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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Trojan Fund from Troy Asset Management. This analysis is provided for institutional research purposes only and is not investment advice.
"Troy Global Equity Strategy underperformed significantly in H1 2026 by avoiding overvalued semiconductors and tech hardware despite AI-driven market gains. The portfolio holds quality businesses facing temporary headwinds: Visa navigating payment disruption fears, Alcon executing through product cycle challenges, and Amadeus weathering AI concerns."
The Troy Global Equity Strategy has experienced a disappointing first half of 2026, with the portfolio markedly down while markets rose, driven by semiconductor and tech hardware gains the manager deliberately avoided. The Strategy invests in AI through hyperscalers rather than hardware suppliers, citing concerns about semiconductor cyclicality, fragile supply chain economics, and rich valuations that leave little room for disappointment. Market concentration has reached levels historically associated with peaks, with roughly 40 companies accounting for half the US index. Three core holdings faced headwinds: Visa declined on agentic commerce and regulatory concerns, Alcon disappointed on implantables execution, and Amadeus fell on AI disruption fears. The manager maintains conviction in each, viewing bear cases as overstated and valuations as compelling. At 24x forward earnings for Visa, 19x for Alcon, and 14x for Amadeus, these quality businesses trade at discounts to the market despite superior financial productivity. The manager continues adding to personal holdings, expecting patient ownership to be rewarded as companies compound cash flows and extend competitive advantages.
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