Egerton Capital

Q2 2017 13F · by John Armitage, CIO

As of: Jun 30, 2017
Filed: Jul 28, 2017
US stock: $10.0B · prev $9.2B
Positions: 31 · prev 25
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%

Moves35 since the prior filing

+22.7 pp in · −22.8 pp out

New 10 +14.98 pp
Added 10 +7.75 pp
Trimmed 11 −13.38 pp
Exited 4 −9.37 pp

The book

Focused · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 89% a year, about 1.1 years per position

Low
Moderate
High

Top 5 positions36% of US stock

CHTR Charter Comm Inc Del CL A New trimmed−1.79 pp trimmed−1.7910.4%
CMCSA Comcast Corp added−0.33 pp added−0.338.4%
SPGI S&P Global Inc. trimmed−1.84 pp trimmed−1.846.1%
AIY Activision Blizzard Inc trimmed−0.87 pp trimmed−0.875.7%
AMAT Applied Materials Inc added+0.79 pp added+0.795.7%

Positions31 in this filing · 4 exited


CHTRCharter Comm Inc Del CL A New	10.40%	3,080,627	$1.0B	trimmed−11%	−1.79 pp	5 q
CMCSAComcast Corp	8.40%	21,531,346	$838M	added0%	−0.33 pp	9 q
SPGIS&P Global Inc.	6.09%	4,163,964	$608M	trimmed−26%	−1.84 pp	5 q
AIYActivision Blizzard Inc	5.72%	9,917,066	$571M	trimmed−19%	−0.87 pp	10 q
AMATApplied Materials Inc	5.69%	13,734,934	$567M	added+18%	+0.79 pp	2 q
STZConstellation Brands, Inc.	5.28%	2,717,567	$526M	added+9%	+0.92 pp	5 q
MAMastercard Incorporated	4.78%	3,923,766	$477M	added+61%	+1.81 pp	13 q
LUVSouthwest Airlines Co.	4.73%	7,592,802	$472M	trimmed−19%	−0.74 pp	11 q
SCHWThe Charles Schwab Corporation	4.62%	10,721,871	$461M	added+24%	+0.80 pp	9 q
MLMMartin Marietta Materials	4.39%	1,967,865	$438M	added×4.3	+3.31 pp	9 q
BACBank of America Corporation	4.04%	16,592,052	$403M	trimmed−15%	−0.93 pp	3 q
PXGBXPraxair Inc	3.63%	2,729,517	$362M	added+17%	+0.63 pp	4 q
JPMJPMorgan Chase & Co.	3.12%	3,407,571	$311M	added0%	−0.11 pp	11 q
METAMeta Platforms, Inc. Class A	2.84%	1,873,245	$283M	trimmed−34%	−1.53 pp	10 q
MSFTMicrosoft Corp	2.74%	3,968,166	$274M	trimmed−1%	−0.11 pp	8 q
ALKAlaska Air Group, Inc.	2.66%	2,952,345	$265M	new	+2.66 pp	new
AABAAltaba Inc.	2.65%	4,859,286	$265M	new	+2.65 pp	new
EWEdwards Lifesciences Corp	2.18%	1,842,059	$218M	new	+2.18 pp	new
unresolvedCanadian Pac Ry Ltd	2.14%	1,329,343	$214M	trimmed−36%	−1.17 pp	4 q
MHKMohawk Industries, Inc.	2.07%	855,589	$207M	trimmed−40%	−1.49 pp	7 q
HDBHDFC Bank Limited	1.97%	2,255,115	$196M	new	+1.97 pp	new
unresolvedBroadcom Ltd	1.64%	701,564	$163M	new	+1.64 pp	new
MSMorgan Stanley	1.48%	3,306,055	$147M	added0%	−0.05 pp	3 q
ADBEAdobe Inc.	1.41%	997,743	$141M	trimmed−38%	−0.86 pp	2 q
ALLEAllegion Public Limited Company	1.03%	1,264,263	$103M	new	+1.03 pp	new
GOOGAlphabet Inc. Class C	0.97%	106,044	$96M	trimmed−68%	−2.05 pp	6 q
TRUTransUnion	0.92%	2,129,642	$92M	new	+0.92 pp	new
EQIXEquinix, Inc.	0.83%	193,331	$83M	new	+0.83 pp	new
OPTUOptimum Communications, Inc.	0.65%	2,000,000	$65M	new	+0.65 pp	new
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.48%	1,503,795	$48M	added0%	−0.02 pp	16 q
unresolvedAon PLC	0.45%	339,177	$45M	new	+0.45 pp	new
VVISA Inc.	—	−4,268,195	—	exited	−4.10 pp	—
unresolvedPriceline Grp Inc	—	−116,932	—	exited	−2.25 pp	—
FLTCorpay, Inc.	—	−1,023,668	—	exited	−1.68 pp	—
ALBAlbemarle Corporation	—	−1,171,161	—	exited	−1.34 pp	—