Troy Asset Management Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), Troy Asset Management Ltd reported 31 stock positions worth $3.9 billion. Its top holding was Visa Class A (V) at 18.6% of the portfolio, followed by Alphabet Class A (GOOGL, 15.7%) and Microsoft (MSFT, 9.5%). Compared with Q2 2025, it opened 1 new position, sold out of 1, added to 17 and reduced 12. The biggest buy was Visa Class A (V, shares +64%) and the biggest sale an exit from Verisign (VRSN).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001601407
- Portfolio Value
- $3.9B (Q3 2025)
- SEC Filing
- 0001601407-25-000035 ↗ filed Nov 7, 2025
Holdings Value
Holdings 31 stocks · $3.9B
| V Visa Inc. Class A | 18.56% | 2,269,945 | $722.8M | Add +63.7% |
| GOOGL Alphabet Inc. Class A | 15.71% | 2,516,344 | $611.7M | Reduce -18.6% |
| MSFT Microsoft Corp. | 9.48% | 713,045 | $369.3M | Reduce -16.5% |
| A Agilent Technologies Inc. | 7.92% | 2,404,161 | $308.6M | Add +0.3% |
| CNI Canadian Natl Railway Co. | 6.63% | 2,738,372 | $258.2M | Add +98.8% |
| CB Chubb Ltd. | 5.74% | 791,682 | $223.5M | Reduce -0.2% |
| ADBE Adobe Inc. | 4.78% | 527,322 | $186.0M | Add +0.4% |
| ALC Alcon Inc. filed as ALCON AG | 4.52% | 2,972,020 | $176.1M | New |
| AXP American Express Co. | 3.91% | 458,008 | $152.1M | Reduce -0.2% |
| HUBB Hubbell Inc. | 3.79% | 343,293 | $147.7M | Add +5.8% |
| CME Cme Group Inc. | 2.29% | 330,049 | $89.2M | Reduce -3.7% |
| PAYX Paychex Inc. | 1.94% | 596,435 | $75.6M | Reduce -3.6% |
| MA Mastercard Inc. Class A | 1.81% | 123,839 | $70.4M | Add +2.0% |
| META Meta Platforms Inc. Class A | 1.52% | 80,863 | $59.4M | Reduce -1.1% |
| FISV Fiserv Inc. | 1.24% | 374,142 | $48.2M | Add +17.9% |
| BKNG Booking Holdings Inc. | 1.04% | 7,501 | $40.5M | Add +2.0% |
| SYY Sysco Corp. | 0.95% | 447,432 | $36.8M | Add +13.0% |
| PEP Pepsico Inc. | 0.92% | 255,742 | $35.9M | Reduce -1.1% |
| ADP Automatic Data Processing | 0.89% | 118,599 | $34.8M | Reduce -1.1% |
| TXN Texas Instruments Inc. | 0.86% | 182,864 | $33.6M | Add +6.2% |
| INTU Intuit Inc. | 0.83% | 47,247 | $32.3M | Add +0.7% |
| NKE Nike Inc. Class B | 0.80% | 446,849 | $31.2M | Add +23.6% |
| MCD McDonald's Corp. | 0.67% | 86,031 | $26.1M | Reduce -1.1% |
| PM Philip Morris International | 0.59% | 141,875 | $23.0M | Reduce -53.8% |
| TTWO Take-Two Interactive Softwre | 0.53% | 80,161 | $20.7M | Add +0.2% |
| ACN Accenture PLC Class A | 0.50% | 78,822 | $19.4M | Add +42.1% |
| PYPL PayPal Holdings Inc. | 0.42% | 242,659 | $16.3M | Add +3.7% |
| SPGI S&P Global Inc. | 0.41% | 33,054 | $16.1M | Add +0.2% |
| KVUE Kenvue Inc. | 0.37% | 892,088 | $14.5M | Reduce -1.1% |
| MCO Moody's Corp. | 0.37% | 30,356 | $14.5M | Add +0.2% |
| TSM Taiwan Semiconductor-SP ADR | 0.00% | 255 | $71K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| VRSN Verisign Inc. | Sold out | 0.00% | −7.23 |
| MSFT Microsoft Corp. | Reduce -16.5% | 9.48% | −2.12 |
| PM Philip Morris International | Reduce -53.8% | 0.59% | −0.94 |
| CB Chubb Ltd. | Reduce -0.2% | 5.74% | −0.54 |
| PAYX Paychex Inc. | Reduce -3.6% | 1.94% | −0.52 |
| CME Cme Group Inc. | Reduce -3.7% | 2.29% | −0.29 |
| KVUE Kenvue Inc. | Reduce -1.1% | 0.37% | −0.14 |
| META Meta Platforms Inc. Class A | Reduce -1.1% | 1.52% | −0.12 |
| ADP Automatic Data Processing | Reduce -1.1% | 0.89% | −0.12 |
| AXP American Express Co. | Reduce -0.2% | 3.91% | −0.09 |
| MCD McDonald's Corp. | Reduce -1.1% | 0.67% | −0.02 |
| PEP Pepsico Inc. | Reduce -1.1% | 0.92% | −0.01 |
| GOOGL Alphabet Inc. Class A | Reduce -18.6% | 15.71% | +0.83 |
Portfolio Buys Q2 2025 → Q3 2025
| V Visa Inc. Class A | Add +63.7% | 18.56% | +5.11 |
| ALC Alcon Inc. | New | 4.52% | +4.52 |
| CNI Canadian Natl Railway Co. | Add +98.8% | 6.63% | +2.71 |
| A Agilent Technologies Inc. | Add +0.3% | 7.92% | +0.19 |
| HUBB Hubbell Inc. | Add +5.8% | 3.79% | +0.17 |
| SYY Sysco Corp. | Add +13.0% | 0.95% | +0.13 |
| NKE Nike Inc. Class B | Add +23.6% | 0.80% | +0.10 |
| ACN Accenture PLC Class A | Add +42.1% | 0.50% | +0.05 |
| TTWO Take-Two Interactive Softwre | Add +0.2% | 0.53% | +0.00 |
| MCO Moody's Corp. | Add +0.2% | 0.37% | −0.04 |
| MA Mastercard Inc. Class A | Add +2.0% | 1.81% | −0.06 |
| PYPL PayPal Holdings Inc. | Add +3.7% | 0.42% | −0.06 |
| SPGI S&P Global Inc. | Add +0.2% | 0.41% | −0.06 |
| TXN Texas Instruments Inc. | Add +6.2% | 0.86% | −0.11 |
| BKNG Booking Holdings Inc. | Add +2.0% | 1.04% | −0.12 |
| INTU Intuit Inc. | Add +0.7% | 0.83% | −0.18 |
| FISV Fiserv Inc. | Add +17.9% | 1.24% | −0.26 |
| ADBE Adobe Inc. | Add +0.4% | 4.78% | −0.78 |
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 |