Egerton Capital

Q4 2022 13F · by John Armitage, CIO

As of: Dec 31, 2022
Filed: Feb 7, 2023
US stock: $11.6B · prev $12.9B
Positions: 21 · prev 23
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%

Moves26 since the prior filing

+11.3 pp in · −11.3 pp out

New 3 +8.27 pp
Added 3 +2.98 pp
Trimmed 15 −1.79 pp
Exited 5 −9.46 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 34% a year, about 2.9 years per position

Low
Moderate
High

Top 5 positions44% of US stock

unresolved Canadian Pac Ry Ltd trimmed+1.40 pp trimmed+1.4013.1%
CNI Canadian National Railway trimmed+1.86 pp trimmed+1.8611.2%
SCHW The Charles Schwab Corporation trimmed+0.31 pp trimmed+0.316.8%
V VISA Inc. added+1.67 pp added+1.676.8%
GOOG Alphabet Inc. Class C trimmed−1.41 pp trimmed−1.416.3%

Positions21 in this filing · 5 exited


unresolvedCanadian Pac Ry Ltd	13.05%	20,333,183	$1.5B	trimmed−10%	+1.40 pp	26 q
CNICanadian National Railway	11.23%	10,981,983	$1.3B	trimmed−2%	+1.86 pp	6 q
SCHWThe Charles Schwab Corporation	6.81%	9,498,276	$791M	trimmed−18%	+0.31 pp	7 q
VVISA Inc.	6.76%	3,783,314	$786M	added+3%	+1.67 pp	10 q
GOOGAlphabet Inc. Class C	6.30%	8,252,943	$732M	trimmed−20%	−1.41 pp	21 q
MAMastercard Incorporated	5.99%	2,001,206	$696M	trimmed−7%	+1.22 pp	35 q
SLBSLB Limited	5.07%	11,013,635	$589M	new	+5.07 pp	new
MSFTMicrosoft Corp	5.01%	2,427,056	$582M	trimmed−50%	−3.73 pp	30 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.85%	1,064,026	$564M	trimmed−7%	+0.34 pp	13 q
CVECenovus Energy Inc.	4.80%	28,728,187	$558M	trimmed−2%	+1.31 pp	3 q
FCNCAFirst Citizens BancShares Inc	4.64%	710,382	$539M	trimmed−8%	−0.15 pp	7 q
LOWLowe's Companies Inc.	3.91%	2,278,825	$454M	trimmed−1%	+0.55 pp	5 q
BKNGBooking Holdings Inc.	3.76%	216,818	$437M	added+4%	+1.09 pp	3 q
TECKTeck Resources Limited	3.71%	11,396,059	$431M	trimmed−5%	+0.88 pp	4 q
ADIAnalog Devices, Inc.	2.78%	1,968,657	$323M	trimmed−51%	−1.56 pp	9 q
LPLALPL Financial Holdings Inc.	2.28%	1,228,244	$266M	added+1%	+0.22 pp	4 q
AMATApplied Materials Inc	2.07%	2,469,856	$241M	trimmed−58%	−1.66 pp	4 q
CSXCSX Corporation	2.02%	7,574,429	$235M	trimmed−53%	−1.32 pp	9 q
IBNICICI Bank Limited	1.92%	10,214,980	$224M	new	+1.92 pp	new
KKRKKR & Co. Inc.	1.76%	4,407,842	$205M	trimmed−7%	+0.17 pp	18 q
EGEverest Group, Ltd.	1.28%	449,301	$149M	new	+1.28 pp	new
DHID.R. Horton Inc.	—	−4,708,096	—	exited	−2.46 pp	—
AMZNAmazon.Com Inc	—	−2,787,947	—	exited	−2.45 pp	—
99952EURLinde PLC/OLD	—	−1,094,168	—	exited	−2.29 pp	—
TSMTaiwan Semiconductor Manufacturing Company Ltd.	—	−3,460,517	—	exited	−1.84 pp	—
BXMTBlackstone Mortgage Trust, Inc. (NEW)	—	−2,331,170	—	exited	−0.42 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 1 unresolved
Accession: 0001581811-23-000002
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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