Troy Asset Management Ltd

In its 13F for Q2 2025 (holdings as of June 30, 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, 13.4%) and Microsoft (MSFT, 11.6%). Compared with Q1 2025, it reduced 1. The biggest sale was Canadian Natl Railway (CNI, shares −2%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001601407
Portfolio Value
$3.7B (Q2 2025)
SEC Filing
0001601407-25-000042 ↗ filed Nov 7, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $3.3B Q1 2024 Q2 2024: $3.1B Q2 2024 Q3 2024: $3.2B Q3 2024 Q4 2024: $3.0B Q4 2024 Q1 2025: $3.7B Q1 2025 Q2 2025: $3.7B $3.7B Q2 2025 Q3 2025: $3.9B Q3 2025 Q4 2025: $3.9B Q4 2025 Q1 2026: $3.4B Q1 2026 Q2 2026: $3.6B Q2 2026

Holdings 31 stocks · $3.7B
GOOGL Alphabet Inc. Class A 14.88% 3,090,732 $544.7M No change
V Visa Inc. Class A 13.45% 1,386,290 $492.2M No change
MSFT Microsoft Corp. 11.60% 853,554 $424.6M No change
A Agilent Technologies Inc. 7.73% 2,397,820 $283.0M No change
VRSN Verisign Inc. 7.23% 916,747 $264.8M No change
CB Chubb Ltd. 6.28% 793,427 $229.9M No change
ADBE Adobe Inc. 5.55% 525,265 $203.2M No change
AXP American Express Co. 4.00% 458,796 $146.3M No change
CNI Canadian Natl Railway Co. 3.92% 1,377,649 $143.4M Reduce -1.6%
HUBB Hubbell Inc. 3.62% 324,526 $132.5M No change
CME Cme Group Inc. 2.58% 342,882 $94.5M No change
PAYX Paychex Inc. 2.46% 618,451 $90.0M No change
MA Mastercard Inc. Class A 1.86% 121,423 $68.2M No change
META Meta Platforms Inc. Class A 1.65% 81,747 $60.3M No change
PM Philip Morris International 1.53% 306,764 $55.9M No change
FISV Fiserv Inc. 1.49% 317,208 $54.7M No change
BKNG Booking Holdings Inc. 1.16% 7,354 $42.6M No change
ADP Automatic Data Processing 1.01% 119,909 $37.0M No change
INTU Intuit Inc. 1.01% 46,931 $37.0M No change
TXN Texas Instruments Inc. 0.98% 172,131 $35.7M No change
PEP Pepsico Inc. 0.93% 258,625 $34.1M No change
SYY Sysco Corp. 0.82% 396,088 $30.0M No change
NKE Nike Inc. Class B 0.70% 361,519 $25.7M No change
MCD McDonald's Corp. 0.69% 87,002 $25.4M No change
TTWO Take-Two Interactive Softwre 0.53% 80,034 $19.4M No change
KVUE Kenvue Inc. 0.52% 902,075 $18.9M No change
SPGI S&P Global Inc. 0.48% 33,002 $17.4M No change
PYPL PayPal Holdings Inc. 0.48% 233,998 $17.4M No change
ACN Accenture PLC Class A 0.45% 55,479 $16.6M No change
MCO Moody's Corp. 0.42% 30,308 $15.2M No change
TSM Taiwan Semiconductor-SP ADR 0.00% 255 $58K No change

Portfolio Sells Q1 2025 → Q2 2025
CNI Canadian Natl Railway Co. Reduce -1.6% 3.92% +0.18

Portfolio Buys Q1 2025 → Q2 2025
None this quarter.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 29$3.6BV, GOOGL, A, CNI, CB
Q1 2026 30$3.4BV, GOOGL, CB, CNI, A
Q4 2025 30$3.9BV, GOOGL, MSFT, A, CNI
Q3 2025 31$3.9BV, GOOGL, MSFT, A, CNI
Q2 2025Amended 31$3.7BGOOGL, V, MSFT, A, VRSN
Q1 2025Amended 31$3.7BGOOGL, V, MSFT, A, VRSN
Q4 2024Amended 33$3.0BV, GOOGL, MSFT, VRSN, AXP
Q3 2024Amended 33$3.2BV, MSFT, GOOGL, AXP, PG
Q2 2024Amended 33$3.1BV, MSFT, GOOGL, PG, AXP
Q1 2024Amended 33$3.3BV, MSFT, GOOGL, PG, BDX