Tracking John Armitage’s Egerton Capital Portfolio - Q1 2017 Update



  • John Armitage’s 13F portfolio value increased from $8.22B to $9.25B this quarter.
  • Egerton Capital added Applied Materials while increasing Comcast, Activision Blizzard, and Southwest Airlines. 
  • Charter Communications, Comcast Corporation, and S&P Global are the largest three positions in the portfolio.


John Arimitage’s 13F portfolio value increased ~12% this quarter from $8.22B to $9.25B. 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, Activision Blizzard, and Southwest Airlines and they add up to ~41% of the entire portfolio.

Below is a summary:

Bank of America (BAC): BAC is a large ~5% position established last quarter at prices between $15.50 and $23 and the stock is now at $22.82. There was a ~4% trimming this quarter.

Applied Materials (AMAT): AMAT is a fairly large 4.9% portfolio stake established this quarter at prices between $32 and $40 and the stock currently trades at $44.09.

Alphabet Inc. (GOOG): GOOG is a now a ~3% 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. Q3 2016 saw a ~16% selling at prices between $695 and $787 and that was followed with a 55% selling this quarter at prices between $786 and $852. The stock is now at $966. John Armitage is realizing gains.

Note: Alphabet Inc. has seen several roundtrips in the portfolio going back to 2011.

Activision Blizzard (ATVI): is a top-five position at 6.59% 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. Last quarter saw a two-thirds reduction at prices between $35.50 and $45.50. The pattern reversed again this quarter: 225% increase at prices between $37 and $50. The stock is now at $60.44.

Canadian Pacific (CP): CP is a 3.31% portfolio position established in Q3 2016 at prices between $129 and $156. The stock is now at $159. There was a ~15% trimming this quarter.

Constellation Brands (STZ): STZ is a 4.36% portfolio stake established in Q2 2016 at prices between $138 and $165 and increased by ~20% the following quarter at prices between $161 and $171. The stock is now at $185. There was a ~10% stake 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 had seen the stake more than doubled at prices between $87 and $107. There was a a ~40% reduction this quarter at prices between $105 and $113. The stock currently trades at $124.

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. The stock is now at $71.21. This quarter saw a ~11% increase.

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 in Q3 2016 at prices between $74 and $83. There was another about-turn last quarter: two-thirds reduction at prices between $75.50 and $83.50. This quarter saw a ~150% increase at prices between $80 and $90. The stock is now at $95.58 and the stake is at ~4% of the portfolio.

Below is a spreadsheet that highlights the changes to John Armitage's Egerton Capital US long stock portfolio as of Q1 2017. For a look at how the portfolio has progressed, see our previous update:



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