Troy Asset Management Q2 2026 Portfolio Update: Strategic Shifts in Key Sectors

Portfolio Activity Overview

Troy Asset Management Ltd.'s portfolio saw notable changes this quarter (Q2 2026), as evidenced by the changed_holdings data. The investment firm adjusted its positions across various stocks, demonstrating active management and responsiveness to market dynamics.

Focused Growth in Technology Sector

The Technology sector experienced mixed activity from Troy Asset Management during Q2 2026. While the investor maintained a significant allocation with companies like V (Visa) and GOOGL (Alphabet), there were notable changes elsewhere.

• A: AGILENT TECHNOLOGIES INC saw an increase in shares held by Troy, amounting to a +10.92% change from the previous period.
• MSFT (Microsoft): The investor reduced its position in MICROSOFT CORP by -3.99%, indicating a strategic shift away from this stock.
• PAYX: PAYCHEX INC experienced a substantial reduction of -31.42% in shares held, suggesting an exit or de-emphasis on this holding.
• VRSN: VERISIGN INC also saw a decrease (-14.36%) in its share count during the quarter.

Strategic Adjustments within Financial Services

The largest sector allocation, Financial Services, showed significant internal adjustments this quarter:

• V (Visa): Maintained its strong position but saw a very minor increase (+0.03%) in shares.
• CB: CHUBB LTD experienced a slight reduction (-0.98%) in holdings, though still holding considerable weight.
• CNI: CANADIAN NATL RAILWAY CO saw a moderate decrease (-2.46%) but remains a core holding at nearly 9% of the portfolio.
• MKl: MARKEL GROUP INC stands out with a massive +100.0% increase in shares, making it one of the most significant additions for Troy this quarter.

Industrial Sector Dynamics

In the Industrials sector, Troy Asset Management demonstrated its focus through specific actions:

• CNI (Canadian National Railway): Despite being a Financial Services holding, this stock also appears in the Industrial allocation due to overlapping industry classification. It saw a small decrease (-2.46%) but remains important.
• HUBB: HUBBELL INC experienced a significant reduction of -20.89% in shares during Q2, impacting its portfolio weight.
• CP (Canadian Pacific): CANADIAN PACIFIC KANSAS CITY saw an entirely new position added by Troy with +100.0%, highlighting opportunistic buying within this sector.

New Consumer Holdings and Sector Diversification

Troy Asset Management also expanded into the Consumer sectors during Q2 2026:

• BKNG (Booking Holdings): The investor significantly increased its stake in this stock by +2934.33%, indicating strong confidence or a new strategic interest.
• NKE: NIKE INC -CL B saw an addition to the portfolio with a moderate increase (+7.26% change, though shares decreased slightly).
• SYY: SYSCO CORP experienced a minor reduction (-7.31%) but still holds weight at nearly 1%.

Healthcare and Unknown Allocations

The Healthcare sector allocation remained relatively stable, with A (Agilent Technologies) showing a moderate increase (+10.92%) in shares held by Troy.