Egerton Capital

Q1 2017 13F · by John Armitage, CIO

As of: Mar 31, 2017
Filed: May 9, 2017
US stock: $9.2B · prev $8.2B
Positions: 25 · 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%

Moves30 since the prior filing

+18.5 pp in · −18.5 pp out

New 3 +8.85 pp
Added 8 +9.64 pp
Trimmed 14 −13.87 pp
Exited 5 −4.60 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 68% a year, about 1.5 years per position

Low
Moderate
High

Top 5 positions41% of US stock

CHTR Charter Comm Inc Del CL A New trimmed−1.81 pp trimmed−1.8112.2%
CMCSA Comcast Corp trimmed−0.89 pp trimmed−0.898.7%
SPGI S&P Global Inc. trimmed+0.43 pp trimmed+0.437.9%
AIY Activision Blizzard Inc added+4.94 pp added+4.946.6%
LUV Southwest Airlines Co. added+1.37 pp added+1.375.5%

Positions25 in this filing · 5 exited


CHTRCharter Comm Inc Del CL A New	12.19%	3,442,826	$1.1B	trimmed−14%	−1.81 pp	4 q
CMCSAComcast Corp	8.73%	21,463,447	$807M	trimmed−6%	−0.89 pp	8 q
SPGIS&P Global Inc.	7.93%	5,611,397	$734M	trimmed−2%	+0.43 pp	4 q
AIYActivision Blizzard Inc	6.59%	12,219,008	$609M	added×3.3	+4.94 pp	9 q
LUVSouthwest Airlines Co.	5.47%	9,401,341	$505M	added+39%	+1.37 pp	10 q
BACBank of America Corporation	4.97%	19,487,404	$460M	trimmed−4%	−0.50 pp	2 q
AMATApplied Materials Inc	4.90%	11,642,608	$453M	new	+4.90 pp	new
METAMeta Platforms, Inc. Class A	4.37%	2,843,217	$404M	trimmed−5%	+0.20 pp	9 q
STZConstellation Brands, Inc.	4.36%	2,485,583	$403M	added+10%	+0.16 pp	4 q
VVISA Inc.	4.10%	4,268,195	$379M	added×2.5	+2.49 pp	9 q
SCHWThe Charles Schwab Corporation	3.82%	8,646,300	$353M	trimmed−14%	−0.98 pp	8 q
MHKMohawk Industries, Inc.	3.56%	1,432,719	$329M	added+3%	+0.19 pp	6 q
unresolvedCanadian Pac Ry Ltd	3.31%	2,086,317	$307M	trimmed−15%	−0.95 pp	3 q
JPMJPMorgan Chase & Co.	3.23%	3,404,025	$299M	trimmed−20%	−1.24 pp	10 q
GOOGAlphabet Inc. Class C	3.02%	336,552	$279M	trimmed−54%	−3.85 pp	5 q
PXGBXPraxair Inc	3.00%	2,338,087	$277M	added+10%	−0.02 pp	3 q
MAMastercard Incorporated	2.97%	2,443,341	$275M	trimmed−39%	−2.07 pp	12 q
MSFTMicrosoft Corp	2.85%	3,997,892	$263M	added+11%	+0.12 pp	7 q
ADBEAdobe Inc.	2.27%	1,611,207	$210M	new	+2.27 pp	new
unresolvedPriceline Grp Inc	2.25%	116,932	$208M	trimmed−30%	−0.72 pp	10 q
FLTCorpay, Inc.	1.68%	1,023,668	$155M	new	+1.68 pp	new
MSMorgan Stanley	1.53%	3,295,306	$141M	added+48%	+0.39 pp	2 q
ALBAlbemarle Corporation	1.34%	1,171,161	$124M	trimmed−32%	−0.45 pp	4 q
MLMMartin Marietta Materials	1.08%	458,607	$100M	trimmed−40%	−0.97 pp	8 q
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.50%	1,502,410	$47M	trimmed−4%	−0.07 pp	15 q
LBRDKLiberty Broadband Corporation Class C	—	−1,670,658	—	exited	−1.50 pp	—
NVDANvidia Corp	—	−807,118	—	exited	−1.05 pp	—
BPOPPopular Inc	—	−1,877,197	—	exited	−1.00 pp	—
AAPAdvance Auto Parts Inc	—	−428,284	—	exited	−0.88 pp	—
LEXEALiberty Expedia Holdings, Inc. Class A	—	−360,075	—	exited	−0.17 pp	—