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Troy Asset Management Ltd

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13F filer, CIK 1601407, LONDON, United Kingdom

Troy Asset Management Ltd reported $3,894,685,588 across 31 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-07. Its ten largest share positions make up 81.04% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001601407-25-000035

Period
2025-09-30
Reported value
$3.89B
Holdings
31
Top 10 weight
81.04%
New
1
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
Vadded+883,655$281M
ALCnew+2,972,020$176M
CNIadded+1,360,723$128M
HUBBadded+18,767$8.08M
FISVadded+56,934$7.34M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
VRSNexited-916,747-$265M
GOOGLreduced-574,388-$140M
MSFTreduced-140,509-$72.8M
PMreduced-164,889-$26.7M
CMEreduced-12,833-$3.47M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001601407-25-000035, largest first. % of portfolio is the value over $3,894,685,588, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,613,006 shares; 2024Q4: 1,585,335 shares; 2025Q1: 1,386,290 shares; 2025Q2: 1,386,290 shares; 2025Q3: 2,269,945 shares 2,269,945$723M18.56%+883,655Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,980,134 shares; 2024Q4: 2,323,972 shares; 2025Q1: 3,090,732 shares; 2025Q2: 3,090,732 shares; 2025Q3: 2,516,344 shares 2,516,344$612M15.71%-574,388Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 897,803 shares; 2024Q4: 847,778 shares; 2025Q1: 853,554 shares; 2025Q2: 853,554 shares; 2025Q3: 713,045 shares 713,045$369M9.48%-140,509Timeline
AAGILENT TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 974,184 shares; 2024Q4: 973,103 shares; 2025Q1: 2,397,820 shares; 2025Q2: 2,397,820 shares; 2025Q3: 2,404,161 shares 2,404,161$309M7.92%+6,341Timeline
CNICANADIAN NATL RY COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 242,814 shares; 2024Q4: 183,246 shares; 2025Q1: 1,400,695 shares; 2025Q2: 1,377,649 shares; 2025Q3: 2,738,372 shares 2,738,372$258M6.63%+1,360,723Timeline
CBCHUBB LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 419,380 shares; 2024Q4: 418,429 shares; 2025Q1: 793,427 shares; 2025Q2: 793,427 shares; 2025Q3: 791,682 shares 791,682$223M5.74%-1,745Timeline
ADBEADOBE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 54,045 shares; 2024Q4: 72,865 shares; 2025Q1: 525,265 shares; 2025Q2: 525,265 shares; 2025Q3: 527,322 shares 527,322$186M4.78%+2,057Timeline
ALCALCON AGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 426,845 shares; 2024Q4: 423,634 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,972,020 shares 2,972,020$176M4.52%newTimeline
AXPAMERICAN EXPRESS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 820,843 shares; 2024Q4: 458,534 shares; 2025Q1: 458,796 shares; 2025Q2: 458,796 shares; 2025Q3: 458,008 shares 458,008$152M3.91%-788Timeline
HUBBHUBBELL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 324,526 shares; 2025Q2: 324,526 shares; 2025Q3: 343,293 shares 343,293$148M3.79%+18,767Timeline
CMECME GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 517,282 shares; 2024Q4: 422,731 shares; 2025Q1: 342,882 shares; 2025Q2: 342,882 shares; 2025Q3: 330,049 shares 330,049$89.2M2.29%-12,833Timeline
PAYXPAYCHEX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 915,630 shares; 2024Q4: 735,298 shares; 2025Q1: 618,451 shares; 2025Q2: 618,451 shares; 2025Q3: 596,435 shares 596,435$75.6M1.94%-22,016Timeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 138,770 shares; 2024Q4: 127,259 shares; 2025Q1: 121,423 shares; 2025Q2: 121,423 shares; 2025Q3: 123,839 shares 123,839$70.4M1.81%+2,416Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 101,634 shares; 2024Q4: 93,673 shares; 2025Q1: 81,747 shares; 2025Q2: 81,747 shares; 2025Q3: 80,863 shares 80,863$59.4M1.52%-884Timeline
FISVFISERV INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 295,748 shares; 2024Q4: 261,967 shares; 2025Q1: 317,208 shares; 2025Q2: 317,208 shares; 2025Q3: 374,142 shares 374,142$48.2M1.24%+56,934Timeline
BKNGBOOKING HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,844 shares; 2024Q4: 7,420 shares; 2025Q1: 7,354 shares; 2025Q2: 7,354 shares; 2025Q3: 7,501 shares 7,501$40.5M1.04%+147Timeline
SYYSYSCO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 396,088 shares; 2025Q2: 396,088 shares; 2025Q3: 447,432 shares 447,432$36.8M0.95%+51,344Timeline
PEPPEPSICO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 403,171 shares; 2024Q4: 300,959 shares; 2025Q1: 258,625 shares; 2025Q2: 258,625 shares; 2025Q3: 255,742 shares 255,742$35.9M0.92%-2,883Timeline
ADPAUTOMATIC DATA PROCESSING INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 235,841 shares; 2024Q4: 177,007 shares; 2025Q1: 119,909 shares; 2025Q2: 119,909 shares; 2025Q3: 118,599 shares 118,599$34.8M0.89%-1,310Timeline
TXNTEXAS INSTRS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 183,212 shares; 2024Q4: 135,991 shares; 2025Q1: 172,131 shares; 2025Q2: 172,131 shares; 2025Q3: 182,864 shares 182,864$33.6M0.86%+10,733Timeline
INTUINTUITQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 43,671 shares; 2024Q4: 43,079 shares; 2025Q1: 46,931 shares; 2025Q2: 46,931 shares; 2025Q3: 47,247 shares 47,247$32.3M0.83%+316Timeline
NKENIKE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 361,519 shares; 2025Q2: 361,519 shares; 2025Q3: 446,849 shares 446,849$31.2M0.8%+85,330Timeline
MCDMCDONALDS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 136,367 shares; 2024Q4: 100,926 shares; 2025Q1: 87,002 shares; 2025Q2: 87,002 shares; 2025Q3: 86,031 shares 86,031$26.1M0.67%-971Timeline
PMPHILIP MORRIS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 517,289 shares; 2024Q4: 467,283 shares; 2025Q1: 306,764 shares; 2025Q2: 306,764 shares; 2025Q3: 141,875 shares 141,875$23M0.59%-164,889Timeline
TTWOTAKE-TWO INTERACTIVE SOFTWARQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 102,372 shares; 2024Q4: 101,455 shares; 2025Q1: 80,034 shares; 2025Q2: 80,034 shares; 2025Q3: 80,161 shares 80,161$20.7M0.53%+127Timeline
ACNACCENTURE PLC IRELANDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 85,327 shares; 2024Q4: 64,355 shares; 2025Q1: 55,479 shares; 2025Q2: 55,479 shares; 2025Q3: 78,822 shares 78,822$19.4M0.5%+23,343Timeline
PYPLPAYPAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 382,814 shares; 2024Q4: 381,766 shares; 2025Q1: 233,998 shares; 2025Q2: 233,998 shares; 2025Q3: 242,659 shares 242,659$16.3M0.42%+8,661Timeline
SPGIS&P GLOBAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 37,804 shares; 2024Q4: 33,258 shares; 2025Q1: 33,002 shares; 2025Q2: 33,002 shares; 2025Q3: 33,054 shares 33,054$16.1M0.41%+52Timeline
KVUEKENVUE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,413,894 shares; 2024Q4: 1,045,436 shares; 2025Q1: 902,075 shares; 2025Q2: 902,075 shares; 2025Q3: 892,088 shares 892,088$14.5M0.37%-9,987Timeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 183,720 shares; 2024Q4: 180,241 shares; 2025Q1: 30,308 shares; 2025Q2: 30,308 shares; 2025Q3: 30,356 shares 30,356$14.5M0.37%+48Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 255 shares; 2025Q2: 255 shares; 2025Q3: 255 shares 255$71.2K<0.01%0Timeline

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
VRSNVERISIGN INC916,747$265Mshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001601407-25-000035 base2025-11-07acceptance time not in the bulk data set