- John Armitage’s 13F portfolio decreased from $8.91B to $8.82B this quarter.
- Egerton Capital increased added Canadian Pacific while increasing Constellation Brands, MasterCard and Visa.
- Charter Communications, Comcast Corporation, and S&P Global are the largest three positions in the portfolio.
John Arimitage’s 13F portfolio decreased marginally this
quarter from $8.91B to $8.82B. The portfolio is very concentrated with recent
13Fs listing around 30 positions. The largest five individual stock positions
are Charter Communications, Comcast Corporation, S&P Global, Facebook Inc.,
and Alphabet Inc. (GOOG) and they add up to ~42% of the entire portfolio.
Below is a summary:
Alphabet Inc. (GOOG):
GOOG is a top five 6.53% of the portfolio stake. The position was purchased in
Q1 2016 at prices between $678 and $767 and increased by ~36% last quarter at
prices between $668 and $767. This quarter saw a ~16% selling at prices between
$695 and $787. The stock is now at $791.
Note: Alphabet Inc. has seen several roundtrips in the
portfolio going back to 2011.
Activision Blizzard
(ATVI): ATVI is a fairly large 5.59% of the portfolio position built up in
2015 at prices between $19 and $39. Q1 2016 saw a one-third reduction at prices
between $28.12 and $38.71 while last quarter saw the exact reverse: one-third
increase at prices between $33.41 and $39.39. The stock is now at $36.47. There
was a marginal increase this quarter.
Canadian Pacific
(CP): CP is a fairly large 4.30% portfolio position established this
quarter at prices between $129 and $156. The stock is now at $145.
Constellation Brands
(STZ): STZ is a 4.24% portfolio stake established last quarter at prices between
$138 and $165 and increased by ~20% this quarter at prices between $161 and $171.
The stock is now at $158.
Gilead Sciences
(GILD): The original GILD position was a very large stake purchased in Q2
2014 at prices between $66 and $86. In Q4 2014, there was a ~80% reduction at
prices between $94 and $112. Q2 2015 saw a ~400% increase at prices between $98
and $120. There was a ~70% selling last quarter at prices between $78 and $102
and the elimination this quarter happened at prices between $77 and $89. The
stock is now at $74.10.
MasterCard (MA):
MA was first purchased in Q2 2014 at prices between $69 and $78. The position
has wavered since. Last two quarters have seen a combined ~70 % increase at
prices between $87 and $102. The stock currently trades at $103.
Microsoft Corporation
(MSFT): MSFT is a 2.41% portfolio stake. It was built up to a fairly large
stake in H2 2015 at prices between $43 and $56. Last quarter saw a two-thirds
reduction at prices between $48.43 and $56.46 and that was followed with
another ~17% selling this quarter at prices between $51 and $58. The stock is
now at $62.30.
Visa Inc. (V): V
has seen several roundtrips in the portfolio going back to 2008. The current
stake was purchased in Q1 2015 at prices between $64 and $68. Q4 2015 & Q1
2016 saw the original stake more than double at prices between $68 and $81. Last
quarter, the pattern reversed: two-thirds reduction at prices between $73 and $82.
There was a ~42% increase this quarter at prices between $74 and $83. The stock
is now at $78.35.
Below is a spreadsheet that highlights the changes to John
Armitage's Egerton Capital US long stock portfolio as of Q3 2016. For a look at
how the portfolio has progressed, see our previous update:
To learn more about how to profit from a strategy of
following the best hedge fund picks, check out our book Profiting from Hedge Funds: Winning
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