Egerton Capital

Q1 2023 13F · by John Armitage, CIO

As of: Mar 31, 2023
Filed: May 9, 2023
US stock: $9.3B · prev $11.6B
Positions: 25 · prev 21
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

+17.4 pp in · −17.4 pp out

New 6 +12.45 pp
Added 2 +4.96 pp
Trimmed 17 −8.57 pp
Exited 2 −8.83 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 55% a year, about 1.8 years per position

Low
Moderate
High

Top 5 positions47% of US stock

unresolved Canadian Pac Ry Ltd trimmed+1.56 pp trimmed+1.5614.6%
CNI Canadian National Railway trimmed−0.14 pp trimmed−0.1411.1%
V VISA Inc. added+3.42 pp added+3.4210.2%
FCNCA First Citizens BancShares Inc trimmed+1.69 pp trimmed+1.696.3%
SLB SLB Limited trimmed+0.18 pp trimmed+0.185.3%

Positions25 in this filing · 2 exited


unresolvedCanadian Pac Ry Ltd	14.61%	17,587,143	$1.4B	trimmed−14%	+1.56 pp	27 q
CNICanadian National Railway	11.09%	8,710,030	$1.0B	trimmed−21%	−0.14 pp	7 q
VVISA Inc.	10.18%	4,184,668	$943M	added+11%	+3.42 pp	11 q
FCNCAFirst Citizens BancShares Inc	6.33%	603,018	$587M	trimmed−15%	+1.69 pp	8 q
SLBSLB Limited	5.25%	9,905,496	$486M	trimmed−10%	+0.18 pp	2 q
CVECenovus Energy Inc.	4.74%	25,134,420	$439M	trimmed−13%	−0.06 pp	4 q
FISVFiserv, Inc.	4.27%	3,499,199	$396M	new	+4.27 pp	new
MSFTMicrosoft Corp	4.13%	1,327,478	$383M	trimmed−45%	−0.88 pp	31 q
METAMeta Platforms, Inc. Class A	4.02%	1,755,537	$372M	new	+4.02 pp	new
MAMastercard Incorporated	3.92%	999,181	$363M	trimmed−50%	−2.07 pp	36 q
TECKTeck Resources Limited	3.91%	9,936,175	$363M	trimmed−13%	+0.20 pp	5 q
ADIAnalog Devices, Inc.	3.82%	1,796,504	$354M	trimmed−9%	+1.04 pp	10 q
AMATApplied Materials Inc	3.61%	2,722,141	$334M	added+10%	+1.54 pp	5 q
GOOGAlphabet Inc. Class C	3.25%	2,892,080	$301M	trimmed−65%	−3.05 pp	22 q
LOWLowe's Companies Inc.	2.42%	1,119,576	$224M	trimmed−51%	−1.49 pp	6 q
LPLALPL Financial Holdings Inc.	2.23%	1,019,727	$206M	trimmed−17%	−0.05 pp	5 q
KKRKKR & Co. Inc.	2.18%	3,851,728	$202M	trimmed−13%	+0.42 pp	19 q
BKNGBooking Holdings Inc.	2.08%	72,543	$192M	trimmed−67%	−1.68 pp	4 q
IBNICICI Bank Limited	1.78%	7,644,873	$165M	trimmed−25%	−0.14 pp	2 q
HDBHDFC Bank Limited	1.69%	2,347,386	$157M	new	+1.69 pp	new
EGEverest Group, Ltd.	1.57%	406,646	$146M	trimmed−9%	+0.29 pp	2 q
RNRRenaissanceRe Holdings Ltd.	1.35%	623,152	$125M	new	+1.35 pp	new
TMOThermo Fisher Scientific, Inc.	0.66%	106,751	$62M	new	+0.66 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.46%	89,364	$42M	trimmed−92%	−4.39 pp	14 q
LINLinde plc	0.46%	119,255	$42M	new	+0.46 pp	new
SCHWThe Charles Schwab Corporation	—	−9,498,276	—	exited	−6.81 pp	—
CSXCSX Corporation	—	−7,574,429	—	exited	−2.02 pp	—