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Asset manager

Troy Asset Management Ltd

13F for the quarter to June 30, 2026, filed July 31, 2026 · SEC CIK 1601407

Reported value
$3.6bn
91% in companies we cover
Positions we cover
28
Largest V 15.6%
Copy, a year
+24.1%
S&P 500 +13.4%
Copy Sharpe ratio
0.77
S&P 500 0.38

How copying its 13F would have done

$10.0k$20.0k$40.0k$80.0k 201520172019202120232025 $125k$43.5k
CopyS&P 500 $10,000 copying Troy Asset Management Ltd's filed holdings in companies we cover from February 20, 2015, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −29.4% (S&P 500 −67.7%); beta 0.50; alpha +7.9% a year (t = 3.08); last 12 months +16.4% against +12.1%.

Reported value by quarter

Troy Asset Management Ltd: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $10B $20B $30B $40B Reported value, 2014-12-31: $1.5B Reported value, 2015-03-31: $1.4B Reported value, 2015-06-30: $1.6B Reported value, 2015-09-30: $1.6B Reported value, 2015-12-31: $1.7B Reported value, 2016-03-31: $1.8B Reported value, 2016-06-30: $1.9B Reported value, 2016-09-30: $1.9B Reported value, 2016-12-31: $2B Reported value, 2017-03-31: $2.1B Reported value, 2017-06-30: $2.4B Reported value, 2017-09-30: $2.2B Reported value, 2017-12-31: $2.4B Reported value, 2018-03-31: $2.2B Reported value, 2018-06-30: $1.9B Reported value, 2018-09-30: $2.1B Reported value, 2018-12-31: $2B Reported value, 2019-03-31: $5.5B Reported value, 2019-06-30: $2.4B Reported value, 2019-09-30: $6.5B Reported value, 2019-12-31: $7B Reported value, 2020-03-31: $7.4B Reported value, 2020-06-30: $13.3B Reported value, 2020-09-30: $19B Reported value, 2020-12-31: $22.2B Reported value, 2021-03-31: $23.4B Reported value, 2021-06-30: $30.9B Reported value, 2021-09-30: $36.4B Reported value, 2021-12-31: $39.4B Reported value, 2022-03-31: $35.6B Reported value, 2022-06-30: $33.7B Reported value, 2022-09-30: $25.7B Reported value, 2022-12-31: $29.8B Reported value, 2023-03-31: $59.7M Reported value, 2023-06-30: $29.9M Reported value, 2023-09-30: $3.2B Reported value, 2023-12-31: $50.2M Reported value, 2024-03-31: $77.4M Reported value, 2024-06-30: $3.1B Reported value, 2024-09-30: $71M Reported value, 2024-12-31: $54.5M Reported value, 2025-03-31: $3.7B Reported value, 2025-06-30: $3.7B Reported value, 2025-09-30: $3.9B Reported value, 2025-12-31: $3.9B Reported value, 2026-03-31: $3.4B Reported value, 2026-06-30: $3.6B 2014-12-31 2017-06-30 2019-12-31 2022-06-30 2026-06-30 $3.6B
View chart data
Period Reported value
2014-12-31 $1.5B
2015-03-31 $1.4B
2015-06-30 $1.6B
2015-09-30 $1.6B
2015-12-31 $1.7B
2016-03-31 $1.8B
2016-06-30 $1.9B
2016-09-30 $1.9B
2016-12-31 $2B
2017-03-31 $2.1B
2017-06-30 $2.4B
2017-09-30 $2.2B
2017-12-31 $2.4B
2018-03-31 $2.2B
2018-06-30 $1.9B
2018-09-30 $2.1B
2018-12-31 $2B
2019-03-31 $5.5B
2019-06-30 $2.4B
2019-09-30 $6.5B
2019-12-31 $7B
2020-03-31 $7.4B
2020-06-30 $13.3B
2020-09-30 $19B
2020-12-31 $22.2B
2021-03-31 $23.4B
2021-06-30 $30.9B
2021-09-30 $36.4B
2021-12-31 $39.4B
2022-03-31 $35.6B
2022-06-30 $33.7B
2022-09-30 $25.7B
2022-12-31 $29.8B
2023-03-31 $59.7M
2023-06-30 $29.9M
2023-09-30 $3.2B
2023-12-31 $50.2M
2024-03-31 $77.4M
2024-06-30 $3.1B
2024-09-30 $71M
2024-12-31 $54.5M
2025-03-31 $3.7B
2025-06-30 $3.7B
2025-09-30 $3.9B
2025-12-31 $3.9B
2026-03-31 $3.4B
2026-06-30 $3.6B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
VVisa Inc.15.62%$560.1m1.63M0.0%
GOOGLAlphabet Inc. (Class A)12.78%$458.3m1.28M−13.3% Reduced
AAgilent Technologies9.91%$355.5m2.68M+10.9% Added
CBChubb Limited8.23%$295.1m866.2K−1.0% Reduced
MSFTMicrosoft Corporation6.86%$246.1m659.9K−4.0% Reduced
HUBBHubbell Incorporated6.39%$229.3m438.2K−20.9% Reduced
ALCAlcon Inc5.79%$207.6m3.80M+27.2% Added
VRSNVerisign Inc4.71%$168.8m670.8K−14.4% Reduced
MKLMarkel Group Inc.3.35%$120.1m61.5KNew
ADBEAdobe Inc.2.71%$97.1m473.7K−9.7% Reduced
MAMastercard1.99%$71.2m138.7K+8.0% Added
CMECME Group1.72%$61.5m278.7K+21.9% Added
METAMeta Platforms1.33%$47.9m85.0K+18.3% Added
TXNTexas Instruments1.28%$45.8m153.8K−7.4% Reduced
BKNGBooking Holdings1.15%$41.2m231.2K+2934.3% Added
AMZNAmazon0.90%$32.1m134.9K+10.3% Added
SYYSysco0.88%$31.5m376.4K−7.3% Reduced
PAYXPaychex0.69%$24.7m251.0K−31.4% Reduced
PEPPepsiCo0.69%$24.7m182.2K−7.4% Reduced
PMPhilip Morris International0.62%$22.4m123.5K−5.3% Reduced
NKENike, Inc.0.53%$19.0m462.3K−7.3% Reduced
SPGIS&P Global0.52%$18.5m45.4K+10.3% Added
TTWOTake TWO Interactive Software Inc0.50%$17.9m71.8K+10.3% Added
CPCanadian Pacific Kansas City LTD0.44%$15.9m183.4KNew
INTUIntuit0.42%$15.2m58.2K−18.7% Reduced
KVUEKenvue0.40%$14.3m749.3K−7.4% Reduced
MCOMoody's Corporation0.40%$14.3m31.5K+10.3% Added
AZNAstrazeneca PLC0.21%$7.4m52.4KNew
CompanyBought (value)Shares
MKLMarkel Group Inc.$120.1m61.5K
ALCAlcon Inc$44.4m813.1K
BKNGBooking Holdings$39.9m223.6K
AAgilent Technologies$35.0m263.4K
CPCanadian Pacific Kansas City LTD$15.9m183.4K
CMECME Group$11.0m50.0K
METAMeta Platforms$7.4m13.2K
AZNAstrazeneca PLC$7.4m52.4K
MAMastercard$5.3m10.3K
AMZNAmazon$3.0m12.6K
SPGIS&P Global$1.7m4.2K
TTWOTake TWO Interactive Software Inc$1.7m6.7K
MCOMoody's Corporation$1.3m2.9K
VVisa Inc.$170,516497

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
GOOGLAlphabet Inc. (Class A)−$70.5m−197.3K
HUBBHubbell Incorporated−$60.6m−115.7K
VRSNVerisign Inc−$28.3m−112.5K
ACNAccenture−$27.5m−138.6K
MCDMcDonald's−$22.3m−71.9K
ADPAutomatic Data Processing−$21.9m−107.7K
PAYXPaychex−$11.3m−115.0K
ADBEAdobe Inc.−$10.5m−51.2K
MSFTMicrosoft Corporation−$10.2m−27.4K
TXNTexas Instruments−$3.6m−12.2K
INTUIntuit−$3.5m−13.4K
CBChubb Limited−$2.9m−8.6K
SYYSysco−$2.5m−29.7K
PEPPepsiCo−$2.0m−14.5K
NKENike, Inc.−$1.5m−36.2K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
ACNAccenture$27.5m138.6K
MCDMcDonald's$22.3m71.9K
ADPAutomatic Data Processing$21.9m107.7K
TSMTaiwan Semiconductor Manufacturing Co LTD$56,776168
  • Financials35.0%
  • Technology17.6%
  • Health Care17.5%
  • Communication Services16.1%
  • Industrials8.3%
  • Consumer Discretionary2.8%
  • Consumer Staples2.8%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestFebruary 20, 2015 to November 2, 2026+24.1%+13.4%0.770.38−29.4%0.50
2018 onwardsJanuary 5, 2018 to November 2, 2026+27.0%+13.9%0.710.33−29.4%0.49
Last three yearsNovember 3, 2023 to November 2, 2026+68.1%+21.8%0.850.27−29.4%0.37
Last yearNovember 7, 2025 to November 2, 2026+17.4%+14.2%0.860.73−15.0%0.73

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.