Troy Asset Management
Our archive holds 3 letters from Troy Asset Management, behind 7 investment theses and positions in 6 companies. Every quote below is copied verbatim from the letter it came from.
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2 strategies
Troy Asset Management publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.
- Troy Asset Management Global Equity Strategy1
Global · 16 companies
- Troy Asset Management Multi-Asset Strategy1
5 companies
Also filed under Troy Asset Management.
What they bought and sold · 3 moves
- AddedCanadian NationalJuly 2026
“Over the past 18 months, this has entailed purchases of the likes of Canadian National (CN), the railroad company, and Hubbell, the US manufacturer of components for the electric grid, which we wrote about in Investment Report 85 last summer.”
Read the letter - AddedExperianJuly 2026
“One such example is the credit bureau Experian, whose shares we have added to on a 15-year low price-to-earnings multiple, with the view that this is a business whose moat and data will become more valuable in an AI future.”
Read the letter - AddedHubbellJuly 2026
“Over the past 18 months, this has entailed purchases of the likes of Canadian National (CN), the railroad company, and Hubbell, the US manufacturer of components for the electric grid, which we wrote about in Investment Report 85 last summer.”
Read the letter
Companies held · 6
Every company Troy Asset Management has disclosed a position in across our archive, with the letter that last mentioned it.
Theses · 7
- July 2026
Visa is defended as a network with durable economics, multiple growth avenues, and an attractive valuation despite concerns around agents, stablecoins, regulation, and maturing cash displacement.
Read the full thesis - July 2026
Amadeus is argued to have durable, high-margin travel infrastructure businesses, resilient distribution volumes, and underappreciated growth in Air IT and hospitality at an excessive valuation discount.
Read the full thesis - July 2026
Alcon is presented as a leading ophthalmology franchise with strong assets, a defensible oligopoly position, a deep pipeline, and long-term growth drivers despite recent execution disappointments.
Read the full thesis - July 2026
Canadian National Railway is a diversified North American rail operator with local monopoly-like route economics, pricing power, and an inflation-resilient model that the managers believe can compound in the low teens over time.
Read the full thesis - July 2026
Hubbell is a manufacturer of electric-grid components with exposure to infrastructure and manufacturing tailwinds and pricing power from a structurally advantaged competitive position.
Read the full thesis - July 2026
Alphabet is a diversified AI beneficiary with a dominant cash-generative search engine, a leading LLM, custom silicon, and a major cloud business.
Read the full thesis - July 2026
Experian is a credit bureau whose moat and data are viewed as becoming more valuable in an AI-driven future, while trading at a 15-year low P/E multiple.
Read the full thesis
Letter archive · 3
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