Trinity Street Asset Management LLP

Hedge Fund • Long/Short

Trinity Street Asset Management LLP is a Long/Short Hedge Fund based in Santa Barbara, CA led by James Patrick Dunphy, reporting $8.6B in AUM as of Q3 2025 with 42% Unknown concentration, 83% concentrated in top 10 holdings, and 19% allocation to TSM.

CFOJames Patrick Dunphy

Portfolio Value: $1.5B
Positions: 21
Top Holding: TSM at 18.88%
Last Reported: Q3 2025

Address607 De La Vista Ave., Santa Barbara, CA, 93103, United States

Top Holdings

Largest long holdings in Trinity Street Asset Management LLP's portfolio (82.9% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Taiwan Semiconductor Manufacturing Company TSM	Semiconductors Technology	$277.0M	18.88%	-$17.4M Sold	— 991.8K shares	Q2 2023 Held for 2y 5m
2 RYAAY Ryanair Holdings plc RYAAY	Unknown Unknown	$225.0M	15.33%	-$15.0M Sold	— 3.7M shares	Q2 2023 Held for 2y 5m
3 HDB HDFC Bank HDB	Unknown Unknown	$209.5M	14.28%	+$98.1M Bought	— 6.1M shares	Q1 2024 Held for 1y 8m
4 INFY Infosys INFY	Unknown Unknown	$170.4M	11.61%	-$11.5M Sold	— 10.5M shares	Q2 2025 Held for 5 months
5 Icon ICLR	Medical - Diagnostics & Research Healthcare	$152.4M	10.39%	+$5.2M Bought	1.12% 871.0K shares	Q2 2021 Held for 4y 5m
6 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$47.8M	3.26%	-$974.6K Sold	0.00% 196.6K shares	Q1 2023 Held for 2y 8m
7 Microsoft MSFT	Software - Infrastructure Technology	$40.8M	2.78%	-$5.0M Sold	0.00% 78.8K shares	Q2 2020 Held for 5y 5m
8 Amazon AMZN	Specialty Retail Consumer Cyclical	$34.0M	2.32%	-$132.6K Sold	0.00% 154.8K shares	Q2 2023 Held for 2y 5m
9 Uber Technologies UBER	Software - Application Technology	$29.6M	2.02%	+$10.4M Bought	0.01% 302.0K shares	Q2 2025 Held for 5 months
10 Northrop Grumman NOC	Aerospace & Defense Industrials	$29.4M	2.00%	-$118.2K Sold	0.03% 48.2K shares	Q1 2022 Held for 3y 8m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Trinity Street Asset Management LLP's latest filing

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Market Value

$1.5B

Prior: $1.5B

Q/Q Change

+0.662%

+$9.7M

Net Flows % of MV

+5.13%

Turnover Ratio

7.52%

New Purchases

1 stocks

$25.1M

Added To

5 stocks

+$122.8M

Sold Out Of

0 stocks

Reduced Holdings

15 stocks

-$72.6M

Increased Positions

Position	Shares Δ	Change
1 D.R. Horton DHI	New	0 → 148.3K +$25.1M
2 HDB HDFC Bank HDB	+87.96%	3.3M → 6.1M +$98.1M
3 Uber Technologies UBER	+54.48%	195.5K → 302.0K +$10.4M
4 Equifax EFX	+44.0%	72.5K → 104.4K +$8.2M
5 Cigna CI	+4.34%	75.9K → 79.2K +$950.1K

Decreased Positions

Position	Shares Δ	Change
1 KB Financial Group KB	-80.01%	328.6K → 65.7K −$21.8M
2 Microsoft MSFT	-10.87%	88.5K → 78.8K −$5.0M
3 INFY Infosys INFY	-6.35%	11.2M → 10.5M −$11.5M
4 RYAAY Ryanair Holdings plc RYAAY	-6.25%	4.0M → 3.7M −$15.0M
5 Taiwan Semiconductor Manufacturing Company TSM	-5.91%	1.1M → 991.8K −$17.4M

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Analytics

Portfolio insights and performance metrics for Trinity Street Asset Management LLP

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Sector Allocation

Technology

29.00%

Healthcare

11.90%

Industrials

7.10%

Consumer Cyclical

4.00%

Communication Services

3.30%

Basic Materials

3.10%

Market Cap Distribution

Mega Cap (> $200B)

10.38%

Large Cap ($10B - $200B)

27.64%

Mid Cap ($2B - $10B)

1.50%

N/A (ETF or Unknown)

60.48%

Portfolio Concentration

Top 10 Holdings %

82.87%

Top 20 Holdings %

99.63%

Top 50 Holdings %

100.0%

Top 100 Holdings %