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 |
GE Aerospace
GE
|
+$387M |
| 2 |
Thermo Fisher Scientific
TMO
|
+$246M |
| 3 |
Booking.com
BKNG
|
+$144M |
| 4 |
RenaissanceRe
RNR
|
+$140M |
| 5 |
Mastercard
MA
|
+$119M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
First Citizens BancShares
FCNCA
|
+$316M |
| 2 |
Lowe's Companies
LOW
|
+$224M |
| 3 |
LPL Financial
LPLA
|
+$206M |
| 4 |
Cenovus Energy
CVE
|
+$164M |
| 5 |
Visa
V
|
+$161M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 28.25% |
| 2 | Financials | 27.52% |
| 3 | Technology | 17.33% |
| 4 | Communication Services | 10.17% |
| 5 | Energy | 7.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Canadian Pacific Kansas City
CP
$85B
| $1.39B | 14.33% |
17,204,692
-382,451
| -2% | -$30.2M |
|
2
Canadian National Railway
CNI
$78.5B
| $932M | 9.61% |
7,695,443
-1,014,587
| -12% | -$120M |
|
|
3
Visa
V
$693B
| $826M | 8.52% |
3,479,839
-704,829
| -17% | -$161M |
|
4
Microsoft
MSFT
$3.59T
| $546M | 5.63% |
1,604,701
+277,223
| +21% | +$86.9M |
|
5
Meta Platforms (Facebook)
META
$1.4T
| $531M | 5.48% |
1,850,552
+95,015
| +5% | +$23.4M |
|
|
6
Mastercard
MA
$509B
| $518M | 5.34% |
1,316,332
+317,151
| +32% | +$119M |
|
7
Alphabet (Google) Class C
GOOG
$4.18T
| $456M | 4.7% |
3,767,794
+875,714
| +30% | +$101M |
|
|
FISV
8
Fiserv Inc
FISV
$28B
| $426M | 4.4% |
3,380,844
-118,355
| -3% | -$13.9M |
|
|
9
First Citizens BancShares
FCNCA
$24.7B
| $423M | 4.36% |
329,701
-273,317
| -45% | -$316M |
|
10
SLB Ltd
SLB
$79.9B
| $423M | 4.36% |
8,612,121
-1,293,375
| -13% | -$61.7M |
|
|
11
GE Aerospace
GE
$361B
| $419M | 4.32% |
+4,778,750
| New | +$387M |
|
12
Applied Materials
AMAT
$391B
| $380M | 3.92% |
2,629,188
-92,953
| -3% | -$11.6M |
|
|
13
Booking.com
BKNG
$158B
| $343M | 3.54% |
3,179,525
+1,365,950
| +75% | +$144M |
|
14
Teck Resources
TECK
$33.9B
| $300M | 3.09% |
7,126,516
-2,809,659
| -28% | -$121M |
|
|
15
Thermo Fisher Scientific
TMO
$233B
| $293M | 3.03% |
562,479
+455,728
| +427% | +$246M |
|
16
HDFC Bank
HDB
$121B
| $269M | 2.77% |
7,719,904
+3,025,132
| +64% | +$102M |
|
|
17
Cenovus Energy
CVE
$60.7B
| $262M | 2.7% |
15,405,968
-9,728,452
| -39% | -$164M |
|
|
18
RenaissanceRe
RNR
$13.4B
| $248M | 2.55% |
1,327,597
+704,445
| +113% | +$140M |
|
19
Analog Devices
ADI
$182B
| $236M | 2.43% |
1,209,635
-586,869
| -33% | -$109M |
|
20
ICICI Bank
IBN
$107B
| $205M | 2.12% |
8,888,505
+1,243,632
| +16% | +$28.1M |
|
21
Everest Group
EG
$14.2B
| $99.1M | 1.02% |
289,962
-116,684
| -29% | -$42.1M |
|
22
KLA
KLAC
$240B
| $92.7M | 0.96% |
+1,911,910
| New | +$79.9M |
|
23
KKR & Co
KKR
$97.4B
| $81.3M | 0.84% |
1,451,887
-2,399,841
| -62% | -$126M |
|
24
Linde
LIN
$225B
| – | – |
-119,255
| Closed | -$42.4M |
|
|
25
Lowe's Companies
LOW
$121B
| – | – |
-1,119,576
| Closed | -$224M |
|
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John Armitage's Q2 2023 Portfolio in Review
As of Q2 2023, John Armitage held 27 positions worth $9.7B, up 4.7% from $9.26B the previous quarter. Its ten largest holdings account for 67% of the portfolio.
John Armitage withdrew a net $333M in Q2 2023, closing 4 positions and reducing 12 holdings. Its most notable exit was Lowe's Companies, an estimated $224M position sold in full.
By sector, the portfolio is most concentrated in Industrials at 28% of assets, up from 26% a quarter earlier, followed by Financials and Technology.
Against the trend, John Armitage opened a new position in GE Aerospace worth $419M.
- John Armitage's largest Q2 2023 buy was GE Aerospace: 4,778,750 shares worth $419M.
- John Armitage added most to Thermo Fisher Scientific in Q2 2023, an estimated $246M increase.
- John Armitage's biggest Q2 2023 reduction was First Citizens BancShares, cutting an estimated $316M.
- John Armitage fully exited Lowe's Companies in Q2 2023, selling an estimated $224M.
- John Armitage's ten largest holdings make up 67% of its $9.7B portfolio in Q2 2023.
- John Armitage opened 2 new positions and closed 4 in Q2 2023.
- John Armitage's portfolio value rose 4.7% quarter-over-quarter to $9.7B.
Based on Egerton Capital (UK)'s 13F filing for Q2 2023, filed 10 Aug 2023.