Troy Asset Management Ltd
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed September 10, 2024), Troy Asset Management Ltd reported 33 stock positions worth $3.3 billion. Its top holding was Visa Class A (V) at 13.4% of the portfolio, followed by Microsoft (MSFT, 12.0%) and Alphabet Class A (GOOGL, 9.2%). Compared with Q4 2023, it sold out of 1, added to 17 and reduced 13. The biggest buy was Canadian Natl Railway (CNI, shares +89%) and the biggest sale Procter & Gamble (PG, shares −13%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001601407
- Portfolio Value
- $3.3B (Q1 2024)
- SEC Filing
- 0001601407-24-000020 ↗ filed Sep 10, 2024
Holdings Value
Holdings 33 stocks · $3.3B
| V Visa Inc. Class A | 13.39% | 1,585,825 | $442.6M | Add +0.7% |
| MSFT Microsoft Corp. | 12.01% | 943,783 | $397.1M | Reduce -1.9% |
| GOOGL Alphabet Inc. Class A | 9.24% | 2,022,957 | $305.3M | Add +2.5% |
| PG The Procter & Gamble Co. | 7.50% | 1,528,205 | $248.0M | Reduce -12.8% |
| BDX Becton Dickinson and Co. | 6.55% | 874,942 | $216.5M | Reduce -0.3% |
| AXP American Express Co. | 5.82% | 844,856 | $192.4M | Reduce -3.1% |
| A Agilent Technologies Inc. | 4.60% | 1,045,899 | $152.2M | Add +0.6% |
| PAYX Paychex Inc. | 4.39% | 1,181,294 | $145.1M | Reduce -5.1% |
| CME Cme Group Inc. | 4.20% | 644,186 | $138.7M | Reduce -5.8% |
| MDT Medtronic PLC | 3.34% | 1,268,592 | $110.6M | Reduce -3.8% |
| PEP Pepsico Inc. | 2.54% | 480,096 | $84.0M | Add +0.8% |
| ADP Automatic Data Processing | 2.37% | 314,126 | $78.4M | Add +1.6% |
| MCO Moody's Corp. | 2.23% | 187,261 | $73.6M | Reduce -0.5% |
| MA Mastercard Inc. Class A | 1.80% | 123,403 | $59.4M | Add +2.1% |
| PM Philip Morris International | 1.79% | 645,418 | $59.1M | Add +0.4% |
| CSCO Cisco Systems Inc. | 1.47% | 974,021 | $48.6M | Add +3.1% |
| MCD McDonald's Corp. | 1.42% | 167,041 | $47.1M | Add +4.2% |
| META Meta Platforms Inc. Class A | 1.42% | 96,964 | $47.1M | Reduce -19.7% |
| FISV Fiserv Inc. | 1.29% | 266,257 | $42.6M | Reduce -0.3% |
| TXN Texas Instruments Inc. | 1.19% | 225,955 | $39.4M | Add +2.1% |
| CNI Canadian Natl Railway Co. | 1.18% | 297,023 | $39.1M | Add +88.7% |
| ALC Alcon Inc. filed as ALCON AG | 1.16% | 461,622 | $38.3M | Add +18.6% |
| FAST Fastenal Co. | 1.16% | 495,772 | $38.2M | Reduce -31.8% |
| KVUE Kenvue Inc. | 1.14% | 1,756,429 | $37.7M | Add +1.3% |
| JNJ Johnson & Johnson | 1.11% | 231,488 | $36.6M | Reduce -18.4% |
| ACN Accenture PLC Class A | 1.09% | 103,815 | $36.0M | Add +2.7% |
| BKNG Booking Holdings Inc. | 0.88% | 8,013 | $29.1M | Add +6.6% |
| INTU Intuit Inc. | 0.80% | 40,877 | $26.6M | Reduce -0.1% |
| HSY The Hershey Co. | 0.74% | 126,170 | $24.5M | Add +3.0% |
| PYPL PayPal Holdings Inc. | 0.73% | 361,964 | $24.2M | Add +9.3% |
| SPGI S&P Global Inc. | 0.52% | 40,132 | $17.1M | No change |
| ADBE Adobe Inc. | 0.49% | 32,160 | $16.2M | No change |
| TTWO Take-Two Interactive Softwre | 0.44% | 98,343 | $14.6M | No change |
Portfolio Sells Q4 2023 → Q1 2024
| PG The Procter & Gamble Co. | Reduce -12.8% | 7.50% | −0.64 |
| CLX Clorox Company | Sold out | 0.00% | −0.56 |
| CME Cme Group Inc. | Reduce -5.8% | 4.20% | −0.37 |
| FAST Fastenal Co. | Reduce -31.8% | 1.16% | −0.33 |
| PAYX Paychex Inc. | Reduce -5.1% | 4.39% | −0.31 |
| JNJ Johnson & Johnson | Reduce -18.4% | 1.11% | −0.30 |
| BDX Becton Dickinson and Co. | Reduce -0.3% | 6.55% | −0.23 |
| MCO Moody's Corp. | Reduce -0.5% | 2.23% | −0.10 |
| MDT Medtronic PLC | Reduce -3.8% | 3.34% | −0.10 |
| INTU Intuit Inc. | Reduce -0.1% | 0.80% | −0.01 |
| META Meta Platforms Inc. Class A | Reduce -19.7% | 1.42% | +0.07 |
| FISV Fiserv Inc. | Reduce -0.3% | 1.29% | +0.16 |
| MSFT Microsoft Corp. | Reduce -1.9% | 12.01% | +0.55 |
| AXP American Express Co. | Reduce -3.1% | 5.82% | +0.64 |
Portfolio Buys Q4 2023 → Q1 2024
| CNI Canadian Natl Railway Co. | Add +88.7% | 1.18% | +0.56 |
| GOOGL Alphabet Inc. Class A | Add +2.5% | 9.24% | +0.51 |
| V Visa Inc. Class A | Add +0.7% | 13.39% | +0.40 |
| ALC Alcon Inc. | Add +18.6% | 1.16% | +0.20 |
| MA Mastercard Inc. Class A | Add +2.1% | 1.80% | +0.17 |
| ADP Automatic Data Processing | Add +1.6% | 2.37% | +0.09 |
| PYPL PayPal Holdings Inc. | Add +9.3% | 0.73% | +0.09 |
| BKNG Booking Holdings Inc. | Add +6.6% | 0.88% | +0.03 |
| A Agilent Technologies Inc. | Add +0.6% | 4.60% | +0.03 |
| HSY The Hershey Co. | Add +3.0% | 0.74% | +0.02 |
| TXN Texas Instruments Inc. | Add +2.1% | 1.19% | −0.00 |
| PEP Pepsico Inc. | Add +0.8% | 2.54% | −0.02 |
| ACN Accenture PLC Class A | Add +2.7% | 1.09% | −0.04 |
| CSCO Cisco Systems Inc. | Add +3.1% | 1.47% | −0.04 |
| KVUE Kenvue Inc. | Add +1.3% | 1.14% | −0.04 |
| MCD McDonald's Corp. | Add +4.2% | 1.42% | −0.08 |
| PM Philip Morris International | Add +0.4% | 1.79% | −0.13 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 29 | $3.6B | V, GOOGL, A, CNI, CB |
| Q1 2026 | 30 | $3.4B | V, GOOGL, CB, CNI, A |
| Q4 2025 | 30 | $3.9B | V, GOOGL, MSFT, A, CNI |
| Q3 2025 | 31 | $3.9B | V, GOOGL, MSFT, A, CNI |
| Q2 2025Amended | 31 | $3.7B | GOOGL, V, MSFT, A, VRSN |
| Q1 2025Amended | 31 | $3.7B | GOOGL, V, MSFT, A, VRSN |
| Q4 2024Amended | 33 | $3.0B | V, GOOGL, MSFT, VRSN, AXP |
| Q3 2024Amended | 33 | $3.2B | V, MSFT, GOOGL, AXP, PG |
| Q2 2024Amended | 33 | $3.1B | V, MSFT, GOOGL, PG, AXP |
| Q1 2024Amended | 33 | $3.3B | V, MSFT, GOOGL, PG, BDX |