Trinity Street Asset Management LLP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 28, 2025), Trinity Street Asset Management LLP reported 21 stock positions worth $1.5 billion. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 18.9% of the portfolio, followed by Ryanair Holdings PLC-SP ADR (RYAAY, 15.3%) and HDFC Bank Ltd.-ADR (HDB, 14.3%). Compared with Q2 2025, it opened 1 new position, added to 4 and reduced 16. The biggest buy was Icon (ICLR, shares +4%) and the biggest sale HDFC Bank Ltd.-ADR (HDB, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001592579
- Portfolio Value
- $1.5B (Q3 2025)
- SEC Filing
- 0001592579-25-000010 ↗ filed Oct 28, 2025
Holdings Value
Holdings 21 stocks · $1.5B
| TSM Taiwan Semiconductor-SP ADR | 18.88% | 991,764 | $277.0M | Reduce -5.9% |
| RYAAY Ryanair Holdings PLC-SP ADR | 15.33% | 3,735,598 | $225.0M | Reduce -6.3% |
| HDB HDFC Bank Ltd.-ADR | 14.28% | 6,133,600 | $209.5M | Reduce -6.0% |
| INFY Infosys Ltd.-SP ADR | 11.61% | 10,471,600 | $170.4M | Reduce -6.3% |
| ICLR Icon PLC | 10.39% | 870,973 | $152.4M | Add +3.5% |
| GOOGL Alphabet Inc. Class A | 3.26% | 196,640 | $47.8M | Reduce -2.0% |
| MSFT Microsoft Corp. | 2.78% | 78,840 | $40.8M | Reduce -10.9% |
| AMZN Amazon.com Inc. | 2.32% | 154,846 | $34.0M | Reduce -0.4% |
| UBER Uber Technologies Inc. | 2.02% | 302,034 | $29.6M | Add +54.5% |
| NOC Northrop Grumman Corp. | 2.00% | 48,208 | $29.4M | Reduce -0.4% |
| CLH Clean Harbors Inc. | 1.91% | 120,603 | $28.0M | Reduce -0.4% |
| INTU Intuit Inc. | 1.90% | 40,766 | $27.8M | Reduce -0.4% |
| CACI Caci International Inc. Class A | 1.86% | 54,707 | $27.3M | Reduce -0.4% |
| EFX Equifax Inc. | 1.83% | 104,444 | $26.8M | Add +44.0% |
| DHI D.R. Horton Inc. | 1.71% | 148,343 | $25.1M | New |
| CI The Cigna Group | 1.56% | 79,181 | $22.8M | Add +4.3% |
| NUE Nucor Corp. | 1.55% | 168,016 | $22.8M | Reduce -0.4% |
| CTSH Cognizant Tech Solutions-A | 1.54% | 336,292 | $22.6M | Reduce -0.4% |
| AXTA Axalta Coating Systems Ltd. | 1.50% | 770,919 | $22.1M | Reduce -0.4% |
| CNH CNH Industrial NV | 1.40% | 1,894,902 | $20.6M | Reduce -0.4% |
| KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC | 0.37% | 65,665 | $5.4M | Reduce -80.0% |
Portfolio Sells Q2 2025 → Q3 2025
| HDB HDFC Bank Ltd.-ADR | Reduce -6.0% | 14.28% | −2.88 |
| INFY Infosys Ltd.-SP ADR | Reduce -6.3% | 11.61% | −2.60 |
| KB KB Financial Group Inc.-ADR | Reduce -80.0% | 0.37% | −1.49 |
| RYAAY Ryanair Holdings PLC-SP ADR | Reduce -6.3% | 15.33% | −0.43 |
| INTU Intuit Inc. | Reduce -0.4% | 1.90% | −0.31 |
| CNH CNH Industrial NV | Reduce -0.4% | 1.40% | −0.29 |
| CTSH Cognizant Tech Solutions-A | Reduce -0.4% | 1.54% | −0.27 |
| MSFT Microsoft Corp. | Reduce -10.9% | 2.78% | −0.24 |
| AXTA Axalta Coating Systems Ltd. | Reduce -0.4% | 1.50% | −0.07 |
| AMZN Amazon.com Inc. | Reduce -0.4% | 2.32% | −0.02 |
| CLH Clean Harbors Inc. | Reduce -0.4% | 1.91% | −0.01 |
| NUE Nucor Corp. | Reduce -0.4% | 1.55% | +0.05 |
| CACI Caci International Inc. Class A | Reduce -0.4% | 1.86% | +0.06 |
| NOC Northrop Grumman Corp. | Reduce -0.4% | 2.00% | +0.34 |
| GOOGL Alphabet Inc. Class A | Reduce -2.0% | 3.26% | +0.83 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -5.9% | 18.88% | +2.50 |
Portfolio Buys Q2 2025 → Q3 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 |