Egerton Capital

Q1 2024 13F · by John Armitage, CIO

As of: Mar 31, 2024
Filed: May 13, 2024
US stock: $10.3B · prev $9.2B
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%

Moves25 since the prior filing

+15.5 pp in · −15.5 pp out

New 3 +6.15 pp
Added 6 +9.34 pp
Trimmed 13 −10.76 pp
Exited 3 −4.75 pp

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 59% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions40% of US stock

Positions22 in this filing · 3 exited


AMZNAmazon.Com Inc	8.70%	4,992,216	$900M	added+7%	+1.05 pp	3 q
CPCanadian Pacific Kansas City Limited	8.48%	9,951,877	$877M	trimmed−13%	−1.28 pp	4 q
GEHCGE HealthCare Technologies Inc.	7.65%	8,706,854	$792M	added×2.5	+4.72 pp	2 q
CNICanadian National Railway	7.64%	6,006,248	$791M	added+13%	+0.42 pp	11 q
VVISA Inc.	7.38%	2,735,356	$763M	trimmed−25%	−2.97 pp	15 q
METAMeta Platforms, Inc. Class A	6.76%	1,441,137	$700M	trimmed−20%	−0.15 pp	5 q
GEGE Aerospace	5.72%	3,371,807	$592M	trimmed−22%	−0.23 pp	4 q
MSFTMicrosoft Corp	5.64%	1,387,066	$584M	trimmed−19%	−1.37 pp	35 q
FISVFiserv, Inc.	5.24%	3,392,276	$542M	trimmed−2%	+0.28 pp	5 q
FCNCAFirst Citizens BancShares Inc	4.72%	298,463	$488M	trimmed−2%	+0.06 pp	12 q
RNRRenaissanceRe Holdings Ltd.	4.22%	1,858,824	$437M	added+13%	+0.73 pp	5 q
GOOGAlphabet Inc. Class C	3.66%	2,490,553	$379M	trimmed−28%	−1.63 pp	26 q
CRHCRH Public Limited Company	3.53%	4,235,437	$365M	added+25%	+0.99 pp	2 q
IBKRInteractive Brokers Group, Inc. Class A	3.05%	2,823,697	$315M	new	+3.05 pp	new
ACGLArch Capital Group Ltd	3.04%	3,400,894	$314M	added+70%	+1.43 pp	3 q
BKNGBooking Holdings Inc.	2.83%	80,821	$293M	trimmed−25%	−1.31 pp	8 q
CVECenovus Energy Inc.	2.70%	13,967,943	$279M	trimmed−2%	+0.14 pp	8 q
HLTHilton Worldwide Holdings Inc.	2.64%	1,281,706	$273M	trimmed−2%	+0.07 pp	3 q
MAMastercard Incorporated	1.75%	376,093	$181M	trimmed−30%	−0.74 pp	40 q
APGAPi Group Corporation	1.55%	4,079,597	$160M	new	+1.55 pp	new
IBNICICI Bank Limited	1.55%	6,063,550	$160M	trimmed−51%	−1.63 pp	6 q
XYZBlock, Inc.	1.55%	1,900,407	$161M	new	+1.55 pp	new
HDBHDFC Bank Limited	—	−2,823,924	—	exited	−2.05 pp	—
SLBSLB Limited	—	−3,295,155	—	exited	−1.86 pp	—
SHELShell plc	—	−1,173,260	—	exited	−0.84 pp	—