John Armitage
Egerton Capital
2026Q1 brief
Egerton Capital's $9.01B concentrated book underwent its most dramatic repositioning in recent memory, with six full exits including MSFT (previously 9.2% of the portfolio), BSX (5.6%), and COF (5.5%)—collectively representing ~23% of prior AUM that was entirely redeployed. The proceeds appear to have funded a near-tripling of GOOG (+220.7% to 11.0%, now #2 holding), a doubling of MCO (+99.9% to 7.5%), and a near-doubling of VMC (+84.3% to 5.3%), plus six new positions including Linde (5.9%) and NVDA (5.2%). The emerging theme is a pivot from growth-at-any-price US tech toward quality compounders with pricing power and hard-asset exposure—MCO, VMC, Linde, CRS, and energy names DVN and CNQ all fit a tangible-assets-plus-moat framework. V was also added to (+25.7%) to reach a dominant 13.8% top weight. AMZN was cut nearly 60%, an interesting divergence from peers who are adding. Watch whether the energy pair (DVN/CNQ) signals a broader commodity thesis build in Q2.
AI-generated. Not investment advice.
Holdings (24) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | V | 13.8% | $1.24B | |||
| 2 | GOOG | 11.0% | $992M | |||
| 3 | MCO | 7.5% | $674M | |||
| 4 | LIN | 5.9% | $530M | |||
| 5 | CRS | 5.8% | $525M | |||
| 6 | AMZN | 5.5% | $492M | |||
| 7 | VMC | 5.3% | $482M | |||
| 8 | NVDA | 5.2% | $467M | |||
| 9 | IBKR | 4.7% | $421M | |||
| 10 | APH | 4.0% | $363M | |||
| 11 | CME | 3.9% | $349M | |||
| 12 | UBER | 3.7% | $335M | |||
| 13 | DVN | 3.6% | $328M | |||
| 14 | CRH | 3.2% | $290M | |||
| 15 | CNQ | 3.1% | $277M | |||
| 16 | MA | 2.5% | $230M | |||
| 17 | MDLN | 2.2% | $194M | |||
| 18 | EMBJ | 2.0% | $177M | |||
| 19 | FERG | 1.6% | $148M | |||
| 20 | LAMR | 1.5% | $138M | |||
| 21 | G0450A105 | 1.2% | $107M | |||
| 22 | G7496G103 | 1.0% | $94M | |||
| 23 | NYT | 0.9% | $81M | |||
| 24 | AWI | 0.8% | $74M |
- 1V13.8%$1.24BVisa Inc-class A Sharesthis Q +26%·27q
- 2GOOG11.0%$992MAlphabet Inc-cl Cthis Q +221%·38q
- 3MCO7.5%$674MMoody's Corpthis Q +100%·4q
- 4LIN5.9%$530MLinde Plcthis Q New·2q
- 5CRS5.8%$525MCarpenter Technologythis Q hold·5q
- 6AMZN5.5%$492MAmazon.com Incthis Q -60%·22q
- 7VMC5.3%$482MVulcan Materials COthis Q +84%·14q
- 8NVDA5.2%$467MNvidia Corpthis Q New·4q
- 9IBKR4.7%$421MInteractive Brokers Gro-cl Athis Q hold·9q
- 10APH4.0%$363MAmphenol Corp-cl Athis Q -23%·5q
- 11CME3.9%$349MCme Group Incthis Q hold·8q
- 12UBER3.7%$335MUber Technologies Incthis Q +74%·4q
- 13DVN3.6%$328MDevon Energy Corpthis Q New·—1q
- 14CRH3.2%$290MCrh Plcthis Q +22%·10q
- 15CNQ3.1%$277MCanadian Natural Resourcesthis Q New·—1q
- 16MA2.5%$230MMastercard Inc - Athis Q hold·40q
- 17MDLN2.2%$194MMedline Inc-cl Athis Q New·—1q
- 18EMBJ2.0%$177MEmbraer Sa-spon Adrthis Q hold·5q
- 19FERG1.6%$148MFerguson Enterprises Incthis Q -37%·4q
- 20LAMR1.5%$138MLamar Advertising Co-athis Q +51%·3q
- 21G0450A1051.2%$107MArch Cap Group Ltdthis Q New·10q
- 22G7496G1031.0%$94MRenaissancere Hldgs Ltdthis Q -35%·10q
- 23NYT0.9%$81MNew York Times Co-athis Q -31%·2q
- 24AWI0.8%$74MArmstrong World Industriesthis Q New·—1q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| AMZN | Amazon.com Inc | TRIM | 5.5% | -60% | $492M |
| V | Visa Inc-class A Shares | ADD | 13.8% | +26% | $1.24B |
| GOOG | Alphabet Inc-cl C | ADD | 11.0% | +221% | $992M |
| MSFT | Microsoft Corp | EXIT | 9.2% | -100% | $0 |
| MCO | Moody's Corp | ADD | 7.5% | +100% | $674M |
| LIN | Linde Plc | NEW | 5.9% | +100% | $530M |
| BSX | Boston Scientific Corp | EXIT | 5.6% | -100% | $0 |
| COF | Capital One Financial Corp | EXIT | 5.5% | -100% | $0 |
| APH | Amphenol Corp-cl A | TRIM | 4.0% | -23% | $363M |
| VMC | Vulcan Materials CO | ADD | 5.3% | +84% | $482M |
| NVDA | Nvidia Corp | NEW | 5.2% | +100% | $467M |
| UBER | Uber Technologies Inc | ADD | 3.7% | +74% | $335M |
| DVN | Devon Energy Corp | NEW | 3.6% | +100% | $328M |
| CRH | Crh Plc | ADD | 3.2% | +22% | $290M |
| CNQ | Canadian Natural Resources | NEW | 3.1% | +100% | $277M |
| WYNN | Wynn Resorts Ltd | EXIT | 2.7% | -100% | $0 |
| FERG | Ferguson Enterprises Inc | TRIM | 1.6% | -37% | $148M |
| G7997R103 | Seagate Technology Hldngs PL | EXIT | 2.2% | -100% | $0 |
| MDLN | Medline Inc-cl A | NEW | 2.2% | +100% | $194M |
| LAMR | Lamar Advertising Co-a | ADD | 1.5% | +51% | $138M |
| G7496G103 | Renaissancere Hldgs Ltd | TRIM | 1.0% | -35% | $94M |
| G0450A105 | Arch Cap Group Ltd | NEW | 1.2% | +100% | $107M |
| NYT | New York Times Co-a | TRIM | 0.9% | -31% | $81M |
| LPLA | Lpl Financial Holdings Inc | EXIT | 1.0% | -100% | $0 |
| AWI | Armstrong World Industries | NEW | 0.8% | +100% | $74M |
- TRIMAMZN5.5%Amazon.com IncΔ -60%·$492M
- ADDV13.8%Visa Inc-class A SharesΔ +26%·$1.24B
- ADDGOOG11.0%Alphabet Inc-cl CΔ +221%·$992M
- EXITMSFT9.2%Microsoft CorpΔ -100%·$0
- ADDMCO7.5%Moody's CorpΔ +100%·$674M
- NEWLIN5.9%Linde PlcΔ +100%·$530M
- EXITBSX5.6%Boston Scientific CorpΔ -100%·$0
- EXITCOF5.5%Capital One Financial CorpΔ -100%·$0
- TRIMAPH4.0%Amphenol Corp-cl AΔ -23%·$363M
- ADDVMC5.3%Vulcan Materials COΔ +84%·$482M
- NEWNVDA5.2%Nvidia CorpΔ +100%·$467M
- ADDUBER3.7%Uber Technologies IncΔ +74%·$335M
- NEWDVN3.6%Devon Energy CorpΔ +100%·$328M
- ADDCRH3.2%Crh PlcΔ +22%·$290M
- NEWCNQ3.1%Canadian Natural ResourcesΔ +100%·$277M
- EXITWYNN2.7%Wynn Resorts LtdΔ -100%·$0
- TRIMFERG1.6%Ferguson Enterprises IncΔ -37%·$148M
- EXITG7997R1032.2%Seagate Technology Hldngs PLΔ -100%·$0
- NEWMDLN2.2%Medline Inc-cl AΔ +100%·$194M
- ADDLAMR1.5%Lamar Advertising Co-aΔ +51%·$138M
- TRIMG7496G1031.0%Renaissancere Hldgs LtdΔ -35%·$94M
- NEWG0450A1051.2%Arch Cap Group LtdΔ +100%·$107M
- TRIMNYT0.9%New York Times Co-aΔ -31%·$81M
- EXITLPLA1.0%Lpl Financial Holdings IncΔ -100%·$0
- NEWAWI0.8%Armstrong World IndustriesΔ +100%·$74M
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001581811). Not investment advice.