Troy Asset Management Ltd

Registered adviser

CIK

1601407

Location

LONDON, X0

Portfolio Value

Mid $3,619,353,803

Diversification

Diversified

Filing Date

Global Rank

#1,065 / 8,807 ▼ 104

Top Industry

Credit Services 17.4%

Period ended 4 months ago

Filed Jul 31, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 319174

Roster of Oct 1, 2026

Regulatory AUM

$14,697,092,098

Main clients

Pooled investment vehicles (94% of AUM)

LEI

213800FEDHL6RMFRO951

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Aug 2026 to Oct 2026	$14,697,092,098	Pooled investment vehicles (94%)
Jul 2025 to Jul 2026	$14,799,512,418	Pooled investment vehicles (95%)
Aug 2024 to Jun 2025	$15,392,923,915	Pooled investment vehicles (94%)
Aug 2023 to Jul 2024	$18,200,693,698	Pooled investment vehicles (96%)
May 2023 to Jul 2023	$19,676,249,121	Pooled investment vehicles (97%)
Jun 2022 to Apr 2023	$19,676,249,121	Pooled investment vehicles (97%)

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 82.7% of the book (60%+)

Turnover

Medium turnover

31.6% over the last four quarters (30% to under 100%)

Horizon

Long horizon

Value-weighted holding period 17.4 quarters (12+), a floor since 51.6% of the book was already held when coverage starts

Closest benchmark: the S&P 500 as of 2026-06-30, active share 83.5%; sector active share 39.7% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

29 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

15.5%

+0.9 pts

Top 5

54.6%

+2.9 pts

Top 10

82.7%

−0.6 pts

HHI

826

Diversified+25

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Financial Services	31.5%	$1,140,861,913	7
Healthcare	17.1%	$620,552,721	3
Technology	16.5%	$597,729,735	6
Industrials	15.2%	$550,942,689	3
Communication Services	14.5%	$524,126,129	3
Consumer Defensive	2.6%	$92,797,948	4
Consumer Cyclical	2.6%	$92,342,668	3

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

11 positions

Ticker	Company	Δ Shares	Shares	Value
ALC	Alcon Inc	+813,113	3,801,548	$255,083,870
A	Agilent Technologies, Inc.	+263,415	2,676,647	$355,539,021
BKNG	Booking Holdings Inc.	+223,625	231,246	$41,217,287
CME	Cme Group Inc.	+50,020	278,677	$61,540,241
META	Meta Platforms, Inc.	+13,170	85,011	$47,885,846
AMZN	Amazon Com Inc	+12,631	134,889	$32,149,444
MA	Mastercard Inc	+10,273	138,720	$71,246,592
TTWO	Take Two Interactive Software Inc	+6,723	71,786	$17,945,064
SPGI	S&P Global Inc.	+4,248	45,404	$18,491,232
MCO	Moodys Corp /De/	+2,946	31,468	$14,252,486
V	Visa Inc.	+497	1,632,408	$560,062,860
No positions match the current search.

Trimmed

Positions the filer reduced

15 positions

Ticker	Company	Δ Shares	Shares	Value
GOOGL	Alphabet Inc.	−197,250	1,282,411	$458,295,219
HUBB	Hubbell Inc	−115,737	438,244	$229,289,260
PAYX	Paychex Inc	−114,965	250,985	$24,679,355
VRSN	Verisign Inc/Ca	−112,517	670,837	$168,755,755
CNI	Canadian National Railway Co	−64,716	2,564,246	$305,760,693
KVUE	Kenvue Inc.	−60,131	749,323	$14,319,562
ADBE	Adobe Inc.	−51,173	473,694	$97,116,743
NKE	NIKE, Inc.	−36,200	462,264	$18,975,937
SYY	Sysco Corp	−29,691	376,447	$31,463,440
MSFT	Microsoft Corp	−27,411	659,861	$246,141,350
PEP	Pepsico Inc	−14,456	182,153	$24,663,516
INTU	Intuit Inc.	−13,427	58,195	$15,188,895
TXN	Texas Instruments Inc	−12,228	153,815	$45,847,637
CB	Chubb Ltd	−8,600	866,176	$295,140,810
PM	Philip Morris International Inc.	−6,938	123,550	$22,351,430
No positions match the current search.

New Positions

Positions the filer opened this quarter

3 positions

Ticker	Company	Shares	Value
MKL	Markel Group Inc.	61,509	$120,127,692
CP	Canadian Pacific Kansas City Ltd/Cn	183,413	$15,892,736
AZN	Astrazeneca PLC	52,367	$9,929,830
No positions match the current search.

Sold Out

Positions the filer fully exited

4 positions

Ticker	Company	Shares	Value
ACN	Accenture plc	138,585	$27,480,019
MCD	Mcdonalds Corp	71,876	$22,338,342
ADP	Automatic Data Processing Inc	107,694	$21,881,266
TSM	Taiwan Semiconductor Manufacturing Co Ltd	168	$56,775
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

29 tracked positions · $3,619,353,803 total · filing declares 29 positions · $3,585,782,780 · as of Jun 30, 2026

All sectors Communication Services Consumer Cyclical Consumer Defensive Financial Services Healthcare Industrials Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
V	Visa Inc. Financial Services	Added	1,632,408	+497	$560,062,860	+13.6%	26+	before history	15.47%
GOOGL	Alphabet Inc. Communication Services	Reduced	1,282,411	-197,250	$458,295,219	+7.7%	26+	before history	12.66%
A	Agilent Technologies, Inc. Healthcare	Added	2,676,647	+263,415	$355,539,021	+29.3%	26+	before history	9.82%
CNI	Canadian National Railway Co Industrials	Reduced	2,564,246	-64,716	$305,760,693	+13.2%	11	$100.07	8.45%
CB	Chubb Ltd Financial Services	Reduced	866,176	-8,600	$295,140,810	+3.5%	9	$271.87	8.15%
ALC	Alcon Inc Healthcare	Added	3,801,548	+813,113	$255,083,870	+13.3%	4	$80.56	7.05%
MSFT	Microsoft Corp Technology	Reduced	659,861	-27,411	$246,141,350	−3.2%	26+	before history	6.80%
HUBB	Hubbell Inc Industrials	Reduced	438,244	-115,737	$229,289,260	−15.7%	6	$408.29	6.34%
VRSN	Verisign Inc/Ca Technology	Reduced	670,837	-112,517	$168,755,755	−13.3%	2	$238.00	4.66%
MKL	Markel Group Inc. Financial Services	NEW	61,509	NEW	$120,127,692	NEW	1	$1,867.33	3.32%
ADBE	Adobe Inc. Technology	Reduced	473,694	-51,173	$97,116,743	−23.9%	18	$433.91	2.68%
MA	Mastercard Inc Financial Services	Added	138,720	+10,273	$71,246,592	+11.0%	26+	before history	1.97%
CME	Cme Group Inc. Financial Services	Added	278,677	+50,020	$61,540,241	−8.9%	25	before history	1.70%
META	Meta Platforms, Inc. Communication Services	Added	85,011	+13,170	$47,885,846	+16.5%	26+	before history	1.32%
TXN	Texas Instruments Inc Technology	Reduced	153,815	-12,228	$45,847,637	+42.2%	15	$172.76	1.27%
BKNG	Booking Holdings Inc. Consumer Cyclical	Added	231,246	+223,625	$41,217,287	+28.5%	26+	before history	1.14%
AMZN	Amazon Com Inc Consumer Cyclical	Added	134,889	+12,631	$32,149,444	+26.3%	3	$230.57	0.89%
SYY	Sysco Corp Consumer Defensive	Reduced	376,447	-29,691	$31,463,440	+8.6%	6	$74.07	0.87%
PAYX	Paychex Inc Technology	Reduced	250,985	-114,965	$24,679,355	−26.8%	26+	before history	0.68%
PEP	Pepsico Inc Consumer Defensive	Reduced	182,153	-14,456	$24,663,516	−19.2%	26+	before history	0.68%
PM	Philip Morris International Inc. Consumer Defensive	Reduced	123,550	-6,938	$22,351,430	+3.6%	26+	before history	0.62%
NKE	NIKE, Inc. Consumer Cyclical	Reduced	462,264	-36,200	$18,975,937	−27.9%	6	$72.27	0.52%
SPGI	S&P Global Inc. Financial Services	Added	45,404	+4,248	$18,491,232	+5.6%	25	before history	0.51%
TTWO	Take Two Interactive Software Inc Communication Services	Added	71,786	+6,723	$17,945,064	+39.7%	21	$169.59	0.50%
CP	Canadian Pacific Kansas City Ltd/Cn Industrials	NEW	183,413	NEW	$15,892,736	NEW	1	$85.68	0.44%
INTU	Intuit Inc. Technology	Reduced	58,195	-13,427	$15,188,895	−51.0%	26+	before history	0.42%
KVUE	Kenvue Inc. Consumer Defensive	Reduced	749,323	-60,131	$14,319,562	+2.6%	12	$21.31	0.40%
MCO	Moodys Corp /De/ Financial Services	Added	31,468	+2,946	$14,252,486	+14.5%	22	$323.21	0.39%
AZN	Astrazeneca PLC Healthcare	NEW	52,367	NEW	$9,929,830	NEW	1	$188.09	0.27%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.