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 |
Cenovus Energy
CVE
|
+$133M |
| 2 |
Meta Platforms (Facebook)
META
|
+$125M |
| 3 |
Arch Capital
ACGL
|
+$117M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$105M |
| 5 |
Hilton Worldwide
HLT
|
+$96.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Applied Materials
AMAT
|
+$380M |
| 2 |
Teck Resources
TECK
|
+$300M |
| 3 |
Thermo Fisher Scientific
TMO
|
+$293M |
| 4 |
Canadian National Railway
CNI
|
+$290M |
| 5 |
Analog Devices
ADI
|
+$236M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 30.98% |
| 2 | Industrials | 25.68% |
| 3 | Communication Services | 14.89% |
| 4 | Energy | 12.79% |
| 5 | Technology | 9.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Canadian Pacific Kansas City
CP
$85B
| $1.23B | 14.26% |
16,513,775
-690,917
| -4% | -$54.8M |
|
2
Visa
V
$693B
| $769M | 8.92% |
3,343,194
-136,645
| -4% | -$32.8M |
|
|
3
Meta Platforms (Facebook)
META
$1.4T
| $680M | 7.89% |
2,264,375
+413,823
| +22% | +$125M |
|
|
4
Alphabet (Google) Class C
GOOG
$4.18T
| $603M | 7% |
4,577,055
+809,261
| +21% | +$105M |
|
5
SLB Ltd
SLB
$79.9B
| $574M | 6.66% |
9,837,492
+1,225,371
| +14% | +$71.1M |
|
|
6
Canadian National Railway
CNI
$78.5B
| $560M | 6.5% |
5,169,679
-2,525,764
| -33% | -$290M |
|
7
Mastercard
MA
$509B
| $502M | 5.82% |
1,266,934
-49,398
| -4% | -$19.8M |
|
8
First Citizens BancShares
FCNCA
$24.7B
| $469M | 5.44% |
339,721
+10,020
| +3% | +$13.8M |
|
|
9
Cenovus Energy
CVE
$60.7B
| $466M | 5.41% |
22,387,388
+6,981,420
| +45% | +$133M |
|
10
GE Aerospace
GE
$361B
| $424M | 4.92% |
4,803,596
+24,846
| +0.5% | +$2.23M |
|
11
Microsoft
MSFT
$3.59T
| $411M | 4.77% |
1,300,909
-303,792
| -19% | -$100M |
|
|
FISV
12
Fiserv Inc
FISV
$28B
| $400M | 4.64% |
3,539,368
+158,524
| +5% | +$19.5M |
|
13
Booking.com
BKNG
$158B
| $378M | 4.39% |
3,064,650
-114,875
| -4% | -$13.9M |
|
14
RenaissanceRe
RNR
$13.4B
| $278M | 3.23% |
1,406,203
+78,606
| +6% | +$15.1M |
|
15
ICICI Bank
IBN
$107B
| $198M | 2.29% |
8,543,487
-345,018
| -4% | -$8.12M |
|
16
HDFC Bank
HDB
$121B
| $166M | 1.93% |
5,627,702
-2,092,202
| -27% | -$68.2M |
|
|
17
Arch Capital
ACGL
$33.9B
| $119M | 1.39% |
+1,498,795
| New | +$117M |
|
|
18
Hilton Worldwide
HLT
$73.5B
| $96.1M | 1.12% |
+639,907
| New | +$96.7M |
|
19
KKR & Co
KKR
$97.4B
| $85.9M | 1% |
1,394,577
-57,310
| -4% | -$3.48M |
|
20
Everest Group
EG
$14.2B
| $82.9M | 0.96% |
223,093
-66,869
| -23% | -$24.3M |
|
21
Amazon
AMZN
$2.79T
| $63.8M | 0.74% |
+501,926
| New | +$67.3M |
|
22
Shell
SHEL
$257B
| $62.6M | 0.73% |
+972,755
| New | +$60.5M |
|
|
23
Analog Devices
ADI
$182B
| – | – |
-1,209,635
| Closed | -$236M |
|
|
24
Applied Materials
AMAT
$391B
| – | – |
-2,629,188
| Closed | -$380M |
|
25
KLA
KLAC
$240B
| – | – |
-1,911,910
| Closed | -$92.7M |
|
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John Armitage's Q3 2023 Portfolio in Review
As of Q3 2023, John Armitage held 27 positions worth $8.62B, down 11% from $9.7B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
John Armitage withdrew a net $1.09B in Q3 2023, closing 5 positions and reducing 10 holdings. Its most notable exit was Applied Materials, an estimated $380M position sold in full.
By sector, the portfolio is most concentrated in Financials at 31% of assets, up from 28% a quarter earlier, followed by Industrials and Communication Services.
Against the trend, John Armitage opened a new position in Arch Capital worth $119M.
- John Armitage's largest Q3 2023 buy was Arch Capital: 1,498,795 shares worth $119M.
- John Armitage added most to Cenovus Energy in Q3 2023, an estimated $133M increase.
- John Armitage's biggest Q3 2023 reduction was Canadian National Railway, cutting an estimated $290M.
- John Armitage fully exited Applied Materials in Q3 2023, selling an estimated $380M.
- John Armitage's ten largest holdings make up 73% of its $8.62B portfolio in Q3 2023.
- John Armitage opened 4 new positions and closed 5 in Q3 2023.
- John Armitage's portfolio value fell 11% quarter-over-quarter to $8.62B.
Based on Egerton Capital (UK)'s 13F filing for Q3 2023, filed 13 Nov 2023.