Trinity Street Asset Management LLP Portfolio Changes: Q2 2026 Insights

Trinity Street Asset Management LLP has released its analysis of portfolio holdings as of June 30, 2026. The total value stands at $1.94 billion, reflecting significant activity across various sectors during the quarter.

The investor's portfolio shows notable changes in several key areas this quarter:

• Major Purchases: Trinity Street significantly increased its stake in Smurfit Stworck PLC (SW), adding 5.26 million shares which represents a portfolio allocation increase to 12.53%. This was the most substantial change, followed by an almost four-fold increase in holdings of KB Financial Group Inc (KB), boosting its position from just over zero to a meaningful allocation.
• Significant Reductions: The investor divested substantial portions of two holdings. HDFC Bank Ltd (HDB) saw its stake reduced by 15.93%, while the position in Infosys Ltd (INFY) decreased by a significant 12.45%. These actions resulted in both stocks exiting the top holdings list.
• Moderate Activity: Other changes included an increase of approximately 308,400 shares (+3.43%) in Taiwan Semiconductor Manufacturing Co Ltd (TSM), a reduction of about 15% in the stake of Alphabet Inc (GOOGL) (-4.8%), and notable shifts for other Technology stocks like Coherent Corp (COHR) (-32.65%) and Uber Technologies Inc (UBER) (-4.46%).
• New Positions: The data also indicates the initiation of new positions in previously unheld stocks, including CNH Indl N V (CNH), Standard Aero Inc (85423L103), and Clean Harbors Inc (CLH).

Technology remains the dominant sector in Trinity Street's portfolio, accounting for 37.23% of its value as of June 30, 2026. Within this category, TSM holds the largest allocation at nearly $4.45 billion (22.89%), followed by INFY ($137 million, 7.07%) and MSFT ($33.5 million, 1.73%). The investor also holds positions in Communication Services via Alphabet Inc (GOOGL) at $49.7 million.

In the Industrials sector, Trinity Street maintains a significant allocation of approximately $286 million (15.73%) through holdings like RYAAY ($230 million) and CNH Indl N V (CNH). The Financial Services allocation, now at $183 million (9.43%), includes holdings in HDFC Bank Ltd and KB Financial Group Inc.

The investor's portfolio also includes several positions with smaller allocations but notable changes, such as the significant reduction in Alphabet (GOOGL) (-4.8%) and moderate reductions elsewhere like Uber Technologies Inc (-4.46%). Additionally, the investor initiated new positions in Standard Aero Inc (85423L103) at $2.8 million and Clean Harbors Inc (CLH) at nearly $30 million.

In summary, Trinity Street Asset Management demonstrated active management during Q2 2026, significantly increasing its stake in Smurfit Stworck PLC and KB Financial Group Inc, while substantially reducing positions in HDFC Bank Ltd (HDB) and Infosys Ltd (INFY). The portfolio continues to favor Technology stocks, with TSM remaining the largest holding.