Egerton Capital

Q4 2023 13F · by John Armitage, CIO

As of: Dec 31, 2023
Filed: Feb 12, 2024
US stock: $9.2B · prev $8.6B
Positions: 22 · prev 22
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%

Moves24 since the prior filing

+20.9 pp in · −20.8 pp out

New 2 +5.47 pp
Added 11 +15.38 pp
Trimmed 9 −18.88 pp
Exited 2 −1.96 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 76% a year, about 1.3 years per position

Low
Moderate
High

Top 5 positions42% of US stock

Positions22 in this filing · 2 exited


VVISA Inc.	10.35%	3,668,500	$955M	added+10%	+1.43 pp	14 q
CPCanadian Pacific Kansas City Limited	9.76%	11,400,216	$901M	trimmed−31%	−4.50 pp	3 q
AMZNAmazon.Com Inc	7.65%	4,649,234	$706M	added×9.3	+6.91 pp	2 q
CNICanadian National Railway	7.22%	5,308,268	$667M	added+3%	+0.72 pp	10 q
MSFTMicrosoft Corp	7.01%	1,720,966	$647M	added+32%	+2.24 pp	34 q
METAMeta Platforms, Inc. Class A	6.91%	1,801,045	$637M	trimmed−20%	−0.98 pp	4 q
GEGE Aerospace	5.95%	4,302,970	$549M	added+12%	+1.03 pp	3 q
GOOGAlphabet Inc. Class C	5.29%	3,463,507	$488M	trimmed−24%	−1.71 pp	25 q
FISVFiserv, Inc.	4.96%	3,448,283	$458M	trimmed−3%	+0.32 pp	4 q
FCNCAFirst Citizens BancShares Inc	4.66%	303,079	$430M	trimmed−11%	−0.78 pp	11 q
BKNGBooking Holdings Inc.	4.14%	107,803	$382M	trimmed−12%	−0.25 pp	7 q
RNRRenaissanceRe Holdings Ltd.	3.49%	1,641,540	$322M	added+17%	+0.26 pp	4 q
IBNICICI Bank Limited	3.18%	12,320,210	$294M	added+44%	+0.89 pp	5 q
GEHCGE HealthCare Technologies Inc.	2.93%	3,496,512	$270M	new	+2.93 pp	new
HLTHilton Worldwide Holdings Inc.	2.57%	1,302,371	$237M	added×2.0	+1.45 pp	2 q
CVECenovus Energy Inc.	2.56%	14,193,051	$236M	trimmed−37%	−2.85 pp	7 q
CRHCRH Public Limited Company	2.54%	3,393,265	$235M	new	+2.54 pp	new
MAMastercard Incorporated	2.49%	538,004	$229M	trimmed−58%	−3.33 pp	39 q
HDBHDFC Bank Limited	2.05%	2,823,924	$190M	added0%	+0.12 pp	4 q
SLBSLB Limited	1.86%	3,295,155	$171M	trimmed−67%	−4.80 pp	5 q
ACGLArch Capital Group Ltd	1.61%	1,997,278	$148M	added+33%	+0.22 pp	2 q
SHELShell plc	0.84%	1,173,260	$77M	added+21%	+0.11 pp	2 q
KKRKKR & Co. Inc.	—	−1,394,577	—	exited	−1.00 pp	—
EGEverest Group, Ltd.	—	−223,093	—	exited	−0.96 pp	—