Troy Asset Management Ltd Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HUBB	HUBBELL INC	551,620 (+60.7%)	$244,980 (+65.8%)	6.3%	$404.78	+8.0%	COM	443510607
V	VERISIGN INC	2,398,295 (+5.7%)	$757,008 (+4.7%)	19.5%	$266.28	+27.8%	COM	92826C839
ACN	ACCENTURE PLC-CL A	120,532 (+52.9%)	$32,339 (+66.4%)	0.8%	$244.82	+3.8%	SHS CLASS A	G1151C101
SPGI	S&P GLOBAL INC	41,706 (+26.2%)	$21,795 (+35.5%)	0.6%	$346.12	+42.8%	COM	78409V104
INTU	INTUIT INC	55,168 (+16.8%)	$36,544 (+13.3%)	0.9%	$350.08	+88.7%	COM	461202103
BKNG	BOOKING HOLDINGS INC	8,271 (+10.3%)	$44,294 (+9.4%)	1.1%	$2519.11	+104.0%	COM	09857L108
MA	MASTERCARD INC - A	129,779 (+4.8%)	$74,088 (+5.2%)	1.9%	$352.99	+58.3%	CL A	57636Q104
NKE	NIKE INC -CL B	542,792 (+21.5%)	$34,581 (+11.0%)	0.9%	$71.06	-8.7%	CL B	654106103

Exited Positions (2)

AXP AMERICAN EXPRESS CO 3.9%

Value ($000) $152,132 Shares 458,008 Est. Cost $86.66 Unrealized +311.9%

FISV FISERV INC 1.2%

Value ($000) $48,238 Shares 374,142 Est. Cost $121.77 Unrealized -31.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AXP	AMERICAN EXPRESS CO	458,008	$152,132	3.9%	$86.66	+311.9%	—	025816109
FISV	FISERV INC	374,142	$48,238	1.2%	$121.77	-31.1%	—	337738108

Decreased Positions (15)

GOOGL ALPHABET INC-CL A 15.2%

Value ($000) $588,344 (-3.8%) Shares 1,879,693 (-25.3%) Est. Cost $132.66 Unrealized +115.3%

PAYX PAYCHEX INC 1.7%

Value ($000) $64,589 (-14.6%) Shares 575,765 (-3.5%) Est. Cost $69.02 Unrealized +68.9%

META META PLATFORMS INC 1.3%

Value ($000) $51,810 (-12.8%) Shares 78,489 (-2.9%) Est. Cost $246.06 Unrealized +171.2%

ADP AUTOMATIC DATA PROCESSING 0.8%

Value ($000) $30,173 (-13.3%) Shares 117,300 (-1.1%) Est. Cost $160.49 Unrealized +65.0%

SYY SYSCO CORP 0.8%

Value ($000) $32,603 (-11.5%) Shares 442,441 (-1.1%) Est. Cost $72.16 Unrealized +4.6%

TTWO TAKE-TWO INTERACTIVE SOFTWRE 0.4%

Value ($000) $16,885 (-18.5%) Shares 65,950 (-17.7%) Est. Cost $164.20 Unrealized +51.8%

CME CME GROUP INC 2.2%

Value ($000) $85,825 (-3.8%) Shares 314,284 (-4.8%) Est. Cost $162.45 Unrealized +66.7%

PYPL PAYPAL HOLDINGS INC 0.3%

Value ($000) $13,443 (-17.4%) Shares 230,268 (-5.1%) Est. Cost $81.24 Unrealized -20.2%

TXN TEXAS INSTRUMENTS INC 0.8%

Value ($000) $31,379 (-6.6%) Shares 180,867 (-1.1%) Est. Cost $160.77 Unrealized +6.2%

MCD MCDONALD'S CORP 0.6%

Value ($000) $23,967 (-8.3%) Shares 78,418 (-8.8%) Est. Cost $208.21 Unrealized +46.5%

KVUE KENVUE INC 0.4%

Value ($000) $15,223 (+5.1%) Shares 882,485 (-1.1%) Est. Cost $19.50 Unrealized -16.6%

PM PHILIP MORRIS INT 0.6%

Value ($000) $22,407 (-2.6%) Shares 139,695 (-1.5%) Est. Cost $71.32 Unrealized +115.3%

PEP PEPSICO INC 0.9%

Value ($000) $36,299 (+1.1%) Shares 252,920 (-1.1%) Est. Cost $129.65 Unrealized +12.5%

MCO MOODY'S CORP 0.4%

Value ($000) $14,770 (+2.1%) Shares 28,913 (-4.8%) Est. Cost $298.48 Unrealized +63.3%

TSM TAIWAN SEMICONDUCTOR-SP ADR 0.0%

Value ($000) $51 (-28.3%) Shares 168 (-34.1%) Est. Cost $226.49 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC-CL A	1,879,693 (-25.3%)	$588,344 (-3.8%)	15.2%	$132.66	+115.3%	CAP STK CL A	02079K305
PAYX	PAYCHEX INC	575,765 (-3.5%)	$64,589 (-14.6%)	1.7%	$69.02	+68.9%	COM	704326107
META	META PLATFORMS INC	78,489 (-2.9%)	$51,810 (-12.8%)	1.3%	$246.06	+171.2%	CL A	30303M102
ADP	AUTOMATIC DATA PROCESSING	117,300 (-1.1%)	$30,173 (-13.3%)	0.8%	$160.49	+65.0%	COM	053015103
SYY	SYSCO CORP	442,441 (-1.1%)	$32,603 (-11.5%)	0.8%	$72.16	+4.6%	COM	871829107
TTWO	TAKE-TWO INTERACTIVE SOFTWRE	65,950 (-17.7%)	$16,885 (-18.5%)	0.4%	$164.20	+51.8%	COM	874054109
CME	CME GROUP INC	314,284 (-4.8%)	$85,825 (-3.8%)	2.2%	$162.45	+66.7%	COM	12572Q105
PYPL	PAYPAL HOLDINGS INC	230,268 (-5.1%)	$13,443 (-17.4%)	0.3%	$81.24	-20.2%	COM	70450Y103
TXN	TEXAS INSTRUMENTS INC	180,867 (-1.1%)	$31,379 (-6.6%)	0.8%	$160.77	+6.2%	COM	882508104
MCD	MCDONALD'S CORP	78,418 (-8.8%)	$23,967 (-8.3%)	0.6%	$208.21	+46.5%	COM	580135101
KVUE	KENVUE INC	882,485 (-1.1%)	$15,223 (+5.1%)	0.4%	$19.50	-16.6%	COM	49177J102
PM	PHILIP MORRIS INT	139,695 (-1.5%)	$22,407 (-2.6%)	0.6%	$71.32	+115.3%	COM	718172109
PEP	PEPSICO INC	252,920 (-1.1%)	$36,299 (+1.1%)	0.9%	$129.65	+12.5%	COM	713448108
MCO	MOODY'S CORP	28,913 (-4.8%)	$14,770 (+2.1%)	0.4%	$298.48	+63.3%	COM	615369105
TSM	TAIWAN SEMICONDUCTOR-SP ADR	168 (-34.1%)	$51 (-28.3%)	0.0%	$226.49	—	SPONSORED ADS	874039100

Unchanged Positions (6)

CNI CANADIAN NATL RAILWAY CO 7.4%

Value ($000) $288,000 Shares 2,736,154 Est. Cost $98.75 Unrealized -2.6%

MSFT MICROSOFT CORP 8.9%

Value ($000) $344,289 Shares 711,900 Est. Cost $81.75 Unrealized +512.3%

CB CHUBB LTD 6.4%

Value ($000) $247,350 Shares 792,483 Est. Cost $263.86 Unrealized +10.8%

A AGILENT TECHNOLOGIES INC 8.4%

Value ($000) $327,366 Shares 2,405,863 Est. Cost $114.15 Unrealized +25.9%

ALC ALCON INC 4.9%

Value ($000) $189,021 Shares 2,987,050 Est. Cost $83.45 Unrealized -7.7%

ADBE ADOBE INC 4.7%

Value ($000) $183,736 Shares 524,975 Est. Cost $434.20 Unrealized -21.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CNI	CANADIAN NATL RAILWAY CO	2,736,154	$288,000	7.4%	$98.75	-2.6%	COM	136375102
MSFT	MICROSOFT CORP	711,900	$344,289	8.9%	$81.75	+512.3%	COM	594918104
CB	CHUBB LTD	792,483	$247,350	6.4%	$263.86	+10.8%	COM	H1467J104
A	AGILENT TECHNOLOGIES INC	2,405,863	$327,366	8.4%	$114.15	+25.9%	COM	00846U101
ALC	ALCON INC	2,987,050	$189,021	4.9%	$83.45	-7.7%	ORD SHS	H01301128
ADBE	ADOBE INC	524,975	$183,736	4.7%	$434.20	-21.7%	COM	00724F101