Trinity Street Asset Management LLP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 23, 2025), Trinity Street Asset Management LLP reported 20 stock positions worth $1.5 billion. Its top holding was HDFC Bank Ltd.-ADR (HDB) at 17.2% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 16.4%) and Ryanair Holdings PLC-SP ADR (RYAAY, 15.8%). Compared with Q1 2025, it opened 4 new positions, added to 13 and reduced 3. The biggest buy was a new position in Infosys Ltd.-SP ADR (INFY) and the biggest sale HDFC Bank Ltd.-ADR (HDB, shares −10%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001592579
- Portfolio Value
- $1.5B (Q2 2025)
- SEC Filing
- 0001592579-25-000006 ↗ filed Jul 23, 2025
Holdings Value
Holdings 20 stocks · $1.5B
| HDB HDFC Bank Ltd.-ADR | 17.17% | 3,263,200 | $250.2M | Reduce -10.4% |
| TSM Taiwan Semiconductor-SP ADR | 16.38% | 1,054,005 | $238.7M | Add +12.1% |
| RYAAY Ryanair Holdings PLC-SP ADR | 15.77% | 3,984,748 | $229.8M | Add +0.9% |
| INFY Infosys Ltd.-SP ADR | 14.22% | 11,181,100 | $207.2M | New |
| ICLR Icon PLC | 8.40% | 841,415 | $122.4M | Add +0.9% |
| MSFT Microsoft Corp. | 3.02% | 88,457 | $44.0M | Add +0.5% |
| GOOGL Alphabet Inc. Class A | 2.43% | 200,649 | $35.4M | Add +7.5% |
| AMZN Amazon.com Inc. | 2.34% | 155,450 | $34.1M | Add +7.0% |
| INTU Intuit Inc. | 2.21% | 40,933 | $32.2M | Add +108.4% |
| CLH Clean Harbors Inc. | 1.92% | 121,104 | $28.0M | Add +0.5% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 1.86% | 328,551 | $27.1M | Reduce -0.6% |
| CTSH Cognizant Tech Solutions-A | 1.81% | 337,653 | $26.3M | Add +24.8% |
| CACI Caci International Inc. Class A | 1.80% | 54,945 | $26.2M | New |
| CI The Cigna Group | 1.72% | 75,885 | $25.1M | Reduce -12.3% |
| CNH CNH Industrial NV | 1.69% | 1,901,987 | $24.6M | Add +0.5% |
| NOC Northrop Grumman Corp. | 1.66% | 48,402 | $24.2M | Add +0.4% |
| AXTA Axalta Coating Systems Ltd. | 1.58% | 774,060 | $23.0M | Add +57.1% |
| NUE Nucor Corp. | 1.50% | 168,704 | $21.9M | Add +0.5% |
| EFX Equifax Inc. | 1.29% | 72,531 | $18.8M | New |
| UBER Uber Technologies Inc. | 1.25% | 195,519 | $18.2M | New |
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
| INFY Infosys Ltd.-SP ADR | New | 14.22% | +14.22 |
| CACI Caci International Inc. Class A | New | 1.80% | +1.80 |
| EFX Equifax Inc. | New | 1.29% | +1.29 |
| UBER Uber Technologies Inc. | New | 1.25% | +1.25 |
| INTU Intuit Inc. | Add +108.4% | 2.21% | +0.99 |
| TSM Taiwan Semiconductor-SP ADR | Add +12.1% | 16.38% | +0.59 |
| AXTA Axalta Coating Systems Ltd. | Add +57.1% | 1.58% | −0.08 |
| CTSH Cognizant Tech Solutions-A | Add +24.8% | 1.81% | −0.29 |
| MSFT Microsoft Corp. | Add +0.5% | 3.02% | −0.33 |
| AMZN Amazon.com Inc. | Add +7.0% | 2.34% | −0.46 |
| CLH Clean Harbors Inc. | Add +0.5% | 1.92% | −0.48 |
| GOOGL Alphabet Inc. Class A | Add +7.5% | 2.43% | −0.49 |
| NUE Nucor Corp. | Add +0.5% | 1.50% | −0.55 |
| CNH CNH Industrial NV | Add +0.5% | 1.69% | −0.66 |
| NOC Northrop Grumman Corp. | Add +0.4% | 1.66% | −0.84 |
| RYAAY Ryanair Holdings PLC-SP ADR | Add +0.9% | 15.77% | −1.16 |
| ICLR Icon PLC | Add +0.9% | 8.40% | −6.37 |
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 |