Egerton Capital Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

The scale of the portfolio, hovering near the $9.2B mark, places Egerton in a position where liquidity is a primary consideration. By focusing on mega-cap names like AMZN (Amazon) , V (Visa) , and MSFT (Microsoft) , Armitage ensures that he can move significant amounts of capital without causing undue market impact, while still participating in the growth of the world's most dominant platforms. This quarter's activity suggests a belief that in an environment of potential macroeconomic volatility or shifting interest rate expectations, the "winners" will continue to take most of the market share and investor interest.

Furthermore, the holding style is characterized by a long-term horizon. Several of the core positions, such as Microsoft and Mastercard, have been in the portfolio for over a decade. This "low-turnover" core provides a stable foundation, allowing the firm to be more tactical with its mid-sized positions. However, the Q4 2025 report shows that even the "stable" core is subject to rigorous re-evaluation, as evidenced by the massive 45% increase in the Amazon position. This is not a passive institution; it is a dynamic, fundamental powerhouse that is willing to shift billions of dollars when it perceives a change in the fundamental trajectory of a company.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

At 35.90% , the Financials sector is the undisputed cornerstone of the portfolio. However, a deeper look reveals that Armitage is not betting on traditional "spread-based" banking in the classic sense. Instead, he is invested in Financial Infrastructure . By holding massive stakes in Visa (V) , Moody's (MCO) , and Interactive Brokers (IBKR) , Egerton is betting on the "plumbing" of the global economy. These companies benefit from transaction volumes, credit issuance, and market volatility, regardless of where interest rates settle. This allocation suggests a belief that global trade and credit markets will remain robust, and that these "toll-gate" businesses will capture a disproportionate share of the value.

The most significant rotation this quarter is the exit from Communication Services (specifically Meta and Flutter ) and the move into Financials and Consumer Discretionary . This suggests a tactical decision to move away from ad-dependent social media and speculative gaming/gambling sectors, moving instead toward more "tangible" digital commerce and financial services. The exit from Meta, in particular, marks a major shift in the firm's "Big Tech" strategy, possibly reflecting concerns over Meta's capital expenditure intensity or regulatory headwinds, while the capital was recycled into the more "utility-like" growth of Amazon and Visa.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

Amazon has ascended to the top spot in Armitage’s portfolio following a massive 45.38% increase in shares held. This is a "conviction holding" of the highest order. The logic behind this move likely centers on the "inflection point" of Amazon's profitability. For years, Amazon was a high-growth, low-margin retail business. Now, the mix has shifted. AWS (Amazon Web Services) continues to be a dominant force in cloud infrastructure, benefiting from the AI-driven demand for compute power. Simultaneously, Amazon’s advertising business has become a high-margin juggernaut, rivaling the Google-Meta duopoly.

The inclusion of Carpenter Technology (CRS) at 5.31% is particularly noteworthy. As a producer of high-performance specialty alloys, CRS is a key supplier to the aerospace and defense industries. The 13% increase in this position suggests Armitage is bullish on the "aerospace super-cycle" and the demand for next-generation aircraft engines. Finally, the "New" entries of Moody's (MCO) and Alphabet (GOOG) into the Top 10 show that Armitage is still finding value in mega-cap platforms, even as he exits others like Meta.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The logic here is a "Concentration on Winners." Armitage is betting that in a late-cycle economy, the companies with the strongest balance sheets and the most dominant market positions will outperform. Amazon and Visa are the "gatekeepers" of digital commerce and global finance, respectively. By increasing these positions so dramatically, Armitage is signaling that he prefers the "certainty" of these platforms over the "potential" of smaller, more speculative growth stocks. This is a "Growth at a Reasonable Price" (GARP) play, where the "price" is justified by the sheer scale and durability of the earnings power.

The new positions in Vulcan Materials and Wynn Resorts show that Armitage is looking for "idiosyncratic" growth outside of the tech sector. Vulcan is a bet on US infrastructure spending—a "gritty" business with high barriers to entry (you can't easily open a new rock quarry). Wynn Resorts is a high-end play on the recovery of global luxury travel and gaming, particularly in Macau and Las Vegas. These additions provide a "cyclical kicker" to the portfolio, ensuring that Egerton isn't just a "tech fund" but a diversified fundamental fund.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The logic here appears to be a "Strategic Retreat" from the insurance cycle. Insurance companies have benefited from a "hard market" (rising premiums) for several years. By exiting now, Armitage is likely signaling that he believes the "easy money" has been made. With inflation potentially cooling, the tailwind of rising premiums may be offset by the rising cost of claims. This is a classic "mission accomplished" exit, where the firm is locking in substantial profits (Progressive was held for 1.5 years with a 29% gain) and moving that capital into higher-growth opportunities like Amazon.

This exit likely stems from a "Risk-Reward Re-evaluation." Meta’s "Year of Efficiency" is over, and the company is once again ramping up capital expenditures for AI and the Metaverse. Armitage may be concerned that the next leg of growth will be much more expensive to achieve. By selling Meta and buying Alphabet and Amazon, he is effectively saying: "I want AI exposure, but I want it through cloud infrastructure and search, not through social media and VR headsets." This is a "profit-taking" move on a stock that had a massive run, redirecting the funds into platforms with more diverse monetization paths.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

Quality over Momentum : The exit from Meta and the entry into Moody’s and Alphabet suggests a shift from "momentum-driven" tech to "quality-driven" platforms. Armitage is looking for companies with "unbreakable" moats and predictable cash flows, even if they aren't the "hottest" names in the AI hype cycle. 3. The "Financialization" of the Portfolio : With a 35.9% weight in Financials, Armitage is signaling that the most attractive risk-reward in the current market lies in the "plumbing" of finance—credit ratings, payment networks, and brokerage platforms. This is a bet on the system, not on individual banks. 4. Strategic Agility : The willingness to completely exit a 6.7% position (Progressive) in a single quarter shows that Egerton remains incredibly agile despite its size. This "all-in or all-out" approach is the hallmark of a high-conviction manager who isn't afraid to admit when a thesis has played out.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.