·
John Armitage’s 13F portfolio value increased
from $12.29B to $13.08B this quarter.
·
Egerton Capital added CSX and Booking Holdings
while dropping Charter Communications and Southwest Airlines.
·
Twenty First Century Fox, Microsoft, and Praxair
are the largest three positions in the portfolio.
John Arimitage’s 13F portfolio value increased ~6% this
quarter from $12.29B to $13.08B. The portfolio is very concentrated with recent
13Fs listing around 30 positions. The largest five individual stock positions
are Twenty First Century Fox, Microsoft, Praxair, UnitedHealth Group, and
S&P Global and they add up to ~31% of the entire portfolio.
Below is a summary:
Bank of America
(BAC): BAC is a large 4.28% position established in Q4 2016 at prices
between $15.50 and $23 and the stock is now at ~$28. There was ~28% stake
increase last quarter and minor trimming this quarter.
Applied Materials
(AMAT): AMAT was a fairly large stake established in Q1 2017 at prices
between $32 and $40 and increased by ~18% the following quarter at prices
between $37.50 and $47.50. There was another ~23% increase in Q3 2017 at prices
between $41 and $52. The stock currently trades at $33.43. There was a ~30%
reduction last quarter at prices between $46 and $62 and another ~80% reduction
this quarter at prices between $45 and $62.
Alphabet Inc. (GOOG):
The large ~4.5% stake was established in Q4 2017 at prices between $968 and
$1077 and the stock currently trades at $1092.
Note: Alphabet Inc. has seen several roundtrips in the
portfolio going back to 2011.
Activision Blizzard (ATVI):
ATVI is now a 4.25% stake. 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 $75.67. There was a
~19% selling in Q2 2017 and that was followed with a ~9% trimming the following
quarter. Last quarter saw the pattern reverse: ~22% increase at prices between
$58.50 and $67. The position was sold down by ~50% last quarter at prices
between $63 and $78 and another ~30% this quarter at prices between $65 and $78.
Constellation Brands
(STZ): STZ is a 1.61% 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 $224. Q4 2017 saw a ~15% reduction
and that was followed with a two-thirds selling last quarter at prices between
$210 and $230. There was a ~19% increase this quarter at prices between $215
and $234.
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 ~40% reduction in Q1 2017
at prices between $105 and $113. The pattern reversed in Q2 2017: ~60% stake
increase at prices between $111 and $126. The stock currently trades at $200.
There was a ~40% selling in Q4 2017 at prices between $140 and $155 and that
was followed with a one-third reduction last quarter at prices between $155 and
$184. This quarter saw a ~11% increase.
Below is a spreadsheet that highlights the changes to John
Armitage's Egerton Capital 13F stock portfolio as of Q2 2018. 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
Strategies for the Little Guy .
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