Egerton Capital

Q3 2020 13F · by John Armitage, CIO

As of: Sep 30, 2020
Filed: Aug 3, 2022
US stock: $16.2B · prev $13.5B
Positions: 35 · prev 28
Options notional: $0
Documents: 1· 1 amendment

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%

Moves38 since the prior filing

+24.6 pp in · −24.7 pp out

New 10 +15.08 pp
Added 10 +9.56 pp
Trimmed 15 −18.13 pp
Exited 3 −6.55 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 79% a year, about 1.3 years per position

Low
Moderate
High

Top 5 positions31% of US stock

CHTR Charter Comm Inc Del CL A New added+0.57 pp added+0.579.0%
unresolved Canadian Pac Ry Ltd added+0.02 pp added+0.026.0%
TMUS T-Mobile US, Inc. added+2.18 pp added+2.185.4%
MSFT Microsoft Corp trimmed−0.88 pp trimmed−0.885.3%
META Meta Platforms, Inc. Class A added+0.84 pp added+0.845.3%

Revealed late, restated

restated 0 rows corrected by the filer · US stock 0.00%; later quarters recomputed 13F-HR/A · Aug 3, 2022 ↗

Positions35 in this filing · 3 exited


CHTRCharter Comm Inc Del CL A New	8.97%	2,324,370	$1.5B	added+5%	+0.57 pp	9 q
unresolvedCanadian Pac Ry Ltd	5.95%	3,164,567	$963M	added+1%	+0.02 pp	17 q
TMUST-Mobile US, Inc.	5.43%	7,690,801	$880M	added+83%	+2.18 pp	2 q
MSFTMicrosoft Corp	5.31%	4,084,234	$859M	trimmed−0%	−0.88 pp	21 q
METAMeta Platforms, Inc. Class A	5.29%	3,268,080	$856M	added+24%	+0.84 pp	6 q
DHID.R. Horton Inc.	4.88%	10,441,364	$790M	added+12%	+1.03 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.87%	2,530,753	$789M	trimmed−11%	−1.35 pp	4 q
PYPLPayPal Holdings, Inc.	4.53%	3,721,145	$733M	trimmed−0%	−0.30 pp	2 q
AMZNAmazon.Com Inc	4.40%	225,943	$711M	trimmed−47%	−4.41 pp	3 q
BABAAlibaba Group Holding Limited	3.89%	2,143,007	$630M	trimmed−50%	−3.01 pp	13 q
UNPUnion Pacific Corp.	3.83%	3,145,619	$619M	trimmed−10%	−0.55 pp	11 q
GOOGAlphabet Inc. Class C	3.30%	363,962	$535M	trimmed−8%	−0.85 pp	12 q
MAMastercard Incorporated	3.29%	1,574,036	$532M	added×2.9	+2.08 pp	26 q
GPNGlobal Payments, Inc.	3.23%	2,942,641	$523M	added+17%	+0.05 pp	2 q
CMCSAComcast Corp	3.16%	11,061,725	$512M	new	+3.16 pp	new
99952EURLinde PLC/OLD	3.09%	2,102,417	$501M	trimmed−25%	−1.34 pp	3 q
NFLXNetFlix Inc	2.90%	937,592	$469M	trimmed−33%	−1.80 pp	5 q
LBBath & Body Works, Inc.	2.86%	14,543,036	$463M	added+68%	+1.90 pp	3 q
VVISA Inc.	2.61%	2,114,311	$423M	new	+2.61 pp	new
MTCHMatch Group, Inc	2.32%	3,393,121	$375M	new	+2.32 pp	new
VMCVulcan Materials Company(Holding Company)	2.05%	2,452,820	$332M	new	+2.05 pp	new
NBISNebius Group N.V. Class A	2.05%	5,079,500	$331M	trimmed−7%	+0.02 pp	4 q
KKRKKR & Co. Inc.	1.64%	7,745,491	$266M	trimmed−0%	−0.14 pp	9 q
BKNGBooking Holdings Inc.	1.59%	150,726	$258M	new	+1.59 pp	new
PGRProgressive Corporation	1.50%	2,564,350	$243M	added×2.6	+0.91 pp	3 q
FISVFiserv, Inc.	1.39%	2,190,709	$226M	trimmed−42%	−1.37 pp	7 q
MLMMartin Marietta Materials	1.34%	920,500	$217M	new	+1.34 pp	new
SAMBoston Beer Company	0.67%	122,460	$108M	new	+0.67 pp	new
AIYActivision Blizzard Inc	0.66%	1,326,175	$107M	trimmed−53%	−0.94 pp	2 q
EBAYeBay Inc	0.64%	1,992,807	$104M	new	+0.64 pp	new
TSCOTractor Supply Co	0.62%	702,140	$101M	trimmed−3%	−0.09 pp	2 q
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.54%	3,972,692	$87M	added+27%	−0.02 pp	2 q
BXBlackstone Inc.	0.49%	1,530,953	$80M	trimmed−60%	−1.12 pp	5 q
NVRNVR, Inc.	0.49%	19,447	$79M	new	+0.49 pp	new
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.21%	421,953	$34M	new	+0.21 pp	new
ADBEAdobe Inc.	—	−1,146,443	—	exited	−3.71 pp	—
MTCHMatch Group, Inc	—	−2,577,169	—	exited	−2.05 pp	—
CCitigroup Inc.	—	−2,082,969	—	exited	−0.79 pp	—