Troy Asset Management Ltd Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CB	CHUBB LTD	874,776 (+10.4%)	$285,116 (+15.3%)	8.5%	$268.78	+17.6%	COM	H1467J104
INTU	INTUIT INC	71,622 (+29.8%)	$30,968 (-15.3%)	0.9%	$383.96	+29.6%	COM	461202103
ACN	ACCENTURE PLC-CL A	138,585 (+15.0%)	$27,480 (-15.0%)	0.8%	$245.92	+3.0%	SHS CLASS A	G1151C101
AMZN	AMAZON.COM INC AMZN US	122,258 (+4.0%)	$25,463 (-6.2%)	0.8%	$228.71	-0.8%	COM	023135106

Exited Positions (1)

PYPL PAYPAL HOLDINGS INC 0.4%

Value ($000) $13,443 Shares 230,268 Est. Cost $81.24 Unrealized -38.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PYPL	PAYPAL HOLDINGS INC	230,268	$13,443	0.4%	$81.24	-38.4%	—	70450Y103

Decreased Positions (20)

V VISA INC-CLASS A SHARES 14.7%

Value ($000) $493,229 (-34.8%) Shares 1,631,911 (-32.0%) Est. Cost $266.28 Unrealized +23.6%

GOOGL ALPHABET INC-CL A 12.7%

Value ($000) $425,491 (-27.7%) Shares 1,479,661 (-21.3%) Est. Cost $132.66 Unrealized +143.7%

MSFT MICROSOFT CORP 7.6%

Value ($000) $254,407 (-26.1%) Shares 687,272 (-3.5%) Est. Cost $81.75 Unrealized +431.6%

PAYX PAYCHEX INC 1.0%

Value ($000) $33,711 (-47.8%) Shares 365,950 (-36.4%) Est. Cost $69.02 Unrealized +47.8%

CME CME GROUP INC 2.0%

Value ($000) $67,534 (-21.3%) Shares 228,657 (-27.2%) Est. Cost $162.45 Unrealized +78.1%

BKNG BOOKING HOLDINGS INC 1.0%

Value ($000) $32,087 (-27.6%) Shares 7,621 (-7.9%) Est. Cost $2519.11 Unrealized +89.8%

META META PLATFORMS INC 1.2%

Value ($000) $41,102 (-20.7%) Shares 71,841 (-8.5%) Est. Cost $246.06 Unrealized +166.4%

MA MASTERCARD INC - A 1.9%

Value ($000) $64,180 (-13.4%) Shares 128,447 (-1.0%) Est. Cost $352.99 Unrealized +52.7%

ADP AUTOMATIC DATA PROCESSING 0.7%

Value ($000) $21,881 (-27.5%) Shares 107,694 (-8.2%) Est. Cost $160.49 Unrealized +50.1%

NKE NIKE INC -CL B 0.8%

Value ($000) $26,329 (-23.9%) Shares 498,464 (-8.2%) Est. Cost $71.06 Unrealized -10.0%

PEP PEPSICO INC 0.9%

Value ($000) $30,531 (-15.9%) Shares 196,609 (-22.3%) Est. Cost $129.65 Unrealized +19.4%

SPGI S&P GLOBAL INC 0.5%

Value ($000) $17,505 (-19.7%) Shares 41,156 (-1.3%) Est. Cost $346.12 Unrealized +40.2%

TTWO TAKE-TWO INTERACTIVE SOFTWRE 0.4%

Value ($000) $12,850 (-23.9%) Shares 65,063 (-1.3%) Est. Cost $164.20 Unrealized +37.0%

SYY SYSCO CORP 0.9%

Value ($000) $28,970 (-11.1%) Shares 406,138 (-8.2%) Est. Cost $72.16 Unrealized +14.0%

CNI CANADIAN NATL RAILWAY CO 8.5%

Value ($000) $284,579 (-1.2%) Shares 2,628,962 (-3.9%) Est. Cost $98.75 Unrealized +3.4%

MCO MOODY'S CORP 0.4%

Value ($000) $12,443 (-15.8%) Shares 28,522 (-1.4%) Est. Cost $298.48 Unrealized +64.0%

MCD MCDONALD'S CORP 0.7%

Value ($000) $22,338 (-6.8%) Shares 71,876 (-8.3%) Est. Cost $208.21 Unrealized +52.4%

KVUE KENVUE INC 0.4%

Value ($000) $13,955 (-8.3%) Shares 809,454 (-8.3%) Est. Cost $19.50 Unrealized -9.4%

TXN TEXAS INSTRUMENTS INC 1.0%

Value ($000) $32,236 (+2.7%) Shares 166,043 (-8.2%) Est. Cost $160.77 Unrealized +28.3%

PM PHILIP MORRIS INT 0.6%

Value ($000) $21,575 (-3.7%) Shares 130,488 (-6.6%) Est. Cost $71.32 Unrealized +146.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
V	VISA INC-CLASS A SHARES	1,631,911 (-32.0%)	$493,229 (-34.8%)	14.7%	$266.28	+23.6%	COM CL A	92826C839
GOOGL	ALPHABET INC-CL A	1,479,661 (-21.3%)	$425,491 (-27.7%)	12.7%	$132.66	+143.7%	CAP STK CL A	02079K305
MSFT	MICROSOFT CORP	687,272 (-3.5%)	$254,407 (-26.1%)	7.6%	$81.75	+431.6%	COM	594918104
PAYX	PAYCHEX INC	365,950 (-36.4%)	$33,711 (-47.8%)	1.0%	$69.02	+47.8%	COM	704326107
CME	CME GROUP INC	228,657 (-27.2%)	$67,534 (-21.3%)	2.0%	$162.45	+78.1%	COM	12572Q105
BKNG	BOOKING HOLDINGS INC	7,621 (-7.9%)	$32,087 (-27.6%)	1.0%	$2519.11	+89.8%	COM	09857L108
META	META PLATFORMS INC	71,841 (-8.5%)	$41,102 (-20.7%)	1.2%	$246.06	+166.4%	COM	30303M102
MA	MASTERCARD INC - A	128,447 (-1.0%)	$64,180 (-13.4%)	1.9%	$352.99	+52.7%	COM	57636Q104
ADP	AUTOMATIC DATA PROCESSING	107,694 (-8.2%)	$21,881 (-27.5%)	0.7%	$160.49	+50.1%	COM	053015103
NKE	NIKE INC -CL B	498,464 (-8.2%)	$26,329 (-23.9%)	0.8%	$71.06	-10.0%	COM	654106103
PEP	PEPSICO INC	196,609 (-22.3%)	$30,531 (-15.9%)	0.9%	$129.65	+19.4%	COM	713448108
SPGI	S&P GLOBAL INC	41,156 (-1.3%)	$17,505 (-19.7%)	0.5%	$346.12	+40.2%	COM	78409V104
TTWO	TAKE-TWO INTERACTIVE SOFTWRE	65,063 (-1.3%)	$12,850 (-23.9%)	0.4%	$164.20	+37.0%	COM	874054109
SYY	SYSCO CORP	406,138 (-8.2%)	$28,970 (-11.1%)	0.9%	$72.16	+14.0%	COM	871829107
CNI	CANADIAN NATL RAILWAY CO	2,628,962 (-3.9%)	$284,579 (-1.2%)	8.5%	$98.75	+3.4%	COM	136375102
MCO	MOODY'S CORP	28,522 (-1.4%)	$12,443 (-15.8%)	0.4%	$298.48	+64.0%	CL B	615369105
MCD	MCDONALD'S CORP	71,876 (-8.3%)	$22,338 (-6.8%)	0.7%	$208.21	+52.4%	CL A	580135101
KVUE	KENVUE INC	809,454 (-8.3%)	$13,955 (-8.3%)	0.4%	$19.50	-9.4%	CL A	49177J102
TXN	TEXAS INSTRUMENTS INC	166,043 (-8.2%)	$32,236 (+2.7%)	1.0%	$160.77	+28.3%	COM	882508104
PM	PHILIP MORRIS INT	130,488 (-6.6%)	$21,575 (-3.7%)	0.6%	$71.32	+146.6%	COM	718172109

Unchanged Positions (5)

ADBE ADOBE INC 3.8%

Value ($000) $127,585 Shares 524,867 Est. Cost $434.20 Unrealized -33.2%

A AGILENT TECHNOLOGIES INC 8.2%

Value ($000) $275,060 Shares 2,413,232 Est. Cost $114.15 Unrealized +18.1%

HUBB HUBBELL INC 8.1%

Value ($000) $271,861 Shares 553,981 Est. Cost $404.78 Unrealized +22.4%

ALC ALCON INC 5.3%

Value ($000) $177,095 Shares 2,988,435 Est. Cost $83.45 Unrealized -3.6%

TSM TAIWAN SEMICONDUCTOR-SP ADR 0.0%

Value ($000) $57 Shares 168 Est. Cost $226.49 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ADBE	ADOBE INC	524,867	$127,585	3.8%	$434.20	-33.2%	COM	00724F101
A	AGILENT TECHNOLOGIES INC	2,413,232	$275,060	8.2%	$114.15	+18.1%	COM	00846U101
HUBB	HUBBELL INC	553,981	$271,861	8.1%	$404.78	+22.4%	COM	443510607
ALC	ALCON INC	2,988,435	$177,095	5.3%	$83.45	-3.6%	ORD SHS	H01301128
TSM	TAIWAN SEMICONDUCTOR-SP ADR	168	$57	0.0%	$226.49	—	SPONSORED ADS	874039100