Egerton Capital

Q4 2013 13F · by John Armitage, CIO

As of: Dec 31, 2013
Filed: Feb 12, 2014
US stock: $6.6B · prev $5.5B
Positions: 30 · prev 27
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves34 since the prior filing

+19.9 pp in · −19.9 pp out

New 7 +10.70 pp
Added 13 +9.17 pp
Trimmed 10 −11.19 pp
Exited 4 −8.72 pp

The book

Concentrated · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 57% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions39% of US stock

unresolved Twenty First Centy Fox Inc trimmed−1.85 pp trimmed−1.859.2%
AXP American Express Company trimmed−0.33 pp trimmed−0.339.0%
DIS The Walt Disney Company added+2.01 pp added+2.018.6%
unresolved Monsanto Co added+1.78 pp added+1.786.4%
CMCSA Comcast Corp added+0.26 pp added+0.266.1%

Positions30 in this filing · 4 exited


unresolvedTwenty First Centy Fox Inc	9.16%	17,277,470	$608M	trimmed−4%	−1.85 pp	2 q
AXPAmerican Express Company	9.03%	6,599,196	$599M	trimmed−3%	−0.33 pp	2 q
DISThe Walt Disney Company	8.55%	7,422,086	$567M	added+34%	+2.01 pp	2 q
unresolvedMonsanto Co	6.37%	3,624,775	$422M	added+51%	+1.78 pp	2 q
CMCSAComcast Corp	6.10%	7,786,077	$405M	added+10%	+0.26 pp	2 q
QCOMQualcomm Inc	5.42%	4,835,385	$359M	added+24%	+0.63 pp	2 q
MCOMoody's Corporation	4.55%	3,841,349	$301M	added+3%	−0.23 pp	2 q
unresolvedPriceline Grp Inc	4.08%	232,450	$270M	trimmed−15%	−0.97 pp	2 q
AIGAmerican International Group, Inc.	3.95%	5,133,467	$262M	added+7%	−0.29 pp	2 q
VVISA Inc.	3.69%	1,100,149	$245M	added+7%	+0.10 pp	2 q
FISVFiserv, Inc.	3.38%	3,797,498	$224M	trimmed−15%	−0.74 pp	2 q
OCNOnity Group Inc.	3.28%	3,917,094	$217M	trimmed−12%	−1.28 pp	2 q
WFCWells Fargo & Co.	2.98%	4,358,493	$198M	trimmed−7%	−0.56 pp	2 q
GRMNGarmin Ltd	2.75%	3,949,957	$182M	added+54%	+0.64 pp	2 q
unresolvedGoogle Inc.	2.66%	157,571	$177M	new	+2.66 pp	new
LBTYALiberty Global Ltd. Class A	2.64%	1,967,715	$175M	added×3.0	+1.70 pp	2 q
CTSHCognizant Technology Solutions	2.61%	1,712,428	$173M	added×2.5	+1.58 pp	2 q
MAMastercard Incorporated	2.42%	192,389	$161M	trimmed−13%	−0.29 pp	2 q
DALDelta Air Lines, Inc.	2.38%	5,755,509	$158M	trimmed−39%	−1.68 pp	2 q
BACBank of America Corporation	2.05%	8,742,460	$136M	new	+2.05 pp	new
HOUSAnywhere Real Estate Inc.	2.02%	2,711,538	$134M	new	+2.02 pp	new
NKENike, Inc.	1.96%	1,650,203	$130M	trimmed−47%	−2.14 pp	2 q
ANAutoNation, Inc.	1.39%	1,848,967	$92M	added×2.3	+0.61 pp	2 q
AAPLApple Inc.	1.36%	160,666	$90M	new	+1.36 pp	new
unresolvedNielsen Holdings N V	1.25%	1,799,998	$83M	new	+1.25 pp	new
unresolvedCharter Comm's Inc	1.08%	522,263	$71M	trimmed−47%	−1.35 pp	2 q
URIUnited Rentals, Inc.	1.06%	898,913	$70M	added+3%	+0.13 pp	2 q
DVADaVita Inc.	0.69%	724,200	$46M	new	+0.69 pp	new
CFCF Industries Holding, Inc.	0.67%	191,300	$45M	new	+0.67 pp	new
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.45%	1,108,576	$30M	added×2.5	+0.25 pp	2 q
CCitigroup Inc.	—	−5,543,479	—	exited	−4.91 pp	—
SIGSignet Jewelers Limited	—	−1,315,034	—	exited	−1.72 pp	—
FRCBFirst Republic Bk CA	—	−1,781,056	—	exited	−1.52 pp	—
unresolvedAon PLC	—	−420,000	—	exited	−0.57 pp	—