In Q2 2026, Troy Asset Management held 29 US-listed stocks worth $3.6bn. Its biggest move was buying Markel Group (now 3.4% of the portfolio), followed by cutting Hubbell (21% fewer shares, now 6.4%). It started 3 new positions and sold out of 4. Its largest holding is Visa at 16%.
Q2 2026, filed 31 Jul 2026 (filing): 3 new, 11 added to, 15 trimmed, 4 sold out. Select a row to see it over time.How this works
Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.
13F holdings with change from the previous quarter
Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions.How this works
Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.
2015
2017
2019
2021
2023
Q4 ’24
Q2 ’25
Q4 ’25
Q2 ’26
MSFTVGOOGAPGKOEverything else
2014: Microsoft 12.9%, Visa 0.0%, Alphabet 0.0%, Agilent Technologies 0.0%, Procter & Gamble 0.0%, Coca-Cola 13.0%; 2015: Microsoft 11.2%, Visa 0.0%, Alphabet 0.0%, Agilent Technologies 0.0%, Procter & Gamble 3.6%, Coca-Cola 12.9%; 2016: Microsoft 0.0%, Visa 0.0%, Alphabet 0.0%, Agilent Technologies 0.0%, Procter & Gamble 0.0%, Coca-Cola 0.0%; 2017: Microsoft 11.9%, Visa 0.0%, Alphabet 0.0%, Agilent Technologies 0.0%, Procter & Gamble 5.4%, Coca-Cola 11.0%; 2018: Microsoft 14.0%, Visa 0.0%, Alphabet 1.1%, Agilent Technologies 0.0%, Procter & Gamble 11.7%, Coca-Cola 16.9%; 2019: Microsoft 16.5%, Visa 0.0%, Alphabet 6.2%, Agilent Technologies 3.7%, Procter & Gamble 11.3%, Coca-Cola 12.9%; 2020: Microsoft 12.9%, Visa 9.7%, Alphabet 9.5%, Agilent Technologies 4.7%, Procter & Gamble 8.1%, Coca-Cola 0.0%; 2021: Microsoft 15.3%, Visa 11.6%, Alphabet 14.2%, Agilent Technologies 4.9%, Procter & Gamble 7.1%, Coca-Cola 0.0%; 2022: Microsoft 12.0%, Visa 11.8%, Alphabet 7.5%, Agilent Technologies 3.9%, Procter & Gamble 9.4%, Coca-Cola 0.0%; 2023: Microsoft 11.5%, Visa 13.0%, Alphabet 8.7%, Agilent Technologies 4.6%, Procter & Gamble 8.1%, Coca-Cola 0.0%; Q3 ’24: Microsoft 12.2%, Visa 14.0%, Alphabet 10.3%, Agilent Technologies 4.6%, Procter & Gamble 5.1%, Coca-Cola 0.0%; Q4 ’24: Microsoft 11.8%, Visa 16.5%, Alphabet 14.5%, Agilent Technologies 4.3%, Procter & Gamble 3.2%, Coca-Cola 0.0%; Q1 ’25: Microsoft 11.6%, Visa 13.5%, Alphabet 14.9%, Agilent Technologies 7.7%, Procter & Gamble 0.0%, Coca-Cola 0.0%; Q2 ’25: Microsoft 11.6%, Visa 13.4%, Alphabet 14.9%, Agilent Technologies 7.7%, Procter & Gamble 0.0%, Coca-Cola 0.0%; Q3 ’25: Microsoft 9.5%, Visa 18.6%, Alphabet 15.7%, Agilent Technologies 7.9%, Procter & Gamble 0.0%, Coca-Cola 0.0%; Q4 ’25: Microsoft 8.9%, Visa 19.5%, Alphabet 15.2%, Agilent Technologies 8.4%, Procter & Gamble 0.0%, Coca-Cola 0.0%; Q1 ’26: Microsoft 7.6%, Visa 14.7%, Alphabet 12.7%, Agilent Technologies 8.2%, Procter & Gamble 0.0%, Coca-Cola 0.0%; Q2 ’26: Microsoft 6.9%, Visa 15.6%, Alphabet 12.8%, Agilent Technologies 9.9%, Procter & Gamble 0.0%, Coca-Cola 0.0%
Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.
Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.
US holdings by sector
Technology32.3%
Financials20.2%
Communication and media14.6%
Insurance11.6%
Industrials10.1%
Health care6.0%
Consumer staples2.2%
Consumer discretionary2.0%
Other0.5%
Materials0.4%
Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.