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Livermore
Livermore
ZHEN

Troy Asset Management Ltd

SEC CIK
0001601407
Latest filing
Jul 31, 2026

The latest 13F from Troy Asset Management Ltd covers Q2 2026 (filed Jul 31, 2026): 29 long positions worth $3.59B. The top 10 holdings make up 82.6% of the portfolio, and the largest is Visa Inc. (V) at 15.6%. Livermore has 63 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
3
Est. +$143.4M
Added
11
Est. +$118.3M
Reduced
15
Est. −$217.9M
Sold out
4
Est. −$71.8M

Top 5 holdings

Share of this quarter's portfolio value

  1. VVisa Inc.
    15.6%$560.1MHistory
  2. GOOGLAlphabet Inc.
    12.8%$458.3MHistory
  3. AAgilent Technologies, Inc.
    9.9%$355.5MHistory
  4. CNICanadian National Railway Co
    9.0%$322.3MHistory
  5. CBChubb Ltd
    8.2%$295.1MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. MKLMarkel Group Inc.
    +$120.1MNewHistory
  2. ALCAlcon Inc
    +$44.4MAddedHistory
  3. AAgilent Technologies, Inc.
    +$35.0MAddedHistory
  4. CPCanadian Pacific Kansas City Ltd
    +$15.9MNewHistory
  5. CMECME Group Inc.
    +$11.0MAddedHistory

Largest weight increases

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

  1. MKLMarkel Group Inc.
    +3.35 pp0.0% → 3.4%History
  2. AAgilent Technologies, Inc.
    +1.71 pp8.2% → 9.9%History
  3. VVisa Inc.
    +0.91 pp14.7% → 15.6%History
  4. ALCAlcon Inc
    +0.51 pp5.3% → 5.8%History
  5. CPCanadian Pacific Kansas City Ltd
    +0.44 pp0.0% → 0.4%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. GOOGLAlphabet Inc.
    −$70.5MReducedHistory
  2. HUBBHubbell Inc
    −$60.6MReducedHistory
  3. VRSNVerisign Inc
    −$28.3MReducedHistory
  4. ACNAccenture plc
    −$27.5MSold outHistory
  5. MCDMcDonalds Corp
    −$22.3MSold outHistory

Largest weight decreases

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

  1. HUBBHubbell Inc
    −1.72 pp8.1% → 6.4%History
  2. ADBEAdobe Inc.
    −1.10 pp3.8% → 2.7%History
  3. VRSNVerisign Inc
    −1.10 pp5.8% → 4.7%History
  4. ACNAccenture plc
    −0.82 pp0.8% → 0.0%History
  5. MSFTMicrosoft Corp
    −0.72 pp7.6% → 6.9%History

Metrics

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

Portfolio value
$3.59B
+$233.6M (+7.0%) vs. prior quarter
Positions
29
−1 vs. prior quarter
Top 10 concentration
82.6%
Top 10 as share of value
Turnover
7.5%
Q2 2026, one quarter
Average holding period
15.5 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 $5.86B (Q2 2021)

Q1 2021: $4.77BQ2 2021: $5.86BQ3 2021: $5.30BQ4 2021: $5.72BQ1 2022: $5.61BQ2 2022: $4.87BQ3 2022: $3.47BQ4 2022: $3.57BQ1 2023: $3.35BQ2 2023: $3.42BQ3 2023: $3.18BQ4 2023: $3.16BQ1 2024: $3.31BQ2 2024: $3.08BQ3 2024: $3.17BQ4 2024: $3.04BQ1 2025: $3.65BQ2 2025: $3.66BQ3 2025: $3.89BQ4 2025: $3.88BQ1 2026: $3.35BQ2 2026: $3.59B
Q1 2021Q2 2026
13F filings of Troy Asset Management Ltd by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Jul 31, 202629$3.59BVGOOGLAvs. Q1 2026SEC
Q1 2026May 11, 202630$3.35BVGOOGLCBvs. Q4 2025SEC
Q4 2025Feb 9, 202630$3.88BVGOOGLMSFTvs. Q3 2025SEC
Q3 2025Nov 7, 202531$3.89BVGOOGLMSFTvs. Q2 2025SEC
Q2 2025Nov 7, 2025Amended31$3.66BGOOGLVMSFTvs. Q1 2025SEC
Q1 2025Nov 7, 2025Amended31$3.65BGOOGLVMSFTvs. Q4 2024SEC
Q4 2024Nov 7, 2025Amended33$3.04BVGOOGLMSFTvs. Q3 2024SECSECSEC
Q3 2024Nov 7, 2025Amended33$3.17BVMSFTGOOGLvs. Q2 2024SECSECSEC
Q2 2024Dec 3, 2025Amended33$3.08BVMSFTGOOGLvs. Q1 2024SEC
Q1 2024Nov 7, 2025Amended33$3.31BVMSFTGOOGLvs. Q4 2023SECSECSEC
Q4 2023Nov 7, 2025Amended34$3.16BVMSFTGOOGLvs. Q3 2023SECSECSEC
Q3 2023Sep 10, 2024Amended35$3.18BVMSFTGOOGLvs. Q2 2023SEC
Q2 2023Sep 10, 2025Amended35$3.42BVMSFTPGvs. Q1 2023SECSEC
Q1 2023Sep 10, 2025Amended35$3.35BVMSFTPGvs. Q4 2022SECSEC
Q4 2022Sep 10, 2025Amended35$3.57BMSFTVPGvs. Q3 2022SECSEC
Q3 2022Sep 10, 2025Amended36$3.47BMSFTVGOOGLvs. Q2 2022SECSECSEC
Q2 2022Sep 10, 2025Amended36$4.87BMSFTGOOGLVvs. Q1 2022SECSECSEC
Q1 2022Sep 10, 2025Amended37$5.61BMSFTGOOGLVvs. Q4 2021SECSECSEC
Q4 2021Sep 10, 2025Amended36$5.72BMSFTGOOGLVvs. Q3 2021SECSECSEC
Q3 2021Sep 10, 2025Amended36$5.30BMSFTGOOGLMDTvs. Q2 2021SECSECSEC
Q2 2021Sep 10, 2025Amended37$5.86BMSFTGOOGLVvs. Q1 2021SECSECSEC
Q1 2021Sep 10, 2025Amended40$4.77BMSFTMDTGOOGL–SECSEC