Egerton Capital

Q3 2022 13F · by John Armitage, CIO

As of: Sep 30, 2022
Filed: Nov 10, 2022
US stock: $12.9B · prev $14.8B
Positions: 23 · 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%

Moves27 since the prior filing

+7.1 pp in · −7.1 pp out

New 1 +2.45 pp
Added 5 +4.62 pp
Trimmed 17 −4.10 pp
Exited 4 −2.97 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions44% of US stock

unresolved Canadian Pac Ry Ltd trimmed−0.40 pp trimmed−0.4011.7%
CNI Canadian National Railway trimmed+0.39 pp trimmed+0.399.4%
MSFT Microsoft Corp trimmed−0.60 pp trimmed−0.608.7%
GOOG Alphabet Inc. Class C trimmed−1.06 pp trimmed−1.067.7%
SCHW The Charles Schwab Corporation trimmed+1.14 pp trimmed+1.146.5%

Positions23 in this filing · 4 exited


unresolvedCanadian Pac Ry Ltd	11.65%	22,489,266	$1.5B	trimmed−12%	−0.40 pp	25 q
CNICanadian National Railway	9.37%	11,172,896	$1.2B	trimmed−6%	+0.39 pp	5 q
MSFTMicrosoft Corp	8.74%	4,830,871	$1.1B	trimmed−10%	−0.60 pp	29 q
GOOGAlphabet Inc. Class C	7.71%	10,331,491	$993M	trimmed−13%	−1.06 pp	20 q
SCHWThe Charles Schwab Corporation	6.50%	11,652,564	$837M	trimmed−7%	+1.14 pp	6 q
VVISA Inc.	5.09%	3,687,681	$655M	trimmed−11%	−0.44 pp	9 q
FCNCAFirst Citizens BancShares Inc	4.79%	773,574	$617M	trimmed−8%	+1.06 pp	6 q
MAMastercard Incorporated	4.77%	2,161,091	$614M	trimmed−10%	−0.35 pp	34 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.51%	1,149,499	$581M	trimmed−23%	−0.68 pp	12 q
ADIAnalog Devices, Inc.	4.34%	4,009,625	$559M	trimmed−10%	−0.05 pp	8 q
AMATApplied Materials Inc	3.73%	5,863,402	$480M	added+19%	+0.72 pp	3 q
CVECenovus Energy Inc.	3.49%	29,233,630	$449M	added+59%	+1.14 pp	2 q
LOWLowe's Companies Inc.	3.36%	2,305,196	$433M	trimmed−6%	+0.47 pp	4 q
CSXCSX Corporation	3.34%	16,138,538	$430M	trimmed−28%	−1.03 pp	8 q
TECKTeck Resources Limited	2.83%	11,983,140	$364M	added+16%	+0.70 pp	3 q
BKNGBooking Holdings Inc.	2.67%	209,311	$344M	added+92%	+1.38 pp	2 q
DHID.R. Horton Inc.	2.46%	4,708,096	$317M	trimmed−38%	−0.94 pp	14 q
AMZNAmazon.Com Inc	2.45%	2,787,947	$315M	new	+2.45 pp	new
99952EURLinde PLC/OLD	2.29%	1,094,168	$295M	trimmed−14%	−0.19 pp	11 q
LPLALPL Financial Holdings Inc.	2.06%	1,214,524	$265M	added+9%	+0.68 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.84%	3,460,517	$237M	trimmed−27%	−0.79 pp	2 q
KKRKKR & Co. Inc.	1.59%	4,763,059	$205M	trimmed−31%	−0.57 pp	17 q
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.42%	2,331,170	$54M	trimmed−10%	−0.06 pp	10 q
BBWIBath & Body Works, Inc.	—	−7,474,211	—	exited	−1.36 pp	—
AAAlcoa Corporation	—	−3,620,585	—	exited	−1.11 pp	—
NVRNVR, Inc.	—	−11,068	—	exited	−0.30 pp	—
BXSLBlackstone Secured Lending Fund	—	−1,235,363	—	exited	−0.20 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001581811-22-000008
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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