Troy Asset Management Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), Troy Asset Management Ltd reported 30 stock positions worth $3.9 billion. Its top holding was Visa Class A (V) at 19.5% of the portfolio, followed by Alphabet Class A (GOOGL, 15.2%) and Microsoft (MSFT, 8.9%). Compared with Q3 2025, it opened 1 new position, sold out of 2, added to 11 and reduced 18. The biggest buy was Hubbell (HUBB, shares +61%) and the biggest sale an exit from American Express (AXP).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001601407
- Portfolio Value
- $3.9B (Q4 2025)
- SEC Filing
- 0001601407-26-000001 ↗ filed Feb 9, 2026
Holdings Value
Holdings 30 stocks · $3.9B
| V Visa Inc. Class A | 19.51% | 2,398,295 | $757.0M | Add +5.7% |
| GOOGL Alphabet Inc. Class A | 15.16% | 1,879,693 | $588.3M | Reduce -25.3% |
| MSFT Microsoft Corp. | 8.87% | 711,900 | $344.3M | Reduce -0.2% |
| A Agilent Technologies Inc. | 8.44% | 2,405,863 | $327.4M | Add +0.1% |
| CNI Canadian Natl Railway Co. | 7.42% | 2,736,154 | $288.0M | Reduce -0.1% |
| CB Chubb Ltd. | 6.37% | 792,483 | $247.3M | Add +0.1% |
| HUBB Hubbell Inc. | 6.31% | 551,620 | $245.0M | Add +60.7% |
| ALC Alcon Inc. filed as ALCON AG | 4.87% | 2,987,050 | $189.0M | Add +0.5% |
| ADBE Adobe Inc. | 4.74% | 524,975 | $183.7M | Reduce -0.5% |
| CME Cme Group Inc. | 2.21% | 314,284 | $85.8M | Reduce -4.8% |
| MA Mastercard Inc. Class A | 1.91% | 129,779 | $74.1M | Add +4.8% |
| PAYX Paychex Inc. | 1.66% | 575,765 | $64.6M | Reduce -3.5% |
| META Meta Platforms Inc. Class A | 1.34% | 78,489 | $51.8M | Reduce -2.9% |
| BKNG Booking Holdings Inc. | 1.14% | 8,271 | $44.3M | Add +10.3% |
| INTU Intuit Inc. | 0.94% | 55,168 | $36.5M | Add +16.8% |
| PEP Pepsico Inc. | 0.94% | 252,920 | $36.3M | Reduce -1.1% |
| NKE Nike Inc. Class B | 0.89% | 542,792 | $34.6M | Add +21.5% |
| SYY Sysco Corp. | 0.84% | 442,441 | $32.6M | Reduce -1.1% |
| ACN Accenture PLC Class A | 0.83% | 120,532 | $32.3M | Add +52.9% |
| TXN Texas Instruments Inc. | 0.81% | 180,867 | $31.4M | Reduce -1.1% |
| ADP Automatic Data Processing | 0.78% | 117,300 | $30.2M | Reduce -1.1% |
| AMZN Amazon.com Inc. | 0.70% | 117,567 | $27.1M | New |
| MCD McDonald's Corp. | 0.62% | 78,418 | $24.0M | Reduce -8.8% |
| PM Philip Morris International | 0.58% | 139,695 | $22.4M | Reduce -1.5% |
| SPGI S&P Global Inc. | 0.56% | 41,706 | $21.8M | Add +26.2% |
| TTWO Take-Two Interactive Softwre | 0.44% | 65,950 | $16.9M | Reduce -17.7% |
| KVUE Kenvue Inc. | 0.39% | 882,485 | $15.2M | Reduce -1.1% |
| MCO Moody's Corp. | 0.38% | 28,913 | $14.8M | Reduce -4.8% |
| PYPL PayPal Holdings Inc. | 0.35% | 230,268 | $13.4M | Reduce -5.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.00% | 168 | $51K | Reduce -34.1% |
Portfolio Sells Q3 2025 → Q4 2025
| AXP American Express Co. | Sold out | 0.00% | −3.91 |
| FISV Fiserv Inc. | Sold out | 0.00% | −1.24 |
| MSFT Microsoft Corp. | Reduce -0.2% | 8.87% | −0.61 |
| GOOGL Alphabet Inc. Class A | Reduce -25.3% | 15.16% | −0.54 |
| PAYX Paychex Inc. | Reduce -3.5% | 1.66% | −0.28 |
| META Meta Platforms Inc. Class A | Reduce -2.9% | 1.34% | −0.19 |
| ADP Automatic Data Processing | Reduce -1.1% | 0.78% | −0.12 |
| SYY Sysco Corp. | Reduce -1.1% | 0.84% | −0.11 |
| TTWO Take-Two Interactive Softwre | Reduce -17.7% | 0.44% | −0.10 |
| CME Cme Group Inc. | Reduce -4.8% | 2.21% | −0.08 |
| PYPL PayPal Holdings Inc. | Reduce -5.1% | 0.35% | −0.07 |
| TXN Texas Instruments Inc. | Reduce -1.1% | 0.81% | −0.05 |
| MCD McDonald's Corp. | Reduce -8.8% | 0.62% | −0.05 |
| ADBE Adobe Inc. | Reduce -0.5% | 4.74% | −0.04 |
| PM Philip Morris International | Reduce -1.5% | 0.58% | −0.01 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -34.1% | 0.00% | −0.00 |
| MCO Moody's Corp. | Reduce -4.8% | 0.38% | +0.01 |
| PEP Pepsico Inc. | Reduce -1.1% | 0.94% | +0.01 |
| KVUE Kenvue Inc. | Reduce -1.1% | 0.39% | +0.02 |
| CNI Canadian Natl Railway Co. | Reduce -0.1% | 7.42% | +0.79 |
Portfolio Buys Q3 2025 → Q4 2025
| HUBB Hubbell Inc. | Add +60.7% | 6.31% | +2.52 |
| V Visa Inc. Class A | Add +5.7% | 19.51% | +0.95 |
| AMZN Amazon.com Inc. | New | 0.70% | +0.70 |
| CB Chubb Ltd. | Add +0.1% | 6.37% | +0.64 |
| A Agilent Technologies Inc. | Add +0.1% | 8.44% | +0.51 |
| ALC Alcon Inc. | Add +0.5% | 4.87% | +0.35 |
| ACN Accenture PLC Class A | Add +52.9% | 0.83% | +0.33 |
| SPGI S&P Global Inc. | Add +26.2% | 0.56% | +0.15 |
| INTU Intuit Inc. | Add +16.8% | 0.94% | +0.11 |
| BKNG Booking Holdings Inc. | Add +10.3% | 1.14% | +0.10 |
| MA Mastercard Inc. Class A | Add +4.8% | 1.91% | +0.10 |
| NKE Nike Inc. Class B | Add +21.5% | 0.89% | +0.09 |
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 |