Egerton Capital

Q3 2015 13F · by John Armitage, CIO

As of: Sep 30, 2015
Filed: Nov 10, 2015
US stock: $8.9B · prev $7.9B
Positions: 31 · prev 31
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%

Moves37 since the prior filing

+25.3 pp in · −25.4 pp out

New 6 +14.15 pp
Added 13 +11.19 pp
Trimmed 12 −20.20 pp
Exited 6 −5.16 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 66% a year, about 1.5 years per position

Low
Moderate
High

Top 5 positions34% of US stock

unresolved Time Warner Cable Inc trimmed−4.34 pp trimmed−4.349.7%
LUV Southwest Airlines Co. added+1.39 pp added+1.397.2%
GILD Gilead Sciences Inc added+0.27 pp added+0.276.2%
CMCSA Comcast Corp added+1.51 pp added+1.515.8%
unresolved Priceline Grp Inc added+0.82 pp added+0.825.5%

Positions31 in this filing · 6 exited


unresolvedTime Warner Cable Inc	9.67%	4,771,695	$856M	trimmed−23%	−4.34 pp	3 q
LUVSouthwest Airlines Co.	7.23%	16,820,941	$640M	added+21%	+1.39 pp	4 q
GILDGilead Sciences Inc	6.20%	5,590,796	$549M	added+40%	+0.27 pp	6 q
CMCSAComcast Corp	5.83%	9,067,901	$516M	added+60%	+1.51 pp	2 q
unresolvedPriceline Grp Inc	5.48%	391,884	$485M	added+23%	+0.82 pp	4 q
unresolvedMcGraw Hill	5.09%	5,207,402	$450M	trimmed−5%	−1.86 pp	7 q
MLMMartin Marietta Materials	4.53%	2,635,720	$400M	added+39%	+1.13 pp	2 q
METAMeta Platforms, Inc. Class A	4.31%	4,245,588	$382M	added+60%	+1.43 pp	3 q
MAMastercard Incorporated	4.31%	4,235,599	$382M	trimmed−3%	−0.85 pp	6 q
WBAWalgreens Boots Alliance, Inc	4.19%	4,460,346	$371M	added×2.1	+1.89 pp	4 q
unresolvedCharter Comm's Inc	4.08%	2,054,830	$361M	new	+4.08 pp	new
unresolvedTowers Watson & Co.	3.95%	2,981,092	$350M	new	+3.95 pp	new
DVADaVita Inc.	3.63%	4,441,563	$321M	added+40%	+0.43 pp	8 q
VVISA Inc.	3.58%	4,547,434	$317M	added0%	−0.28 pp	3 q
AIYActivision Blizzard Inc	3.56%	10,206,413	$315M	added+36%	+1.26 pp	3 q
JPMJPMorgan Chase & Co.	3.33%	4,834,825	$295M	trimmed−18%	−1.72 pp	4 q
HDHome Depot, Inc.	3.15%	2,412,745	$279M	added+2%	−0.19 pp	5 q
MSFTMicrosoft Corp	2.79%	5,588,698	$247M	new	+2.79 pp	new
SCHWThe Charles Schwab Corporation	2.49%	7,703,163	$220M	added×3.6	+1.60 pp	2 q
GRAW.R. Grace & Co.	2.01%	1,913,343	$178M	trimmed−1%	−0.44 pp	4 q
AAPLApple Inc.	1.82%	1,460,423	$161M	trimmed−50%	−2.79 pp	5 q
JDJD.com, Inc.	1.60%	5,427,600	$141M	new	+1.60 pp	new
SKAASkechers USA Inc-cl A	1.34%	885,969	$119M	trimmed−23%	−0.26 pp	2 q
NCLHNorwegian Cruise Line Holdings Ltd.	1.34%	2,069,262	$119M	new	+1.34 pp	new
AIGAmerican International Group, Inc.	1.04%	1,615,164	$92M	trimmed−73%	−3.65 pp	2 q
CFCF Industries Holding, Inc.	1.03%	2,037,065	$91M	trimmed−36%	−1.58 pp	4 q
HDBHDFC Bank Limited	0.66%	960,127	$59M	trimmed−44%	−0.65 pp	4 q
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.56%	1,815,726	$50M	added+1%	−0.07 pp	9 q
FISVFiserv, Inc.	0.53%	544,995	$47M	trimmed−70%	−1.36 pp	9 q
EQIXEquinix, Inc.	0.39%	126,873	$35M	new	+0.39 pp	new
SLBSLB Limited	0.26%	335,719	$23M	trimmed−62%	−0.70 pp	6 q
WFCWells Fargo & Co.	—	−2,804,033	—	exited	−2.00 pp	—
WOOFoot Locker Inc	—	−1,079,163	—	exited	−0.92 pp	—
DISThe Walt Disney Company	—	−623,283	—	exited	−0.90 pp	—
unresolvedSensata Technologies Hldng NV	—	−920,316	—	exited	−0.61 pp	—
GPROGoPro, Inc.	—	−888,128	—	exited	−0.59 pp	—
unresolvedDelphi Automotive PLC	—	−130,136	—	exited	−0.14 pp	—