Troy Asset Management
Troy Asset Management Multi-Asset Strategy
Jul 2026 → Jul 2026
Our archive holds 1 letter from this strategy, behind 4 investment theses and positions in 5 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year — follow all of Troy Asset Management for every strategy.
What it bought and sold
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.
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.
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.
Its investment theses
- Canadian National RailwayJul 2026Canadian 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.
- HubbellJul 2026Hubbell is a manufacturer of electric-grid components with exposure to infrastructure and manufacturing tailwinds and pricing power from a structurally advantaged competitive position.
- AlphabetJul 2026Alphabet is a diversified AI beneficiary with a dominant cash-generative search engine, a leading LLM, custom silicon, and a major cloud business.
- ExperianJul 2026Experian 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.