- John Armitage’s 13F portfolio value decreased from $8.82B to $8.22B this quarter.
- Egerton Capital added Bank of America while increasing S&P Global.
- Charter Communications, Comcast Corporation, and S&P Global are the largest three positions in the portfolio.
John Arimitage’s 13F portfolio value decreased ~7% this
quarter from $8.82B to $8.22B. 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, Alphabet Inc.
(GOOG), and Bank of America (BAC) and they add up to ~44% of the entire
portfolio.
Below is a summary:
Bank of America
(BAC): BAC is a large ~5.5% position established this quarter at prices
between $15.50 and $23 and the stock is now at $25.26.
Alphabet Inc. (GOOG):
GOOG is a top five 6.87% of the portfolio stake. The position was purchased in
Q1 2016 at prices between $678 and $767 and increased by ~36% the following
quarter at prices between $668 and $767. Last quarter saw a ~16% selling at
prices between $695 and $787. The stock is now at $835. There was a marginal
reduction this quarter.
Note: Alphabet Inc. has seen several roundtrips in the
portfolio going back to 2011.
Activision Blizzard
(ATVI): ATVI stake is now very small at 1.65% of the portfolio. The
original position was 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 the
following quarter saw the exact reverse: one-third increase at prices between
$33.41 and $39.39. This quarter saw a two-thirds reduction at prices between $35.50
and $45.50. The stock is now at $48.58.
Canadian Pacific
(CP): CP is a fairly large 4.26% portfolio position established last
quarter at prices between $129 and $156. The stock is now at $148. There was
marginal trimming this quarter.
Constellation Brands
(STZ): STZ is a 4.20% portfolio stake established in Q2 2016 at prices
between $138 and $165 and increased by ~20% last quarter at prices between $161
and $171. The stock is now at $156. There was a marginal increase this quarter.
MasterCard (MA):
MA was first purchased in Q2 2014 at prices between $69 and $78. The position
has wavered since. Last three quarters saw the stake more than doubled at
prices between $87 and $107. The stock currently trades at $111.
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. Q2 2016 saw a two-thirds
reduction at prices between $48.43 and $56.46 and that was followed with
another ~17% selling last quarter at prices between $51 and $58. The stock is
now at $64.99. There was marginal trimming this quarter.
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. In
Q2 2016, the pattern reversed: two-thirds reduction at prices between $73 and
$82. There was a ~42% increase last quarter at prices between $74 and $83. There
was another about-turn this quarter: two-thirds reduction at prices between $75.50
and $83.50. The stock is now at $88.96.
Below is a spreadsheet that highlights the changes to John
Armitage's Egerton Capital US long stock portfolio as of Q4 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
Strategies for the Little Guy .
No comments :
Post a Comment