Tracking John Armitage’s Egerton Capital Portfolio – Q2 2017 Update



  • John Armitage’s 13F portfolio value increased from $9.25B to $9.98B this quarter.
  •  Egerton Capital added Alaska Air Group, Altaba, & Edwards Lifesciences while dropping Visa & Priceline. 
  • Charter Communications, Comcast Corporation, and S&P Global are the largest three positions in the portfolio.


John Arimitage’s 13F portfolio value increased ~8% this quarter from $9.25B to $9.97B. 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 Applied Materials and they add up to ~36% of the entire portfolio.

Below is a summary:

Bank of America (BAC): BAC is a fairly large ~4% position established in Q4 2016 at prices between $15.50 and $23 and the stock is now at $24.09. There was a ~15% trimming this quarter.

Applied Materials (AMAT): AMAT is a large (top five) 5.7% portfolio stake established last quarter at prices between $32 and $40 and increased by ~18% this quarter at prices between $37.50 and $47.50. The stock currently trades at $45.10.

Alphabet Inc. (GOOG): GOOG is a now a ~1% 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. There was another two-thirds reduction this quarter at prices between $823 and $984. The stock is now at $937. John Armitage realized gains.

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

Activision Blizzard (ATVI): is a top-five position at 5.72% 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 and $39 while the following quarter saw the exact reverse: one-third increase at prices between $33.50 and $39.50. Q4 2016 saw a two-thirds reduction at prices between $35.50 and $45.50. The pattern reversed again last quarter: 225% increase at prices between $37 and $50. The stock is now at $65.12. There was a ~19% selling this quarter.

Constellation Brands (STZ): STZ is a 5.28% 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 $200. There were ~10% increases in the last two quarters.

MasterCard (MA): MA was first purchased in Q2 2014 at prices between $69 and $78. The position has wavered since. Last three quarters of 2016 had seen the stake more than doubled at prices between $87 and $107. There was a a ~40% reduction last quarter at prices between $105 and $113. The pattern reversed this quarter: ~60% stake increase at prices between $111 and $126. The stock currently trades at $133.

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 in Q4 2016: two-thirds reduction at prices between $75.50 and $83.50. Last quarter saw a ~150% increase at prices between $80 and $90. The 4% position was sold out this quarter at prices between $88 and $97. The stock is now at $104.

Below is a spreadsheet that highlights the changes to John Armitage's Egerton Capital US long stock portfolio as of Q2 2017. For a look at how the portfolio has progressed, see our previous update:



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