Trinity Street Asset Management LLP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 22, 2026), Trinity Street Asset Management LLP reported 22 stock positions worth $1.6 billion. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 18.5% of the portfolio, followed by Ryanair Holdings PLC-SP ADR (RYAAY, 16.7%) and HDFC Bank Ltd.-ADR (HDB, 13.9%). Compared with Q3 2025, it opened 2 new positions, sold out of 1, added to 4 and reduced 16. The biggest buy was Icon (ICLR, shares +23%) and the biggest sale an exit from Axalta Coating Systems (AXTA).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001592579
Portfolio Value
$1.6B (Q4 2025)
SEC Filing
0001592579-26-000002 ↗ filed Jan 22, 2026

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $1.3B Q1 2024 Q2 2024: $1.1B Q2 2024 Q3 2024: $1.0B Q3 2024 Q4 2024: $1.0B Q4 2024 Q1 2025: $988.0M Q1 2025 Q2 2025: $1.5B Q2 2025 Q3 2025: $1.5B Q3 2025 Q4 2025: $1.6B $1.6B Q4 2025 Q1 2026: $1.5B Q1 2026 Q2 2026: $1.9B Q2 2026

Holdings 22 stocks · $1.6B
TSM Taiwan Semiconductor-SP ADR 18.46% 966,824 $293.8M Reduce -2.5%
RYAAY Ryanair Holdings PLC-SP ADR 16.70% 3,680,298 $265.7M Reduce -1.5%
HDB HDFC Bank Ltd.-ADR 13.93% 6,067,000 $221.7M Reduce -1.1%
ICLR Icon PLC 12.28% 1,072,428 $195.4M Add +23.1%
INFY Infosys Ltd.-SP ADR 11.49% 10,263,804 $182.9M Reduce -2.0%
GOOGL Alphabet Inc. Class A 2.93% 148,996 $46.6M Reduce -24.2%
MSFT Microsoft Corp. 2.27% 74,850 $36.2M Reduce -5.1%
AMZN Amazon.com Inc. 2.14% 147,801 $34.1M Reduce -4.5%
CACI Caci International Inc. Class A 1.80% 53,839 $28.7M Reduce -1.6%
CTSH Cognizant Tech Solutions-A 1.74% 332,817 $27.6M Reduce -1.0%
CLH Clean Harbors Inc. 1.73% 117,177 $27.5M Reduce -2.8%
COHR Coherent Corp. 1.67% 143,877 $26.6M New
NOC Northrop Grumman Corp. 1.65% 46,136 $26.3M Reduce -4.3%
NUE Nucor Corp. 1.64% 159,946 $26.1M Reduce -4.8%
INTU Intuit Inc. 1.61% 38,776 $25.7M Reduce -4.9%
UBER Uber Technologies Inc. 1.48% 289,072 $23.6M Reduce -4.3%
EFX Equifax Inc. 1.48% 108,406 $23.5M Add +3.8%
DHI D.R. Horton Inc. 1.45% 160,212 $23.1M Add +8.0%
CNH CNH Industrial NV 1.41% 2,441,530 $22.5M Add +28.9%
CI The Cigna Group 1.31% 75,773 $20.9M Reduce -4.3%
AMD Advanced Micro Devices 0.48% 35,574 $7.6M New
KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC 0.33% 60,763 $5.2M Reduce -7.5%

Portfolio Sells Q3 2025 → Q4 2025
AXTA Axalta Coating Systems Ltd. Sold out 0.00% −1.50
UBER Uber Technologies Inc. Reduce -4.3% 1.48% −0.53
MSFT Microsoft Corp. Reduce -5.1% 2.27% −0.51
TSM Taiwan Semiconductor-SP ADR Reduce -2.5% 18.46% −0.42
HDB HDFC Bank Ltd.-ADR Reduce -1.1% 13.93% −0.35
NOC Northrop Grumman Corp. Reduce -4.3% 1.65% −0.35
GOOGL Alphabet Inc. Class A Reduce -24.2% 2.93% −0.33
INTU Intuit Inc. Reduce -4.9% 1.61% −0.28
CI The Cigna Group Reduce -4.3% 1.31% −0.25
CLH Clean Harbors Inc. Reduce -2.8% 1.73% −0.18
AMZN Amazon.com Inc. Reduce -4.5% 2.14% −0.17
INFY Infosys Ltd.-SP ADR Reduce -2.0% 11.49% −0.12
CACI Caci International Inc. Class A Reduce -1.6% 1.80% −0.06
KB KB Financial Group Inc.-ADR Reduce -7.5% 0.33% −0.04
NUE Nucor Corp. Reduce -4.8% 1.64% +0.09
CTSH Cognizant Tech Solutions-A Reduce -1.0% 1.74% +0.20
RYAAY Ryanair Holdings PLC-SP ADR Reduce -1.5% 16.70% +1.36

Portfolio Buys Q3 2025 → Q4 2025
ICLR Icon PLC Add +23.1% 12.28% +1.89
COHR Coherent Corp. New 1.67% +1.67
AMD Advanced Micro Devices New 0.48% +0.48
CNH CNH Industrial NV Add +28.9% 1.41% +0.01
DHI D.R. Horton Inc. Add +8.0% 1.45% −0.26
EFX Equifax Inc. Add +3.8% 1.48% −0.35

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 23$1.9BTSM, ICLR, SW, RYAAY, HDB
Q1 2026 22$1.5BTSM, INFY, RYAAY, HDB, ICLR
Q4 2025 22$1.6BTSM, RYAAY, HDB, ICLR, INFY
Q3 2025 21$1.5BTSM, RYAAY, HDB, INFY, ICLR
Q2 2025 20$1.5BHDB, TSM, RYAAY, INFY, ICLR
Q1 2025 16$988.0MHDB, RYAAY, TSM, ICLR, MSFT
Q4 2024 14$1.0BHDB, TSM, ICLR, RYAAY, GOOGL
Q3 2024Amended 15$1.0BHDB, ICLR, RYAAY, TSM, AMZN
Q2 2024 16$1.1BHDB, ICLR, RYAAY, TSM, KB
Q1 2024 18$1.3BICLR, RYAAY, HDB, TSM, KB