Egerton Capital

Q3 2023 13F · by John Armitage, CIO

As of: Sep 30, 2023
Filed: Nov 13, 2023
US stock: $8.6B · prev $9.7B
Positions: 22 · 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%

Moves27 since the prior filing

+16.3 pp in · −16.3 pp out

New 4 +3.98 pp
Added 8 +12.32 pp
Trimmed 10 −2.88 pp
Exited 5 −13.43 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 39% a year, about 2.6 years per position

Low
Moderate
High

Top 5 positions45% of US stock

Positions22 in this filing · 5 exited


CPCanadian Pacific Kansas City Limited	14.26%	16,513,775	$1.2B	trimmed−4%	−0.07 pp	2 q
VVISA Inc.	8.92%	3,343,194	$769M	trimmed−4%	+0.40 pp	13 q
METAMeta Platforms, Inc. Class A	7.89%	2,264,375	$680M	added+22%	+2.41 pp	3 q
GOOGAlphabet Inc. Class C	7.00%	4,577,055	$603M	added+21%	+2.30 pp	24 q
SLBSLB Limited	6.66%	9,837,492	$574M	added+14%	+2.30 pp	4 q
CNICanadian National Railway	6.50%	5,169,679	$560M	trimmed−33%	−3.11 pp	9 q
MAMastercard Incorporated	5.82%	1,266,934	$502M	trimmed−4%	+0.48 pp	38 q
FCNCAFirst Citizens BancShares Inc	5.44%	339,721	$469M	added+3%	+1.08 pp	10 q
CVECenovus Energy Inc.	5.41%	22,387,388	$466M	added+45%	+2.71 pp	6 q
GEGE Aerospace	4.92%	3,833,676	$424M	added+1%	+0.60 pp	2 q
MSFTMicrosoft Corp	4.77%	1,300,909	$411M	trimmed−19%	−0.86 pp	33 q
FISVFiserv, Inc.	4.64%	3,539,368	$400M	added+5%	+0.24 pp	3 q
BKNGBooking Holdings Inc.	4.39%	122,586	$378M	trimmed−4%	+0.85 pp	6 q
RNRRenaissanceRe Holdings Ltd.	3.23%	1,406,203	$278M	added+6%	+0.68 pp	3 q
IBNICICI Bank Limited	2.29%	8,543,487	$198M	trimmed−4%	+0.17 pp	4 q
HDBHDFC Bank Limited	1.93%	2,813,851	$166M	trimmed−27%	−0.84 pp	3 q
ACGLArch Capital Group Ltd	1.39%	1,498,795	$119M	new	+1.39 pp	new
HLTHilton Worldwide Holdings Inc.	1.12%	639,907	$96M	new	+1.12 pp	new
KKRKKR & Co. Inc.	1.00%	1,394,577	$86M	trimmed−4%	+0.16 pp	21 q
EGEverest Group, Ltd.	0.96%	223,093	$83M	trimmed−23%	−0.06 pp	4 q
AMZNAmazon.Com Inc	0.74%	501,926	$64M	new	+0.74 pp	new
SHELShell plc	0.73%	972,755	$63M	new	+0.73 pp	new
AMATApplied Materials Inc	—	−2,629,188	—	exited	−3.92 pp	—
TECKTeck Resources Limited	—	−7,126,516	—	exited	−3.09 pp	—
TMOThermo Fisher Scientific, Inc.	—	−562,479	—	exited	−3.03 pp	—
ADIAnalog Devices, Inc.	—	−1,209,635	—	exited	−2.43 pp	—
KLACKLA Corporation	—	−191,191	—	exited	−0.96 pp	—