Troy Asset Management Ltd

Long Only Manager

Troy Asset Management Ltd is a Long Only Manager led by Charles William Davies, reporting $15.4B in AUM as of Q3 2025 with 34% Financial Services concentration, 81% concentrated in top 10 holdings, and 19% allocation to V.

CEOCharles William Davies

Portfolio Value: $3.9B
Positions: 31
Top Holding: V at 18.56%
Last Reported: Q3 2025

Address33 Davies Street, London, W1K 4BP, United Kingdom

Top Holdings

Largest long holdings in Troy Asset Management Ltd's portfolio (81% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Visa V	Financial - Credit Services Financial Services	$722.8M	18.56%	+$281.4M Bought	0.12% 2.3M shares	Q3 2017 Held for 8y 2m
2 Alphabet Inc. GOOGL	Internet Content & Information Communication Services	$611.7M	15.71%	-$139.6M Sold	0.02% 2.5M shares	Q3 2017 Held for 8y 2m
3 Microsoft MSFT	Software - Infrastructure Technology	$369.3M	9.48%	-$72.8M Sold	0.01% 713.0K shares	Q3 2017 Held for 8y 2m
4 Agilent Technologies A	Medical - Diagnostics & Research Healthcare	$308.6M	7.92%	+$813.9K Bought	0.85% 2.4M shares	Q4 2019 Held for 5y 11m
5 Canadian National Railway CNI	Railroads Industrials	$258.2M	6.63%	+$128.3M Bought	0.44% 2.7M shares	Q4 2023 Held for 1y 11m
6 Chubb CB	Insurance - Property & Casualty Financial Services	$223.5M	5.74%	-$492.5K Sold	0.20% 791.7K shares	Q2 2024 Held for 1y 5m
7 Adobe ADBE	Software - Infrastructure Technology	$186.0M	4.78%	+$725.6K Bought	0.13% 527.3K shares	Q1 2022 Held for 3y 8m
8 Alcon ALC	Medical - Instruments & Supplies Healthcare	$176.1M	4.52%	+$134.7M Bought	0.60% 3.0M shares	Q1 2019 Held for 6y 8m
9 American Express AXP	Financial - Credit Services Financial Services	$152.1M	3.91%	-$261.7K Sold	0.07% 458.0K shares	Q3 2017 Held for 8y 2m
10 Hubbell HUBB	Electrical Equipment & Parts Industrials	$147.7M	3.79%	+$8.1M Bought	0.65% 343.3K shares	Q1 2025 Held for 8 months

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Troy Asset Management Ltd's latest filing

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GthenC

Market Value

$3.9B

Prior: $3.7B

Q/Q Change

+4.63%

+$172.2M

Net Flows % of MV

+1.78%

Turnover Ratio

14.06%

New Purchases

0 stocks

Added To

18 stocks

+$582.3M

Sold Out Of

1 stocks

$264.8M

Reduced Holdings

12 stocks

-$248.1M

Increased Positions

Position	Shares Δ	Change
1 Alcon ALC	+325.0%	699.3K → 3.0M +$134.7M
2 Canadian National Railway CNI	+98.77%	1.4M → 2.7M +$128.3M
3 Visa V	+63.74%	1.4M → 2.3M +$281.4M
4 Accenture ACN	+42.08%	55.5K → 78.8K +$5.8M
5 Nike NKE	+23.6%	361.5K → 446.8K +$6.0M

Decreased Positions

Position	Shares Δ	Change
1 VeriSign VRSN	Sold	916.7K → 0 −$264.8M
2 Philip Morris International PM	-53.75%	306.8K → 141.9K −$26.7M
3 Alphabet Inc. GOOGL	-18.58%	3.1M → 2.5M −$139.6M
4 Microsoft MSFT	-16.46%	853.6K → 713.0K −$72.8M
5 CME Group CME	-3.74%	342.9K → 330.0K −$3.5M