Troy Asset Management
Our archive holds 4 letters from Troy Asset Management, behind 7 investment theses and positions in 3 companies. Every quote below is copied verbatim from the letter it came from.
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3 strategies
Troy Asset Management publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.
Also filed under Troy Asset Management.
Companies held · 3
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 - Canadian National RailwayJuly 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 - HubbellJuly 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 - AlphabetJuly 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 - ExperianJuly 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 · 4
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