Egerton Capital

Q1 2021 13F · by John Armitage, CIO

As of: Mar 31, 2021
Filed: Aug 3, 2022
US stock: $19.0B · prev $17.7B
Positions: 35 · prev 34
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

+11.0 pp in · −11.1 pp out

New 4 +3.33 pp
Added 14 +7.69 pp
Trimmed 17 −8.39 pp
Exited 3 −2.66 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions34% of US stock

GOOG Alphabet Inc. Class C added+2.21 pp added+2.218.9%
MSFT Microsoft Corp added+1.17 pp added+1.177.4%
unresolved Canadian Pac Ry Ltd added+0.46 pp added+0.466.7%
CHTR Charter Comm Inc Del CL A New trimmed−0.91 pp trimmed−0.915.6%
LB Bath & Body Works, Inc. added+1.83 pp added+1.835.2%

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


GOOGAlphabet Inc. Class C	8.91%	817,684	$1.7B	added+21%	+2.21 pp	14 q
MSFTMicrosoft Corp	7.42%	5,977,341	$1.4B	added+21%	+1.17 pp	23 q
unresolvedCanadian Pac Ry Ltd	6.74%	3,374,987	$1.3B	added+6%	+0.46 pp	19 q
CHTRCharter Comm Inc Del CL A New	5.57%	1,713,917	$1.1B	trimmed−1%	−0.91 pp	11 q
LBBath & Body Works, Inc.	5.16%	15,825,290	$979M	added0%	+1.83 pp	5 q
AMZNAmazon.Com Inc	4.86%	298,042	$922M	added+23%	+0.38 pp	5 q
VVISA Inc.	4.85%	4,351,925	$921M	added+4%	−0.34 pp	3 q
DHID.R. Horton Inc.	4.82%	10,263,634	$915M	trimmed−3%	+0.70 pp	8 q
CSXCSX Corporation	4.79%	9,420,226	$908M	added+44%	+1.43 pp	2 q
99952EURLinde PLC/OLD	4.79%	3,247,032	$910M	added+13%	+0.51 pp	5 q
TMUST-Mobile US, Inc.	4.77%	7,221,497	$905M	trimmed−3%	−0.90 pp	4 q
METAMeta Platforms, Inc. Class A	4.66%	3,005,646	$885M	added+10%	+0.45 pp	8 q
NFLXNetFlix Inc	4.24%	1,542,826	$805M	added+2%	−0.39 pp	7 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.66%	1,869,579	$696M	added+4%	+0.09 pp	6 q
GPNGlobal Payments, Inc.	3.23%	3,045,215	$614M	trimmed−17%	−1.27 pp	4 q
CMCSAComcast Corp	2.69%	9,450,636	$511M	trimmed−11%	−0.46 pp	3 q
PYPLPayPal Holdings, Inc.	1.91%	1,494,090	$363M	trimmed−49%	−1.99 pp	4 q
KKRKKR & Co. Inc.	1.88%	7,292,173	$356M	trimmed−3%	+0.16 pp	11 q
NBISNebius Group N.V. Class A	1.71%	5,080,157	$325M	added+8%	−0.14 pp	6 q
MAMastercard Incorporated	1.53%	815,164	$290M	added+63%	+0.52 pp	28 q
MTCHMatch Group, Inc	1.41%	1,949,267	$268M	trimmed−40%	−1.37 pp	3 q
OPTUOptimum Communications, Inc.	1.21%	7,047,923	$229M	trimmed−3%	−0.34 pp	2 q
STNEStoneCo Ltd. Class A	1.18%	3,671,898	$225M	added+5%	−0.49 pp	2 q
SESea Limited	0.92%	778,249	$174M	new	+0.92 pp	new
VMCVulcan Materials Company(Holding Company)	0.88%	991,494	$167M	trimmed−41%	−0.54 pp	3 q
WFCWells Fargo & Co.	0.87%	4,249,601	$166M	new	+0.87 pp	new
MELIMercado Libre, Inc	0.83%	106,605	$157M	new	+0.83 pp	new
JDJD.com, Inc.	0.71%	1,601,669	$135M	new	+0.71 pp	new
SHOPShopify Inc. Class A subordinate voting shares	0.62%	105,858	$117M	trimmed−38%	−0.48 pp	2 q
ADIAnalog Devices, Inc.	0.61%	742,123	$115M	trimmed−6%	−0.05 pp	2 q
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.61%	3,709,996	$115M	trimmed−3%	+0.02 pp	4 q
NVRNVR, Inc.	0.58%	23,531	$111M	trimmed−58%	−0.72 pp	3 q
BXBlackstone Inc.	0.55%	1,407,774	$105M	trimmed−3%	+0.02 pp	7 q
CMECME Group Inc.	0.48%	449,800	$92M	trimmed−0%	+0.02 pp	2 q
MLMMartin Marietta Materials	0.32%	180,271	$61M	trimmed−52%	−0.28 pp	3 q
PGRProgressive Corporation	—	−3,015,521	—	exited	−1.69 pp	—
HWMHowmet Aerospace Inc.	—	−3,970,624	—	exited	−0.64 pp	—
AVYAvery Dennison Corp.	—	−371,651	—	exited	−0.33 pp	—