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Livermore
Livermore
ZHEN

Trinity Street Asset Management LLP

SEC CIK
0001592579
Latest filing
Jul 10, 2026

The latest 13F from Trinity Street Asset Management LLP covers Q2 2026 (filed Jul 10, 2026): 23 long positions worth $1.94B. The top 10 holdings make up 84.6% of the portfolio, and the largest is Taiwan Semiconductor Manufacturing Co Ltd (TSM) at 22.9%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
1
Est. +$243.4M
Added
6
Est. +$91.5M
Reduced
16
Est. −$86.0M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. TSMTaiwan Semiconductor Manufacturing Co Ltd
    22.9%$444.5MHistory
  2. ICLRIcon PLC
    13.7%$266.7MHistory
  3. SWSmurfit Westrock plc
    12.5%$243.4MHistory
  4. RYAAYRyanair Holdings PLC
    11.9%$231.0MHistory
  5. HDBHDFC Bank Ltd
    8.6%$167.7MHistory

Share of portfolio

Top 5 holdings and the other 18 positions, by share of portfolio value

  1. TSM22.9%
  2. ICLR13.7%
  3. SW12.5%
  4. RYAAY11.9%
  5. HDB8.6%
  6. Other 18 positions30.3%

Biggest buys

New and added positions, by estimated amount bought

  1. SWSmurfit Westrock plc
    +$243.4MNewHistory
  2. ICLRIcon PLC
    +$56.9MAddedHistory
  3. TSMTaiwan Semiconductor Manufacturing Co Ltd
    +$14.7MAddedHistory
  4. KBKB Financial Group Inc.
    +$9.02MAddedHistory
  5. RYAAYRyanair Holdings PLC
    +$7.17MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. SWSmurfit Westrock plc
    +12.53 pp0.0% → 12.5%History
  2. ICLRIcon PLC
    +4.57 pp9.2% → 13.7%History
  3. TSMTaiwan Semiconductor Manufacturing Co Ltd
    +2.03 pp20.9% → 22.9%History
  4. KBKB Financial Group Inc.
    +0.38 pp0.4% → 0.8%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. HDBHDFC Bank Ltd
    −$31.8MReducedHistory
  2. INFYInfosys Ltd
    −$19.5MReducedHistory
  3. COHRCoherent Corp.
    −$15.8MReducedHistory
  4. CLHClean Harbors Inc
    −$3.43MReducedHistory
  5. GOOGLAlphabet Inc.
    −$2.51MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. INFYInfosys Ltd
    −6.78 pp13.8% → 7.1%History
  2. HDBHDFC Bank Ltd
    −4.54 pp13.2% → 8.6%History
  3. NOCNorthrop Grumman Corp
    −0.98 pp2.1% → 1.1%History
  4. INTUIntuit Inc.
    −0.78 pp1.4% → 0.6%History
  5. CTSHCognizant Technology Solutions Corp
    −0.75 pp1.4% → 0.6%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.94B
+$483.8M (+33.2%) vs. prior quarter
Positions
23
+1 vs. prior quarter
Top 10 concentration
84.6%
Top 10 as share of value
Turnover
5.1%
Q2 2026, one quarter
Average holding period
11.5 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.94B (Q2 2026)

Q1 2021: $741.9MQ2 2021: $723.7MQ3 2021: $815.5MQ4 2021: $910.0MQ1 2022: $619.3MQ2 2022: $554.8MQ3 2022: $495.0MQ4 2022: $617.3MQ1 2023: $892.9MQ2 2023: $901.9MQ3 2023: $778.3MQ4 2023: $898.8MQ1 2024: $1.25BQ2 2024: $1.13BQ3 2024: $1.00BQ4 2024: $1.02BQ1 2025: $988.0MQ2 2025: $1.46BQ3 2025: $1.47BQ4 2025: $1.59BQ1 2026: $1.46BQ2 2026: $1.94B
Q1 2021Q2 2026
13F filings of Trinity Street Asset Management LLP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 10, 202623$1.94BTSMICLRSWvs. Q1 2026SEC
Q1 2026Apr 24, 202622$1.46BTSMINFYRYAAYvs. Q4 2025SEC
Q4 2025Jan 22, 202622$1.59BTSMRYAAYHDBvs. Q3 2025SEC
Q3 2025Oct 28, 202521$1.47BTSMRYAAYHDBvs. Q2 2025SEC
Q2 2025Jul 23, 202520$1.46BHDBTSMRYAAYvs. Q1 2025SEC
Q1 2025Apr 10, 202516$988.0MHDBRYAAYTSMvs. Q4 2024SEC
Q4 2024Jan 15, 202514$1.02BHDBTSMICLRvs. Q3 2024SEC
Q3 2024Oct 25, 2024Amended15$1.00BHDBICLRRYAAYvs. Q2 2024SEC
Q2 2024Jul 5, 202416$1.13BHDBICLRRYAAYvs. Q1 2024SEC
Q1 2024Apr 12, 202418$1.25BICLRRYAAYHDBvs. Q4 2023SEC
Q4 2023Jan 24, 202417$898.8MRYAAYICLRTSMvs. Q3 2023SEC
Q3 2023Oct 23, 202322$778.3MICLRRYAAYTSMvs. Q2 2023SEC
Q2 2023Jul 14, 202322$901.9MICLRRYAAYTSMvs. Q1 2023SEC
Q1 2023Apr 11, 202321$892.9MICLRCCEPRYAAYvs. Q4 2022SEC
Q4 2022Jan 13, 202319$617.3MICLRCCEPLBTYKvs. Q3 2022SEC
Q3 2022Oct 12, 202219$495.0MICLRCCEPLBTYKvs. Q2 2022SEC
Q2 2022Jul 21, 202219$554.8MICLRCCEPLBTYKvs. Q1 2022SEC
Q1 2022Apr 12, 202221$619.3MICLRLBTYKKBvs. Q4 2021SEC
Q4 2021Jan 18, 202220$910.0MICLRLBTYKCCEPvs. Q3 2021SEC
Q3 2021Oct 13, 202119$815.5MICLRLBTYKCCEPvs. Q2 2021SEC
Q2 2021Jul 27, 202120$723.7MLBTYKCCEPKBvs. Q1 2021SEC
Q1 2021Apr 23, 202120$741.9MCCEPLBTYKKB–SEC