On Jan. 22, 2026, Trinity Street Asset Management LLP disclosed in an SEC filing that it sold out its entire stake in Axalta Coating Systems (AXTA 0.25%), an estimated $22.1 million transaction based on quarterly average pricing.
What happened
According to a SEC filing dated Jan. 22, 2026, Trinity Street Asset Management LLP liquidated its entire holding of 770,919 shares in Axalta Coating Systems. The estimated transaction value was $22.06 million based on the average share price during the quarter. The net position change, reflecting both trading and price movement, was also $22.06 million.
What else to know
- This was a full exit; Axalta Coating Systems now represents 0% of the firm’s 13F AUM
- Top five holdings after the filing:
- NYSE:TSM: $293.8 million (18.5% of AUM)
- UNK:RYAAY: $265.7 million (16.7% of AUM)
- NYSE:HDB: $221.7 million (13.9% of AUM)
- NASDAQ:ICLR: $195.4 million (12.3% of AUM)
- NYSE:INFY: $182.9 million (11.5% of AUM)
- As of Jan. 21, 2026, shares were priced at $33.47, down 9.5% over one year, underperforming the S&P 500 by 23.2 percentage points.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $5.17 billion |
| Net income (TTM) | $455.00 million |
| Price (as of market close Jan. 21, 2026) | $33.47 |
| One-year price change | (9.5%) |
Company snapshot
- Axalta Coating Systems manufactures and markets high-performance coatings, including waterborne and solvent-borne systems, powder coatings, and decorative and functional surface solutions for automotive, industrial, and architectural applications.
- The company generates revenue by supplying coatings and related products to repair shops, OEMs, and industrial manufacturers, leveraging a global distribution network and a broad portfolio of proprietary brands.
- Primary customers include independent and multi-shop automotive body repair facilities, global automotive OEMs, and manufacturers in sectors such as construction, energy, transportation, and general industry.
Axalta Coating Systems is a global leader in specialty coatings, serving diverse end markets across automotive and industrial sectors. The company leverages a broad product portfolio and established customer relationships to drive recurring revenue streams. Its scale, technological expertise, and global reach underpin its competitive position in the specialty chemicals industry.
What this transaction means for investors
Trinity Street sold a small position in its holdings, representing around 1.5% of its assets in the third quarter. There can be many reasons a fund manager might exit a small position, such as Axalta Coating Systems. It could reflect the manager’s lack of confidence in the company’s growth prospects or a tax-loss-harvesting opportunity at year-end.
However, Trinity added to all five of its largest positions in the quarter, including its top holding, Taiwan Semiconductor Manufacturing. Trinity may see better growth potential in Taiwan Semiconductor, which supplies chips for artificial intelligence, than in Axalta, which serves a slower-growing industry.
Other top holdings it added in the quarter, including Ryanair, HDFC Bank, Icon, and Infosys, have underperformed the S&P 500 over the past year. Trinity may see these companies’ valuations reaching levels that favor a potential rebound in 2026.
