- John Armitage’s 13F portfolio value decreased from $14.16B to $13.66B this quarter.
- Egerton Capital added D R Horton (DHI) and Facebook (FB) while increasing Alibaba Group Holdings (BABA). They decreased Alphabet (GOOG) and dropped Boeing (BA) as well during the quarter.
- Charter Communications (CHTR), Union Pacific (UNP), and American Express (AXP) are the largest three positions in the portfolio.
John Arimitage’s 13F portfolio value decreased ~4% this
quarter from $14.16B to $13.66B. The portfolio is very concentrated with recent
13Fs listing around 30 positions. The largest five individual stock positions
are Charter Communications (CHTR), Union Pacific (UNP), American Express (AXP),
Canadian Pacific (CP), and Microsoft Corporation (MSFT), and they add up to ~36%
of the entire portfolio.
Below is a summary:
Alphabet Inc. (GOOG):
GOOG was a large 5.26% stake established in Q4 2017 at prices between $968 and
$1077. There was a ~17% stake increase in Q4 2018 as well at prices between
$976 and $1203. This quarter saw the position reduced by ~60% to a ~2%
portfolio stake at prices between $1036 and $1288. The stock currently trades
at $1245.
Note: Alphabet Inc. has seen several roundtrips in the
portfolio going back to 2011.
MasterCard (MA):
MA was first purchased in Q2 2014 at prices between $69 and $78. The position
has wavered since. Recent activity follow: Q3 2018 saw a ~40% selling at prices
between $196 and $223 while next quarter saw a stake doubling at prices between
$175 and $224. The stock is currently trading at ~$277. Last quarter saw a ~15%
stake increase while this quarter there was a one-third selling.
Below is a spreadsheet that highlights the changes to John Armitage's
Egerton Capital 13F stock portfolio as of Q2 2019. For a look at how the
portfolio has progressed, see our previous update:
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