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Trinity Street Asset Management LLP
Richard Bruce · Asset Manager · Value
Trinity Street Asset Management LLP is a specialist independent investment firm based in London, founded in 2002 by Richard Bruce. The firm focuses on managing active, high-conviction Global and International equity portfolios for a diversified set of institutional clients. It employs a disciplined, fundamental research approach to identify companies undergoing positive structural changes that are under-recognized by the market. Trinity Street operates with a style-agnostic, long-term perspective and maintains concentrated portfolios to drive alpha. In April 2024, iM Global Partner acquired a non-controlling minority stake in the firm to support its international expansion, while the partners continue to operate the boutique independently.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +3.4% |
| YTD return | -3.3% |
| Sharpe ratio | 1.81 |
| Win rate | 37% |
| AUM | $2.1B |
| Inception | Oct 1, 2025 |
| Updated | Sep 18, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $2.1B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.trinitystreetam.com |
Current Holdings
Updated on Sep 18, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| TSM | Taiwan Semiconductor Manufacturing | 18.9% | +40.8% |
| ICLR | ICON PLC | 12.1% | -1.6% |
| SW | Smurfit WestRock plc | 11.5% | -0.1% |
| RYAAY | Ryanair Holdings PLC ADR | 9.7% | -9.3% |
| SHEL | Shell PLC ADR | 7.3% | +22.9% |
| INFY | Infosys Ltd ADR | 7.3% | -24.9% |
| HDB | HDFC Bank Limited ADR | 7.2% | -25.0% |
| RTO | Rentokil Initial PLC | 6.0% | -22.8% |
| BAESY | BAE Systems PLC | 2.9% | +0.0% |
| GOOGL | Alphabet Inc Class A | 2.2% | +31.7% |
| MSFT | Microsoft Corporation | 2.1% | +4.0% |
| NUE | Nucor Corp | 1.8% | +52.7% |
| CNH | CNH Industrial N.V. | 1.8% | +24.0% |
| AMZN | Amazon.com Inc | 1.8% | +11.4% |
| CLH | Clean Harbors Inc | 1.5% | +28.0% |
| EFX | Equifax Inc | 1.2% | -10.6% |
| UBER | Uber Technologies Inc | 1.2% | -10.3% |
| SARO | StandardAero, Inc. | 1.1% | -9.5% |
| COHR | Coherent Inc | 1.1% | -13.0% |
| AMD | Advanced Micro Devices Inc | 1.1% | +18.6% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Sep 7, 2026 | BUY | SHEL | 7.1% → 7.3% |
| Sep 7, 2026 | BUY | INFY | 7.5% → 7.3% |
| Sep 7, 2026 | BUY | UBER | 1.2% → 1.2% |
| Sep 7, 2026 | SELL | TSM | 18.6% → 18.9% |
| Sep 7, 2026 | BUY | AMD | 0.0% → 1.1% |
Investment Style Analysis
Trinity Street Asset Management LLP is widely recognized for employing a Value strategy. As of Sep 18, 2026, the firm oversees approximately $2.1B in assets under management (AUM). The portfolio demonstrates a clear preference for the Semiconductors and Diagnostics & Research sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Sep 7, Trinity Street Asset Management LLP made a significant move by increasing exposure to SHEL. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
The firm’s philosophy is built on the belief that 'Under-Recognised Change' is a consistent source of alpha, appearing regardless of broader market trends like value or growth. Trinity Street focuses its bottom-up research on companies experiencing rapid change, where market pricing mechanisms are most likely to fail. By conducting extensive company meetings and proprietary financial modeling, the investment team seeks to uncover opportunities where their internal forecasts differ significantly from the consensus. The strategy is characterized by high conviction, managing concentrated portfolios of 30 to 40 stocks with a two-to-three-year investment horizon.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Trinity Street Asset Management LLP.
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Frequently asked questions
How is the simulated portfolio for Trinity Street Asset Management LLP constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Trinity Street Asset Management LLP's largest holding?
As of the latest filing, Trinity Street Asset Management LLP's top position is Taiwan Semiconductor Manufacturing (TSM), representing 18.9% of the portfolio. This reflects a high-conviction bet by the institution.
What is Trinity Street Asset Management LLP's historical performance and risk profile?
Our simulation indicates a total return of +3.4% with a win rate of 37%. Notably, the portfolio maintains a Sharpe Ratio of 1.81, suggesting an strong level of risk-adjusted returns compared to the broader market.
What sectors does Trinity Street Asset Management LLP primarily invest in?
Trinity Street Asset Management LLP has a strong preference for the Semiconductors sector, which makes up 20.0% of their disclosed assets. The portfolio also has exposure to Diagnostics & Research, indicating a specific thematic focus.
Is Trinity Street Asset Management LLP's portfolio concentrated or diversified?
Trinity Street Asset Management LLP runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 42.5% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Trinity Street Asset Management LLP performed in 2026?
Our AI-simulated model portfolio for Trinity Street Asset Management LLP tracks a Year-to-Date (YTD) return of -3.3%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Richard Bruce manage Trinity Street Asset Management LLP directly?
Yes, Richard Bruce serves as the key portfolio manager for Trinity Street Asset Management LLP, overseeing the investment strategy and final capital allocation decisions.