- John Armitage’s 13F portfolio value decreased from $13.48B to $12.02B this quarter.
- Egerton Capital added American Express while dropping WorldPay and Activision Blizzard.
- Twenty First Century Fox, Union Pacific, and Microsoft are the largest three positions in the portfolio.
John Arimitage’s 13F portfolio value decreased ~11% this
quarter from $13.48B to $12.02B. The portfolio is very concentrated with recent
13Fs listing around 30 positions. The largest five individual stock positions
are Twenty First Century Fox, Union Pacific, Microsoft, American Express, and
CSX Corporation and they add up to ~44% of the entire portfolio.
Below is a summary:
Bank of America
(BAC): BAC is a 2.60% position established in Q4 2016 at prices between
$15.50 and $23 and the stock is now at $29.29. There was ~28% stake increase in
Q1 2018 at prices between $29 and $33 while last quarter saw a ~40% reduction
at prices between $27.75 and $31.80. The stake was disposed this quarter at prices
between $22.75 and $30.50.
Alphabet Inc. (GOOG):
The large 5.27% stake was established in Q4 2017 at prices between $968 and
$1077 and the stock currently trades at $1193. There was a ~17% stake increase
this quarter at prices between $976 and $1203.
Note: Alphabet Inc. has seen several roundtrips in the portfolio
going back to 2011.
Activision Blizzard
(ATVI): ATVI was a large ~4.5% stake as of last quarter. It was disposed
this quarter at prices between $44 and $83 and the stock is now at $43.70. The
original position was built in 2015 at prices between $19 and $39. The stake
had wavered. Recent activity follow: The position was sold down by ~50% in Q1
2018 at prices between $63 and $78 while next quarter there was a ~30% increase
at prices between $65 and $78.
MasterCard (MA):
MA was first purchased in Q2 2014 at prices between $69 and $78. The position
has wavered since. Recent activity follow: there was a ~40% selling in Q4 2017
at prices between $140 and $155 and that was followed with a one-third
reduction next quarter at prices between $155 and $184. Last quarter saw a ~40%
selling at prices between $196 and $223 while this quarter saw a stake doubling
at prices between $175 and $224. The stock is currently trading at ~$229.
Below is a spreadsheet that highlights the changes to John
Armitage's Egerton Capital 13F stock portfolio as of Q4 2018. For a look at how
the portfolio has progressed, see our previous update:
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