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Troy Asset Management Ltd

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13F filer, CIK 1601407, LONDON, United Kingdom

Troy Asset Management Ltd reported $3,880,296,221 across 30 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-09. Its ten largest share positions make up 83.91% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001601407-26-000001

Period
2025-12-31
Reported value
$3.88B
Holdings
30
Top 10 weight
83.91%
New
1
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
HUBBadded+208,327$92.5M
Vadded+128,350$40.5M
AMZNnew+117,567$27.1M
ACNadded+41,710$11.2M
NKEadded+95,943$6.11M

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
GOOGLreduced-636,651-$199M
AXPexited-458,008-$152M
FISVexited-374,142-$48.2M
CMEreduced-15,765-$4.31M
TTWOreduced-14,211-$3.64M

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, Q4 2025

Share positions as resolved from 13F-HR 0001601407-26-000001, largest first. % of portfolio is the value over $3,880,296,221, 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; 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; 2025Q4: 2,398,295 shares 2,398,295$757M19.51%+128,350Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,879,693 shares 1,879,693$588M15.16%-636,651Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 897,803 shares; 2024Q4: 847,778 shares; 2025Q1: 853,554 shares; 2025Q2: 853,554 shares; 2025Q3: 713,045 shares; 2025Q4: 711,900 shares 711,900$344M8.87%-1,145Timeline
AAGILENT TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,405,863 shares 2,405,863$327M8.44%+1,702Timeline
CNICANADIAN NATL RY COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,736,154 shares 2,736,154$288M7.42%-2,218Timeline
CBCHUBB LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 419,380 shares; 2024Q4: 418,429 shares; 2025Q1: 793,427 shares; 2025Q2: 793,427 shares; 2025Q3: 791,682 shares; 2025Q4: 792,483 shares 792,483$247M6.37%+801Timeline
HUBBHUBBELL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 324,526 shares; 2025Q2: 324,526 shares; 2025Q3: 343,293 shares; 2025Q4: 551,620 shares 551,620$245M6.31%+208,327Timeline
ALCALCON AGQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 426,845 shares; 2024Q4: 423,634 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,972,020 shares; 2025Q4: 2,987,050 shares 2,987,050$189M4.87%+15,030Timeline
ADBEADOBE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 54,045 shares; 2024Q4: 72,865 shares; 2025Q1: 525,265 shares; 2025Q2: 525,265 shares; 2025Q3: 527,322 shares; 2025Q4: 524,975 shares 524,975$184M4.74%-2,347Timeline
CMECME GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 517,282 shares; 2024Q4: 422,731 shares; 2025Q1: 342,882 shares; 2025Q2: 342,882 shares; 2025Q3: 330,049 shares; 2025Q4: 314,284 shares 314,284$85.8M2.21%-15,765Timeline
MAMASTERCARD INCORPORATEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 138,770 shares; 2024Q4: 127,259 shares; 2025Q1: 121,423 shares; 2025Q2: 121,423 shares; 2025Q3: 123,839 shares; 2025Q4: 129,779 shares 129,779$74.1M1.91%+5,940Timeline
PAYXPAYCHEX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 915,630 shares; 2024Q4: 735,298 shares; 2025Q1: 618,451 shares; 2025Q2: 618,451 shares; 2025Q3: 596,435 shares; 2025Q4: 575,765 shares 575,765$64.6M1.66%-20,670Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 101,634 shares; 2024Q4: 93,673 shares; 2025Q1: 81,747 shares; 2025Q2: 81,747 shares; 2025Q3: 80,863 shares; 2025Q4: 78,489 shares 78,489$51.8M1.34%-2,374Timeline
BKNGBOOKING HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,844 shares; 2024Q4: 7,420 shares; 2025Q1: 7,354 shares; 2025Q2: 7,354 shares; 2025Q3: 7,501 shares; 2025Q4: 8,271 shares 8,271$44.3M1.14%+770Timeline
INTUINTUITQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 43,671 shares; 2024Q4: 43,079 shares; 2025Q1: 46,931 shares; 2025Q2: 46,931 shares; 2025Q3: 47,247 shares; 2025Q4: 55,168 shares 55,168$36.5M0.94%+7,921Timeline
PEPPEPSICO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 403,171 shares; 2024Q4: 300,959 shares; 2025Q1: 258,625 shares; 2025Q2: 258,625 shares; 2025Q3: 255,742 shares; 2025Q4: 252,920 shares 252,920$36.3M0.94%-2,822Timeline
NKENIKE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 361,519 shares; 2025Q2: 361,519 shares; 2025Q3: 446,849 shares; 2025Q4: 542,792 shares 542,792$34.6M0.89%+95,943Timeline
SYYSYSCO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 396,088 shares; 2025Q2: 396,088 shares; 2025Q3: 447,432 shares; 2025Q4: 442,441 shares 442,441$32.6M0.84%-4,991Timeline
ACNACCENTURE PLC IRELANDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 85,327 shares; 2024Q4: 64,355 shares; 2025Q1: 55,479 shares; 2025Q2: 55,479 shares; 2025Q3: 78,822 shares; 2025Q4: 120,532 shares 120,532$32.3M0.83%+41,710Timeline
TXNTEXAS INSTRS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 183,212 shares; 2024Q4: 135,991 shares; 2025Q1: 172,131 shares; 2025Q2: 172,131 shares; 2025Q3: 182,864 shares; 2025Q4: 180,867 shares 180,867$31.4M0.81%-1,997Timeline
ADPAUTOMATIC DATA PROCESSING INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 235,841 shares; 2024Q4: 177,007 shares; 2025Q1: 119,909 shares; 2025Q2: 119,909 shares; 2025Q3: 118,599 shares; 2025Q4: 117,300 shares 117,300$30.2M0.78%-1,299Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 117,567 shares 117,567$27.1M0.7%newTimeline
MCDMCDONALDS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 136,367 shares; 2024Q4: 100,926 shares; 2025Q1: 87,002 shares; 2025Q2: 87,002 shares; 2025Q3: 86,031 shares; 2025Q4: 78,418 shares 78,418$24M0.62%-7,613Timeline
PMPHILIP MORRIS INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 517,289 shares; 2024Q4: 467,283 shares; 2025Q1: 306,764 shares; 2025Q2: 306,764 shares; 2025Q3: 141,875 shares; 2025Q4: 139,695 shares 139,695$22.4M0.58%-2,180Timeline
SPGIS&P GLOBAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 37,804 shares; 2024Q4: 33,258 shares; 2025Q1: 33,002 shares; 2025Q2: 33,002 shares; 2025Q3: 33,054 shares; 2025Q4: 41,706 shares 41,706$21.8M0.56%+8,652Timeline
TTWOTAKE-TWO INTERACTIVE SOFTWARQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 102,372 shares; 2024Q4: 101,455 shares; 2025Q1: 80,034 shares; 2025Q2: 80,034 shares; 2025Q3: 80,161 shares; 2025Q4: 65,950 shares 65,950$16.9M0.44%-14,211Timeline
KVUEKENVUE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 882,485 shares 882,485$15.2M0.39%-9,603Timeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 183,720 shares; 2024Q4: 180,241 shares; 2025Q1: 30,308 shares; 2025Q2: 30,308 shares; 2025Q3: 30,356 shares; 2025Q4: 28,913 shares 28,913$14.8M0.38%-1,443Timeline
PYPLPAYPAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 382,814 shares; 2024Q4: 381,766 shares; 2025Q1: 233,998 shares; 2025Q2: 233,998 shares; 2025Q3: 242,659 shares; 2025Q4: 230,268 shares 230,268$13.4M0.35%-12,391Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 255 shares; 2025Q2: 255 shares; 2025Q3: 255 shares; 2025Q4: 168 shares 168$51.1K<0.01%-87Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
AXPAMERICAN EXPRESS CO458,008$152Mshares
FISVFISERV INC374,142$48.2Mshares

How Q4 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 0001601407-26-000001 base2026-02-09acceptance time not in the bulk data set