John Armitage Egerton Capital (UK)
John Armitage is the chief investment officer of Egerton Capital, a London-based long/short equity firm. Egerton is known for fundamental research and a portfolio of high-quality global companies, often with a growth-at-a-reasonable-price tilt. Institutional investors follow the firm for its long track record in developed-market equities.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Gilead Sciences
GILD
|
+$479M |
| 2 |
Comcast
CMCSA
|
+$234M |
| 3 |
Crown Castle
CCI
|
+$215M |
| 4 |
MHFI
MCGRAW-HILL FINANCIAL INC COM
MHFI
|
+$204M |
| 5 |
LyondellBasell Industries
LYB
|
+$137M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
American Express
AXP
|
+$497M |
| 2 |
Walt Disney
DIS
|
+$317M |
| 3 |
Visa
V
|
+$292M |
| 4 |
Qualcomm
QCOM
|
+$274M |
| 5 |
Moody's
MCO
|
+$215M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 28.63% |
| 2 | Financials | 21.86% |
| 3 | Healthcare | 14.73% |
| 4 | Technology | 10.21% |
| 5 | Consumer Discretionary | 7.49% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Comcast
CMCSA
$95.3B
| $664M | 10.52% |
24,751,476
+9,089,094
| +58% | +$234M |
|
|
2
Gilead Sciences
GILD
$181B
| $510M | 8.07% |
+6,148,743
| New | +$479M |
|
3
Wells Fargo
WFC
$254B
| $456M | 7.23% |
8,681,204
-2,946,261
| -25% | -$148M |
|
|
TFCFA
4
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $408M | 6.47% |
11,618,976
-1,220,399
| -10% | -$41.5M |
|
|
MHFI
5
DELISTED
MCGRAW-HILL FINANCIAL INC COM
MHFI
| $343M | 5.43% |
4,131,246
+2,582,018
| +167% | +$204M |
|
6
American International
AIG
$39.8B
| $329M | 5.21% |
6,032,511
-585,873
| -9% | -$31M |
|
7
DaVita
DVA
$11.1B
| $320M | 5.07% |
4,428,669
+883,823
| +25% | +$61.5M |
|
8
American Airlines Group
AAL
$9.15B
| $319M | 5.05% |
7,418,016
+2,749,061
| +59% | +$107M |
|
9
Cognizant
CTSH
$27.9B
| $316M | 5.01% |
6,466,761
+2,735,463
| +73% | +$133M |
|
|
10
Walt Disney
DIS
$186B
| $272M | 4.31% |
3,175,724
-3,881,415
| -55% | -$317M |
|
11
Nike
NKE
$60.5B
| $235M | 3.72% |
6,061,462
+2,210,230
| +57% | +$82.2M |
|
|
12
Crown Castle
CCI
$32.1B
| $213M | 3.37% |
+2,868,941
| New | +$215M |
|
13
Liberty Global Class A
LBTYA
$3.63B
| $208M | 3.29% |
5,696,098
+1,188,257
| +26% | +$41.6M |
|
|
GRMN
14
Garmin
GRMN
$56.9B
| $166M | 2.62% |
2,720,977
-1,686,381
| -38% | -$97M |
|
|
FISV
15
Fiserv Inc
FISV
$28B
| $163M | 2.58% |
5,405,154
-1,144,014
| -17% | -$33.9M |
|
|
16
LyondellBasell Industries
LYB
$21.8B
| $140M | 2.22% |
+1,436,892
| New | +$137M |
|
17
CF Industries
CF
$19.6B
| $131M | 2.07% |
2,721,860
-1,746,200
| -39% | -$85.4M |
|
18
Baidu
BIDU
$31.6B
| $128M | 2.02% |
+683,392
| New | +$112M |
|
19
Liberty Global Class C
LBTYK
$3.55B
| $128M | 2.02% |
3,726,220
-106,314
| -3% | -$3.52M |
|
20
McKesson
MCK
$100B
| $99.9M | 1.58% |
+536,311
| New | +$95.4M |
|
21
Delta Air Lines
DAL
$54.2B
| $92.5M | 1.46% |
2,388,300
-2,951,409
| -55% | -$111M |
|
|
FL
22
DELISTED
Foot Locker
FL
| $82M | 1.3% |
1,616,231
+775,959
| +92% | +$37.1M |
|
|
23
Moody's
MCO
$87.2B
| $80.1M | 1.27% |
914,280
-2,608,907
| -74% | -$215M |
|
24
Mastercard
MA
$509B
| $74.2M | 1.18% |
+1,009,913
| New | +$75M |
|
25
SLB Ltd
SLB
$79.9B
| $70.1M | 1.11% |
+594,200
| New | +$61.2M |
|
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John Armitage's Q2 2014 Portfolio in Review
As of Q2 2014, John Armitage held 39 positions worth $6.31B, down 3.8% from $6.57B the previous quarter. Its ten largest holdings account for 62% of the portfolio.
John Armitage withdrew a net $619M in Q2 2014, closing 6 positions and reducing 13 holdings. Its most notable exit was American Express, an estimated $497M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 29% of assets, down from 29% a quarter earlier, followed by Financials and Healthcare.
Against the trend, John Armitage opened a new position in Gilead Sciences worth $510M.
- John Armitage's largest Q2 2014 buy was Gilead Sciences: 6,148,743 shares worth $510M.
- John Armitage added most to Comcast in Q2 2014, an estimated $234M increase.
- John Armitage's biggest Q2 2014 reduction was Walt Disney, cutting an estimated $317M.
- John Armitage fully exited American Express in Q2 2014, selling an estimated $497M.
- John Armitage's ten largest holdings make up 62% of its $6.31B portfolio in Q2 2014.
- John Armitage opened 10 new positions and closed 6 in Q2 2014.
- John Armitage's portfolio value fell 3.8% quarter-over-quarter to $6.31B.
Based on Egerton Capital (UK)'s 13F filing for Q2 2014, filed 11 Aug 2014.