- 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:
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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