Egerton Capital

Q4 2016 13F · by John Armitage, CIO

As of: Dec 31, 2016
Filed: Feb 14, 2017
US stock: $8.2B · prev $8.8B
Positions: 27 · prev 26
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%

Moves30 since the prior filing

+14.0 pp in · −14.0 pp out

New 4 +7.66 pp
Added 7 +6.35 pp
Trimmed 16 −9.95 pp
Exited 3 −4.05 pp

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 52% a year, about 1.9 years per position

Low
Moderate
High

Top 5 positions43% of US stock

CHTR Charter Comm Inc Del CL A New trimmed+1.54 pp trimmed+1.5414.0%
CMCSA Comcast Corp trimmed+0.84 pp trimmed+0.849.6%
SPGI S&P Global Inc. added+0.34 pp added+0.347.5%
GOOG Alphabet Inc. Class C trimmed+0.34 pp trimmed+0.346.9%
BAC Bank of America Corporation new+5.47 pp new+5.475.5%

Positions27 in this filing · 3 exited


CHTRCharter Comm Inc Del CL A New	14.00%	3,998,257	$1.2B	trimmed−2%	+1.54 pp	3 q
CMCSAComcast Corp	9.62%	11,460,014	$791M	trimmed−2%	+0.84 pp	7 q
SPGIS&P Global Inc.	7.50%	5,737,993	$617M	added+15%	+0.34 pp	3 q
GOOGAlphabet Inc. Class C	6.87%	731,674	$565M	trimmed−1%	+0.34 pp	4 q
BACBank of America Corporation	5.47%	20,364,278	$450M	new	+5.47 pp	new
MAMastercard Incorporated	5.04%	4,010,984	$414M	added+30%	+1.49 pp	11 q
SCHWThe Charles Schwab Corporation	4.80%	10,006,516	$395M	added+7%	+1.45 pp	7 q
JPMJPMorgan Chase & Co.	4.47%	4,258,568	$367M	trimmed−3%	+1.15 pp	9 q
unresolvedCanadian Pac Ry Ltd	4.26%	2,451,042	$350M	trimmed−1%	−0.04 pp	2 q
STZConstellation Brands, Inc.	4.20%	2,250,976	$345M	added0%	−0.04 pp	3 q
METAMeta Platforms, Inc. Class A	4.17%	2,979,618	$343M	trimmed−34%	−2.37 pp	8 q
LUVSouthwest Airlines Co.	4.10%	6,762,598	$337M	trimmed−44%	−1.26 pp	9 q
MHKMohawk Industries, Inc.	3.37%	1,389,794	$278M	added+25%	+0.84 pp	5 q
PXGBXPraxair Inc	3.02%	2,122,688	$249M	added×2.7	+1.92 pp	2 q
unresolvedPriceline Grp Inc	2.97%	166,407	$244M	trimmed−58%	−3.61 pp	9 q
MSFTMicrosoft Corp	2.73%	3,614,385	$225M	trimmed−2%	+0.32 pp	6 q
MLMMartin Marietta Materials	2.05%	759,553	$168M	trimmed−24%	+0.01 pp	7 q
ALBAlbemarle Corporation	1.79%	1,710,656	$147M	added+15%	+0.35 pp	3 q
AIYActivision Blizzard Inc	1.65%	3,751,106	$135M	trimmed−66%	−3.94 pp	8 q
VVISA Inc.	1.61%	1,694,331	$132M	trimmed−63%	−2.69 pp	8 q
LBRDKLiberty Broadband Corporation Class C	1.50%	1,670,658	$124M	trimmed−2%	+0.12 pp	4 q
MSMorgan Stanley	1.14%	2,225,381	$94M	new	+1.14 pp	new
NVDANvidia Corp	1.05%	807,118	$86M	trimmed−61%	−0.57 pp	4 q
BPOPPopular Inc	1.00%	1,877,197	$82M	trimmed−2%	+0.17 pp	2 q
AAPAdvance Auto Parts Inc	0.88%	428,284	$72M	new	+0.88 pp	new
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.57%	1,572,203	$47M	trimmed−2%	+0.04 pp	14 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.17%	360,075	$14M	new	+0.17 pp	new
MCOMoody's Corporation	—	−1,586,598	—	exited	−1.95 pp	—
HDHome Depot, Inc.	—	−1,156,225	—	exited	−1.69 pp	—
unresolvedLiberty Interactive Corp	—	−916,701	—	exited	−0.41 pp	—