Troy Asset Management Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed November 7, 2025), Troy Asset Management Ltd reported 31 stock positions worth $3.7 billion. Its top holding was Alphabet Class A (GOOGL) at 14.9% of the portfolio, followed by Visa Class A (V, 13.5%) and Microsoft (MSFT, 11.6%). Compared with Q4 2024, it opened 4 new positions, sold out of 6, added to 11 and reduced 16. The biggest buy was Adobe (ADBE, shares +621%) and the biggest sale an exit from Procter & Gamble (PG).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001601407
- Portfolio Value
- $3.7B (Q1 2025)
- SEC Filing
- 0001601407-25-000041 ↗ filed Nov 7, 2025
Holdings Value
Holdings 31 stocks · $3.7B
| GOOGL Alphabet Inc. Class A | 14.91% | 3,090,732 | $544.7M | Add +33.0% |
| V Visa Inc. Class A | 13.47% | 1,386,290 | $492.2M | Reduce -12.6% |
| MSFT Microsoft Corp. | 11.62% | 853,554 | $424.6M | Add +0.7% |
| A Agilent Technologies Inc. | 7.74% | 2,397,820 | $283.0M | Add +146.4% |
| VRSN Verisign Inc. | 7.25% | 916,747 | $264.8M | Add +0.2% |
| CB Chubb Ltd. | 6.29% | 793,427 | $229.9M | Add +89.6% |
| ADBE Adobe Inc. | 5.56% | 525,265 | $203.2M | Add +620.9% |
| AXP American Express Co. | 4.01% | 458,796 | $146.3M | Add +0.1% |
| CNI Canadian Natl Railway Co. | 3.73% | 1,400,695 | $136.5M | Add +664.4% |
| HUBB Hubbell Inc. | 3.63% | 324,526 | $132.5M | New |
| CME Cme Group Inc. | 2.59% | 342,882 | $94.5M | Reduce -18.9% |
| PAYX Paychex Inc. | 2.46% | 618,451 | $90.0M | Reduce -15.9% |
| MA Mastercard Inc. Class A | 1.87% | 121,423 | $68.2M | Reduce -4.6% |
| META Meta Platforms Inc. Class A | 1.65% | 81,747 | $60.3M | Reduce -12.7% |
| PM Philip Morris International | 1.53% | 306,764 | $55.9M | Reduce -34.4% |
| FISV Fiserv Inc. | 1.50% | 317,208 | $54.7M | Add +21.1% |
| BKNG Booking Holdings Inc. | 1.17% | 7,354 | $42.6M | Reduce -0.9% |
| ADP Automatic Data Processing | 1.01% | 119,909 | $37.0M | Reduce -32.3% |
| INTU Intuit Inc. | 1.01% | 46,931 | $37.0M | Add +8.9% |
| TXN Texas Instruments Inc. | 0.98% | 172,131 | $35.7M | Add +26.6% |
| PEP Pepsico Inc. | 0.93% | 258,625 | $34.1M | Reduce -14.1% |
| SYY Sysco Corp. | 0.82% | 396,088 | $30.0M | New |
| NKE Nike Inc. Class B | 0.70% | 361,519 | $25.7M | New |
| MCD McDonald's Corp. | 0.70% | 87,002 | $25.4M | Reduce -13.8% |
| TTWO Take-Two Interactive Softwre | 0.53% | 80,034 | $19.4M | Reduce -21.1% |
| KVUE Kenvue Inc. | 0.52% | 902,075 | $18.9M | Reduce -13.7% |
| SPGI S&P Global Inc. | 0.48% | 33,002 | $17.4M | Reduce -0.8% |
| PYPL PayPal Holdings Inc. | 0.48% | 233,998 | $17.4M | Reduce -38.7% |
| ACN Accenture PLC Class A | 0.45% | 55,479 | $16.6M | Reduce -13.8% |
| MCO Moody's Corp. | 0.42% | 30,308 | $15.2M | Reduce -83.2% |
| TSM Taiwan Semiconductor-SP ADR | 0.00% | 255 | $58K | New |
Portfolio Sells Q4 2024 → Q1 2025
| PG The Procter & Gamble Co. | Sold out | 0.00% | −3.20 |
| V Visa Inc. Class A | Reduce -12.6% | 13.47% | −3.03 |
| MCO Moody's Corp. | Reduce -83.2% | 0.42% | −2.39 |
| MDT Medtronic PLC | Sold out | 0.00% | −2.17 |
| ALC Alcon Inc. | Sold out | 0.00% | −1.18 |
| CSCO Cisco Systems Inc. | Sold out | 0.00% | −1.14 |
| PAYX Paychex Inc. | Reduce -15.9% | 2.46% | −0.93 |
| ADP Automatic Data Processing | Reduce -32.3% | 1.01% | −0.69 |
| JNJ Johnson & Johnson | Sold out | 0.00% | −0.68 |
| CME Cme Group Inc. | Reduce -18.9% | 2.59% | −0.65 |
| PYPL PayPal Holdings Inc. | Reduce -38.7% | 0.48% | −0.60 |
| PEP Pepsico Inc. | Reduce -14.1% | 0.93% | −0.57 |
| HSY The Hershey Co. | Sold out | 0.00% | −0.43 |
| MA Mastercard Inc. Class A | Reduce -4.6% | 1.87% | −0.34 |
| PM Philip Morris International | Reduce -34.4% | 1.53% | −0.32 |
| ACN Accenture PLC Class A | Reduce -13.8% | 0.45% | −0.29 |
| MCD McDonald's Corp. | Reduce -13.8% | 0.70% | −0.27 |
| KVUE Kenvue Inc. | Reduce -13.7% | 0.52% | −0.22 |
| META Meta Platforms Inc. Class A | Reduce -12.7% | 1.65% | −0.16 |
| TTWO Take-Two Interactive Softwre | Reduce -21.1% | 0.53% | −0.08 |
| SPGI S&P Global Inc. | Reduce -0.8% | 0.48% | −0.07 |
| BKNG Booking Holdings Inc. | Reduce -0.9% | 1.17% | −0.05 |
Portfolio Buys Q4 2024 → Q1 2025
| ADBE Adobe Inc. | Add +620.9% | 5.56% | +4.49 |
| HUBB Hubbell Inc. | New | 3.63% | +3.63 |
| A Agilent Technologies Inc. | Add +146.4% | 7.74% | +3.44 |
| CNI Canadian Natl Railway Co. | Add +664.4% | 3.73% | +3.12 |
| CB Chubb Ltd. | Add +89.6% | 6.29% | +2.48 |
| VRSN Verisign Inc. | Add +0.2% | 7.25% | +1.01 |
| SYY Sysco Corp. | New | 0.82% | +0.82 |
| NKE Nike Inc. Class B | New | 0.70% | +0.70 |
| GOOGL Alphabet Inc. Class A | Add +33.0% | 14.91% | +0.42 |
| TXN Texas Instruments Inc. | Add +26.6% | 0.98% | +0.14 |
| INTU Intuit Inc. | Add +8.9% | 1.01% | +0.12 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.00% | +0.00 |
| MSFT Microsoft Corp. | Add +0.7% | 11.62% | −0.15 |
| FISV Fiserv Inc. | Add +21.1% | 1.50% | −0.28 |
| AXP American Express Co. | Add +0.1% | 4.01% | −0.48 |
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 |