9AT: TROY ASSET MANAGEMENT LTD

TROY ASSET MANAGEMENT LTD

TROY ASSET MANAGEMENT LTD

Adviser Profile

As of Date	07/30/2026
Registration	SEC, Approved, 05/26/2022
ADV Location	LONDON, United Kingdom
Contact Info	44 xxxxxxx
Websites

AUM^*	14,697,092,098 -5%
of that, discretionary	14,697,092,098 -5%
Number of Employees	45
of those in investment advisory functions	11 -15%
Private Fund GAV^*	0
Avg Account Size	565,272,773 -16%
SMA’s	No
Private Funds	0

Adviser Type

- Large advisory firm
- Outside the United States

Client Types

- Pooled investment vehicles
- Charitable organizations
- Other

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Reported AUM

20B 17B 14B 11B 8B 6B 3B

2022 2023 2024 2025

Discretionary

Non-discretionary

Private Funds

GAV Count

Employees

Top Holdings

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker92826C839	Stock NameVISA INC-CLASS A SHARES	$ Position$560,062,861	% Position16.00%	$ Change14.00%	# Change0.00%
Stck Ticker02079K305	Stock NameALPHABET INC-CL A	$ Position$458,295,219	% Position13.00%	$ Change8.00%	# Change-13.00%
Stck Ticker00846U101	Stock NameAGILENT TECHNOLOGIES INC	$ Position$355,539,021	% Position10.00%	$ Change29.00%	# Change11.00%
Stck Ticker136375102	Stock NameCANADIAN NATL RAILWAY CO	$ Position$322,255,093	% Position9.00%	$ Change13.00%	# Change-2.00%
Stck TickerH1467J104	Stock NameCHUBB LTD	$ Position$295,140,810	% Position8.00%	$ Change4.00%	# Change-1.00%
Stck Ticker594918104	Stock NameMICROSOFT CORP	$ Position$246,141,350	% Position7.00%	$ Change-3.00%	# Change-4.00%
Stck Ticker443510607	Stock NameHUBBELL INC	$ Position$229,289,261	% Position6.00%	$ Change-16.00%	# Change-21.00%
Stck TickerH01301128	Stock NameALCON INC	$ Position$207,564,521	% Position6.00%	$ Change17.00%	# Change27.00%
Stck Ticker92343E102	Stock NameVERISIGN INC	$ Position$168,755,756	% Position5.00%	$ Change-13.00%	# Change-14.00%
Stck Ticker00724F101	Stock NameADOBE INC	$ Position$97,116,744	% Position3.00%	$ Change-24.00%	# Change-10.00%

Brochure Summary

Overview

Troy Asset Management Ltd. (“Troy” “we” “our” or the “Firm”) is a privately owned, independent investment firm. The Firm was founded in 2000 by the late Lord Weinstock and Sebastian Lyon. The majority of the Firm (66%) is owned by employees, directors and an employee benefit trust. The founding family owns 34% of the Firm and are longstanding clients. Our portfolio managers are also investors in the funds they manage, further aligning their interests with our investors. As at 30 April 2023, Troy managed $18,168,333,820 of net assets on a discretionary basis. Troy does not manage any assets on a non-discretionary basis. The Firm does not provide financial planning, quantitative planning or market timing services. Troy manages assets in a range of multi-asset, UK equity income, global equity and global equity income strategies. Additionally, we offer an exclusions-based ethical capability. Portfolios subject to exclusions are restricted from investment in securities issued by companies in certain industries, or securities deemed to be outside of certain ethical criteria. All Troy’s strategies are long-only but emphasise absolute over relative

returns, seeking to protect and grow the real value of investors’ capital over the long term. We conduct thorough research, and manage concentrated, low-turnover portfolios of our best ideas. The majority of Troy’s assets under management are currently in pooled vehicles with a significant number of underlying investors. As a consequence, it is generally not possible to adapt our investment and stewardship approach to any specific requirements of individual investors in these vehicles. Over time, Troy has developed new funds and strategies, some of which were specifically designed to meet the increased demand for ethical variations of our principal strategies. The remainder of Troy’s assets under management are held by separately managed account clients. Troy generally offers separately managed accounts for larger institutional clients and those with mandate specific requirements such as exclusions. Please refer to Item 16. Investment Discretion for further details on how our services may be tailored to specific client requirements. Troy is authorised and regulated by the Financial Conduct Authority of the United Kingdom.