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 |
American Express
AXP
|
+$828M |
| 2 |
Linde
LIN
|
+$475M |
| 3 |
Vulcan Materials
VMC
|
+$296M |
| 4 |
Martin Marietta Materials
MLM
|
+$279M |
| 5 |
UnitedHealth
UNH
|
+$249M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ATVI
Activision Blizzard
ATVI
|
+$624M |
| 2 |
PX
Praxair Inc
PX
|
+$562M |
| 3 |
Bank of America
BAC
|
+$351M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$319M |
| 5 |
WP
Worldpay, Inc.
WP
|
+$284M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 26.88% |
| 2 | Industrials | 19.29% |
| 3 | Financials | 17.48% |
| 4 | Technology | 15.83% |
| 5 | Materials | 9.9% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
TFCFA
1
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $1.93B | 16.06% |
40,092,987
+3,995,488
| +11% | +$189M |
|
2
Union Pacific
UNP
$183B
| $1.02B | 8.52% |
7,401,974
-561,014
| -7% | -$83.1M |
|
3
Microsoft
MSFT
$3.59T
| $897M | 7.46% |
8,829,399
+1,074,069
| +14% | +$115M |
|
|
4
American Express
AXP
$227B
| $755M | 6.28% |
+7,915,847
| New | +$828M |
|
5
CSX Corp
CSX
$95.6B
| $736M | 6.13% |
35,550,618
+3,694,350
| +12% | +$85M |
|
6
Charter Communications
CHTR
$17.9B
| $668M | 5.56% |
2,344,502
-387,328
| -14% | -$121M |
|
7
Alphabet (Google) Class C
GOOG
$4.18T
| $633M | 5.27% |
12,220,560
+1,740,620
| +17% | +$93.2M |
|
|
8
UnitedHealth
UNH
$350B
| $614M | 5.11% |
2,465,101
+944,290
| +62% | +$249M |
|
9
Canadian Pacific Kansas City
CP
$85B
| $558M | 4.64% |
15,704,480
+1,705,175
| +12% | +$68.2M |
|
10
S&P Global
SPGI
$127B
| $511M | 4.26% |
3,009,784
-155,481
| -5% | -$27.9M |
|
11
Adobe
ADBE
$109B
| $483M | 4.02% |
2,134,263
-854,265
| -29% | -$206M |
|
|
12
Linde
LIN
$225B
| $469M | 3.9% |
+3,006,048
| New | +$475M |
|
13
Mastercard
MA
$509B
| $402M | 3.34% |
2,130,391
+1,140,116
| +115% | +$226M |
|
14
Alibaba
BABA
$286B
| $320M | 2.66% |
2,333,258
-2,462
| -0.1% | -$364K |
|
|
15
Vulcan Materials
VMC
$35.8B
| $288M | 2.4% |
+2,915,307
| New | +$296M |
|
|
16
Martin Marietta Materials
MLM
$32.1B
| $270M | 2.24% |
+1,568,364
| New | +$279M |
|
17
TransUnion
TRU
$16.2B
| $260M | 2.17% |
4,581,244
+1,174,121
| +34% | +$75.1M |
|
18
GoDaddy
GDDY
$12.3B
| $226M | 1.88% |
3,441,825
+205,033
| +6% | +$14M |
|
19
Autodesk
ADSK
$53.6B
| $220M | 1.83% |
+1,709,679
| New | +$231M |
|
20
KKR & Co
KKR
$97.4B
| $172M | 1.43% |
8,765,389
-999,229
| -10% | -$22.9M |
|
21
Nutrien
NTR
$35.9B
| $163M | 1.36% |
3,472,993
-950,307
| -21% | -$49.6M |
|
22
Tenaris
TS
$26.6B
| $160M | 1.34% |
7,527,640
-1,689,055
| -18% | -$46.9M |
|
23
Synopsys
SNPS
$76.2B
| $76.5M | 0.64% |
907,842
-114,358
| -11% | -$10.2M |
|
24
Wynn Resorts
WYNN
$10.3B
| $75.5M | 0.63% |
763,460
-2,205,581
| -74% | -$238M |
|
25
Elevance Health
ELV
$86.9B
| $65.9M | 0.55% |
+250,757
| New | +$69M |
|
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John Armitage's Q4 2018 Portfolio in Review
As of Q4 2018, John Armitage held 33 positions worth $12B, down 11% from $13.5B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
John Armitage's Q4 2018 filing shows 6 new, 9 increased, 11 reduced and 7 closed positions. Its largest new stake was American Express: 7,915,847 shares worth $755M. The largest sale was Activision Blizzard, an estimated $624M.
By sector, the portfolio is most concentrated in Communication Services at 27% of assets, up from 24% a quarter earlier, followed by Industrials and Financials.
- John Armitage's largest Q4 2018 buy was American Express: 7,915,847 shares worth $755M.
- John Armitage added most to UnitedHealth in Q4 2018, an estimated $249M increase.
- John Armitage's biggest Q4 2018 reduction was Wynn Resorts, cutting an estimated $238M.
- John Armitage fully exited Activision Blizzard in Q4 2018, selling an estimated $624M.
- John Armitage's ten largest holdings make up 69% of its $12B portfolio in Q4 2018.
- John Armitage opened 6 new positions and closed 7 in Q4 2018.
- John Armitage's portfolio value fell 11% quarter-over-quarter to $12B.
Based on Egerton Capital (UK)'s 13F filing for Q4 2018, filed 12 Feb 2019.