |
| CI The Cigna Group | Reduce -0.3% | 2.88% | +0.53 |
| HDB HDFC Bank Ltd.-ADR | Reduce -0.9% | 24.49% | +1.46 |
Portfolio Buys Q4 2024 → Q1 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 23 | $1.9B | TSM, ICLR, SW, RYAAY, HDB |
| Q1 2026 | 22 | $1.5B | TSM, INFY, RYAAY, HDB, ICLR |
| Q4 2025 | 22 | $1.6B | TSM, RYAAY, HDB, ICLR, INFY |
| Q3 2025 | 21 | $1.5B | TSM, RYAAY, HDB, INFY, ICLR |
| Q2 2025 | 20 | $1.5B | HDB, TSM, RYAAY, INFY, ICLR |
| Q1 2025 | 16 | $988.0M | HDB, RYAAY, TSM, ICLR, MSFT |
| Q4 2024 | 14 | $1.0B | HDB, TSM, ICLR, RYAAY, GOOGL |
| Q3 2024Amended | 15 | $1.0B | HDB, ICLR, RYAAY, TSM, AMZN |
| Q2 2024 | 16 | $1.1B | HDB, ICLR, RYAAY, TSM, KB |
| Q1 2024 | 18 | $1.3B | ICLR, RYAAY, HDB, TSM, KB |