Troy Asset Management Ltd
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed December 3, 2025), Troy Asset Management Ltd reported 33 stock positions worth $3.1 billion. Its top holding was Visa Class A (V) at 13.4% of the portfolio, followed by Microsoft (MSFT, 13.4%) and Alphabet Class A (GOOGL, 11.8%). Compared with Q1 2024, it opened 2 new positions, sold out of 2, added to 3 and reduced 25. The biggest buy was a new position in Verisign (VRSN) and the biggest sale an exit from Becton Dickinson and (BDX).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001601407
- Portfolio Value
- $3.1B (Q2 2024)
- SEC Filing
- 0001601407-25-000043 ↗ filed Dec 3, 2025
Holdings Value
Holdings 33 stocks · $3.1B
| V Visa Inc. Class A | 13.38% | 1,570,019 | $412.1M | Reduce -1.0% |
| MSFT Microsoft Corp. | 13.36% | 920,640 | $411.5M | Reduce -2.5% |
| GOOGL Alphabet Inc. Class A | 11.77% | 1,989,203 | $362.3M | Reduce -1.7% |
| PG The Procter & Gamble Co. | 6.23% | 1,163,552 | $191.9M | Reduce -23.9% |
| AXP American Express Co. | 6.12% | 813,700 | $188.4M | Reduce -3.7% |
| PAYX Paychex Inc. | 4.09% | 1,062,769 | $126.0M | Reduce -10.0% |
| A Agilent Technologies Inc. | 4.04% | 960,332 | $124.5M | Reduce -8.2% |
| CME Cme Group Inc. | 3.75% | 587,896 | $115.6M | Reduce -8.7% |
| VRSN Verisign Inc. | 3.54% | 613,276 | $109.0M | New |
| CB Chubb Ltd. | 3.47% | 419,380 | $107.0M | New |
| MDT Medtronic PLC | 2.77% | 1,085,502 | $85.4M | Reduce -14.4% |
| MCO Moody's Corp. | 2.55% | 186,589 | $78.5M | Reduce -0.4% |
| PEP Pepsico Inc. | 2.34% | 436,457 | $72.0M | Reduce -9.1% |
| ADP Automatic Data Processing | 1.99% | 256,912 | $61.3M | Reduce -18.2% |
| PM Philip Morris International | 1.87% | 569,529 | $57.7M | Reduce -11.8% |
| MA Mastercard Inc. Class A | 1.78% | 124,214 | $54.8M | Add +0.7% |
| META Meta Platforms Inc. Class A | 1.58% | 96,368 | $48.6M | Reduce -0.6% |
| CSCO Cisco Systems Inc. | 1.33% | 858,996 | $40.8M | Reduce -11.8% |
| FISV Fiserv Inc. | 1.29% | 266,257 | $39.7M | No change |
| TXN Texas Instruments Inc. | 1.25% | 198,040 | $38.5M | Reduce -12.3% |
| ALC Alcon Inc. filed as ALCON AG | 1.24% | 427,118 | $38.1M | Reduce -7.5% |
| MCD McDonald's Corp. | 1.22% | 147,532 | $37.6M | Reduce -11.7% |
| BKNG Booking Holdings Inc. | 1.05% | 8,191 | $32.4M | Add +2.2% |
| CNI Canadian Natl Railway Co. | 1.00% | 261,523 | $30.9M | Reduce -11.9% |
| JNJ Johnson & Johnson | 0.97% | 203,630 | $29.8M | Reduce -12.0% |
| ADBE Adobe Inc. | 0.91% | 50,526 | $28.1M | Add +57.1% |
| ACN Accenture PLC Class A | 0.91% | 92,442 | $28.0M | Reduce -11.0% |
| KVUE Kenvue Inc. | 0.90% | 1,528,455 | $27.8M | Reduce -13.0% |
| INTU Intuit Inc. | 0.87% | 40,877 | $26.9M | No change |
| PYPL PayPal Holdings Inc. | 0.67% | 357,434 | $20.7M | Reduce -1.3% |
| HSY The Hershey Co. | 0.66% | 110,371 | $20.3M | Reduce -12.5% |
| SPGI S&P Global Inc. | 0.58% | 40,132 | $17.9M | No change |
| TTWO Take-Two Interactive Softwre | 0.48% | 94,718 | $14.7M | Reduce -3.7% |
Portfolio Sells Q1 2024 → Q2 2024
| BDX Becton Dickinson and Co. | Sold out | 0.00% | −6.55 |
| PG The Procter & Gamble Co. | Reduce -23.9% | 6.23% | −1.27 |
| FAST Fastenal Co. | Sold out | 0.00% | −1.16 |
| MDT Medtronic PLC | Reduce -14.4% | 2.77% | −0.57 |
| A Agilent Technologies Inc. | Reduce -8.2% | 4.04% | −0.56 |
| CME Cme Group Inc. | Reduce -8.7% | 3.75% | −0.44 |
| ADP Automatic Data Processing | Reduce -18.2% | 1.99% | −0.38 |
| PAYX Paychex Inc. | Reduce -10.0% | 4.09% | −0.30 |
| KVUE Kenvue Inc. | Reduce -13.0% | 0.90% | −0.24 |
| PEP Pepsico Inc. | Reduce -9.1% | 2.34% | −0.20 |
| MCD McDonald's Corp. | Reduce -11.7% | 1.22% | −0.20 |
| CNI Canadian Natl Railway Co. | Reduce -11.9% | 1.00% | −0.18 |
| ACN Accenture PLC Class A | Reduce -11.0% | 0.91% | −0.18 |
| CSCO Cisco Systems Inc. | Reduce -11.8% | 1.33% | −0.14 |
| JNJ Johnson & Johnson | Reduce -12.0% | 0.97% | −0.14 |
| HSY The Hershey Co. | Reduce -12.5% | 0.66% | −0.08 |
| PYPL PayPal Holdings Inc. | Reduce -1.3% | 0.67% | −0.06 |
| V Visa Inc. Class A | Reduce -1.0% | 13.38% | −0.00 |
| TTWO Take-Two Interactive Softwre | Reduce -3.7% | 0.48% | +0.04 |
| TXN Texas Instruments Inc. | Reduce -12.3% | 1.25% | +0.06 |
| ALC Alcon Inc. | Reduce -7.5% | 1.24% | +0.08 |
| PM Philip Morris International | Reduce -11.8% | 1.87% | +0.09 |
| META Meta Platforms Inc. Class A | Reduce -0.6% | 1.58% | +0.15 |
| AXP American Express Co. | Reduce -3.7% | 6.12% | +0.30 |
| MCO Moody's Corp. | Reduce -0.4% | 2.55% | +0.32 |
| MSFT Microsoft Corp. | Reduce -2.5% | 13.36% | +1.35 |
| GOOGL Alphabet Inc. Class A | Reduce -1.7% | 11.77% | +2.53 |
Portfolio Buys Q1 2024 → Q2 2024
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 |