- John Armitage’s 13F portfolio value increased from $9.98B $11.18B this quarter.
- Egerton Capital added Alibaba Group Holdings while more than doubling Broadcom, Equinix, and Transunion.
- Comcast Corporation, Charter Communications, and Applied Materials are the largest three positions in the portfolio.
John Arimitage’s 13F portfolio value increased ~12% this
quarter from $9.97B to $11.18B. The portfolio is very concentrated with recent
13Fs listing around 30 positions. The largest five individual stock positions
are Comcast Corporation, Charter Communications, Applied Materials, S&P
Global, and Constellation Brands and they add up to ~35% of the entire
portfolio.
Below is a summary:
Bank of America
(BAC): BAC is a fairly large 3.74% position established in Q4 2016 at
prices between $15.50 and $23 and the stock is now at ~$32. There was marginal
trimming this quarter.
Applied Materials
(AMAT): AMAT is a large (top three) 7.88% portfolio stake established in Q1
2017 at prices between $32 and $40 and increased by ~18% last quarter at prices
between $37.50 and $47.50. There was another ~23% increase this quarter at
prices between $41 and $52. The stock currently trades at $57.07.
Alphabet Inc. (GOOG):
GOOG was a ~1% of the portfolio stake as of last quarter. 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 in Q1
2017 at prices between $786 and $852. There was another two-thirds reduction last
quarter at prices between $823 and $984. The disposal this quarter was at
prices between $898 and $980. The stock is now at $1167. 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 5.23% 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 in Q1 2017: 225% increase at prices between $37 and $50. The
stock is now at $70.60. There was a ~19% selling last quarter and that was
followed with a ~9% trimming this quarter.
Constellation Brands
(STZ): STZ is a 5.48% 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 $222. There were ~10% increases in
the last three 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 in Q1 2017
at prices between $105 and $113. The pattern reversed last quarter: ~60% stake
increase at prices between $111 and $126. The stock currently trades at $168. There
was a ~8% trimming this quarter.
Below is a spreadsheet that highlights the changes to John
Armitage's Egerton Capital US long stock portfolio as of Q3 2017. For a look at
how the portfolio has progressed, see our previous update:
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