Egerton Capital

Q2 2016 13F · by John Armitage, CIO

As of: Jun 30, 2016
Filed: Aug 8, 2016
US stock: $8.9B · prev $10.5B
Positions: 29 · prev 32
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%

Moves36 since the prior filing

+35.5 pp in · −35.5 pp out

New 4 +21.81 pp
Added 10 +13.71 pp
Trimmed 15 −9.63 pp
Exited 7 −25.89 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 120% a year, about 0.8 years per position

Low
Moderate
High

Top 5 positions40% of US stock

Positions29 in this filing · 7 exited


CHTRCharter Comm Inc Del CL A New	10.19%	3,970,765	$908M	new	+10.19 pp	new
CMCSAComcast Corp	8.69%	11,878,532	$774M	added+13%	+2.55 pp	5 q
METAMeta Platforms, Inc. Class A	7.17%	5,585,698	$638M	trimmed−5%	+0.76 pp	6 q
GOOGAlphabet Inc. Class C	6.87%	884,383	$612M	added+36%	+2.27 pp	2 q
SPGIS&P Global Inc.	6.86%	5,700,088	$611M	new	+6.86 pp	new
LUVSouthwest Airlines Co.	6.71%	15,251,635	$598M	trimmed−6%	−0.25 pp	7 q
unresolvedPriceline Grp Inc	5.19%	370,222	$462M	trimmed−2%	+0.57 pp	7 q
AIYActivision Blizzard Inc	4.92%	11,055,260	$438M	added+32%	+2.22 pp	6 q
STZConstellation Brands, Inc.	3.43%	1,847,301	$306M	new	+3.43 pp	new
MLMMartin Marietta Materials	3.17%	1,472,952	$283M	added+53%	+1.71 pp	5 q
JPMJPMorgan Chase & Co.	3.08%	4,420,571	$275M	added+28%	+1.12 pp	7 q
MHKMohawk Industries, Inc.	3.00%	1,406,504	$267M	added+1%	+0.47 pp	3 q
DVADaVita Inc.	2.96%	3,406,403	$263M	trimmed−25%	−0.23 pp	11 q
SCHWThe Charles Schwab Corporation	2.78%	9,769,177	$247M	added+9%	+0.38 pp	5 q
MCOMoody's Corporation	2.69%	2,556,627	$240M	trimmed−4%	+0.23 pp	3 q
VVISA Inc.	2.69%	3,225,107	$239M	trimmed−68%	−4.55 pp	6 q
MAMastercard Incorporated	2.65%	2,677,141	$236M	added+46%	+1.00 pp	9 q
MSFTMicrosoft Corp	2.56%	4,452,512	$228M	trimmed−65%	−4.18 pp	4 q
NVDANvidia Corp	2.51%	4,751,116	$223M	added+52%	+1.45 pp	2 q
HDHome Depot, Inc.	1.96%	1,366,466	$174M	trimmed−28%	−0.47 pp	8 q
HDBHDFC Bank Limited	1.52%	2,043,484	$136M	trimmed−4%	+0.27 pp	7 q
NOCNorthrop Grumman Corp.	1.46%	587,015	$130M	trimmed−4%	+0.30 pp	2 q
ALBAlbemarle Corporation	1.33%	1,495,236	$119M	new	+1.33 pp	new
GILDGilead Sciences Inc	1.31%	1,397,732	$117M	trimmed−69%	−2.65 pp	9 q
LBRDKLiberty Broadband Corporation Class C	1.15%	1,706,564	$102M	added+55%	+0.54 pp	2 q
SYKStryker Corporation	1.10%	815,641	$98M	trimmed−4%	+0.23 pp	2 q
EQIXEquinix, Inc.	0.93%	212,788	$83M	trimmed−4%	+0.23 pp	4 q
FLTCorpay, Inc.	0.63%	393,743	$56M	trimmed−4%	+0.05 pp	2 q
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.50%	1,608,462	$45M	trimmed−6%	+0.06 pp	12 q
unresolvedTime Warner Cable Inc	—	−4,841,113	—	exited	−9.44 pp	—
unresolvedMcGraw Hill	—	−5,609,033	—	exited	−5.29 pp	—
unresolvedCharter Comm's Inc	—	−1,706,465	—	exited	−3.29 pp	—
JDJD.com, Inc.	—	−12,928,431	—	exited	−3.26 pp	—
WTWWillis Towers Watson Public Limited Company	—	−2,126,633	—	exited	−2.40 pp	—
NKENike, Inc.	—	−2,244,693	—	exited	−1.31 pp	—
WBAWalgreens Boots Alliance, Inc	—	−1,118,101	—	exited	−0.90 pp	—