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 |
Visa
V
|
+$297M |
| 2 |
TWC
TIME WARNER CABLE INC NEW COM STK
TWC
|
+$281M |
| 3 |
Southwest Airlines
LUV
|
+$200M |
| 4 |
Equinix
EQIX
|
+$197M |
| 5 |
Mohawk Industries
MHK
|
+$133M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Comcast
CMCSA
|
+$328M |
| 2 |
AbbVie
ABBV
|
+$255M |
| 3 |
Mastercard
MA
|
+$190M |
| 4 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$150M |
| 5 |
TIF
Tiffany & Co.
TIF
|
+$141M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.29% |
| 2 | Communication Services | 19.4% |
| 3 | Industrials | 16.91% |
| 4 | Technology | 13.92% |
| 5 | Consumer Discretionary | 11.07% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Southwest Airlines
LUV
$19.8B
| $859M | 11.76% |
19,383,505
+4,580,827
| +31% | +$200M |
|
|
MHFI
2
DELISTED
MCGRAW-HILL FINANCIAL INC COM
MHFI
| $558M | 7.64% |
5,395,133
+121,697
| +2% | +$12M |
|
3
Apple
AAPL
$4.51T
| $489M | 6.69% |
15,708,524
+1,267,220
| +9% | +$38.3M |
|
4
Canadian National Railway
CNI
$78.5B
| $377M | 5.16% |
5,634,415
-100,210
| -2% | -$6.82M |
|
|
5
Mastercard
MA
$509B
| $361M | 4.94% |
4,180,260
-2,188,564
| -34% | -$190M |
|
6
Baidu
BIDU
$31.6B
| $351M | 4.81% |
1,685,638
+52,468
| +3% | +$11.2M |
|
7
Charter Communications
CHTR
$17.9B
| $345M | 4.72% |
1,785,677
+567,013
| +47% | +$98.3M |
|
|
TFCFA
8
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $324M | 4.44% |
9,586,227
-4,322,193
| -31% | -$150M |
|
|
9
Visa
V
$693B
| $294M | 4.02% |
+4,491,670
| New | +$297M |
|
|
TWC
10
DELISTED
TIME WARNER CABLE INC NEW COM STK
TWC
| $282M | 3.87% |
+1,884,606
| New | +$281M |
|
11
Wells Fargo
WFC
$254B
| $274M | 3.76% |
5,043,707
-511,986
| -9% | -$27.7M |
|
12
Home Depot
HD
$335B
| $267M | 3.65% |
2,346,413
-1,157,342
| -33% | -$128M |
|
13
Booking.com
BKNG
$158B
| $256M | 3.5% |
5,497,750
+1,715,575
| +45% | +$76.8M |
|
14
JPMorgan Chase
JPM
$935B
| $224M | 3.07% |
3,704,545
-648,886
| -15% | -$38.4M |
|
15
DaVita
DVA
$11.1B
| $221M | 3.03% |
2,721,918
-1,251,984
| -32% | -$96.1M |
|
|
16
Equinix
EQIX
$105B
| $203M | 2.78% |
+871,904
| New | +$197M |
|
|
FISV
17
Fiserv Inc
FISV
$28B
| $201M | 2.75% |
5,063,600
-146,886
| -3% | -$5.6M |
|
18
Sensata Technologies
ST
$6.23B
| $164M | 2.24% |
2,847,985
+1,869,921
| +191% | +$99.5M |
|
|
WBA
19
DELISTED
Walgreens Boots Alliance
WBA
| $149M | 2.03% |
1,754,040
+1,042,602
| +147% | +$83M |
|
|
20
Mohawk Industries
MHK
$9.23B
| $143M | 1.96% |
+771,011
| New | +$133M |
|
21
CF Industries
CF
$19.6B
| $130M | 1.77% |
2,283,765
-16,880
| -0.7% | -$1.01M |
|
|
GRA
22
DELISTED
W.R. Grace & Co.
GRA
| $102M | 1.39% |
1,027,216
-681,633
| -40% | -$65M |
|
23
HDFC Bank
HDB
$121B
| $101M | 1.38% |
6,865,188
+5,130,220
| +296% | +$75M |
|
|
ATVI
24
DELISTED
Activision Blizzard
ATVI
| $96.8M | 1.33% |
+4,260,603
| New | +$93.3M |
|
25
Gilead Sciences
GILD
$181B
| $77.6M | 1.06% |
790,397
-366,367
| -32% | -$37.2M |
|
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John Armitage's Q1 2015 Portfolio in Review
As of Q1 2015, John Armitage held 47 positions worth $7.3B, down 2.2% from $7.47B the previous quarter. Its ten largest holdings account for 58% of the portfolio.
John Armitage withdrew a net $407M in Q1 2015, closing 13 positions and reducing 13 holdings. Its most notable exit was Comcast, an estimated $328M position sold in full.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 23% a quarter earlier, followed by Communication Services and Industrials.
Against the trend, John Armitage opened a new position in Visa worth $294M.
- John Armitage's largest Q1 2015 buy was Visa: 4,491,670 shares worth $294M.
- John Armitage added most to Southwest Airlines in Q1 2015, an estimated $200M increase.
- John Armitage's biggest Q1 2015 reduction was Mastercard, cutting an estimated $190M.
- John Armitage fully exited Comcast in Q1 2015, selling an estimated $328M.
- John Armitage's ten largest holdings make up 58% of its $7.3B portfolio in Q1 2015.
- John Armitage opened 11 new positions and closed 13 in Q1 2015.
- John Armitage's portfolio value fell 2.2% quarter-over-quarter to $7.3B.
Based on Egerton Capital (UK)'s 13F filing for Q1 2015, filed 11 May 2015.