John Armitage – Egerton Capital UK Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Egerton Capital UK portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 12, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – Ferguson Enterprises Inc. (FERG), Seagate Technology (STX), Boston Scientific Corporation (BSX), Builders FirstSource, Inc. (BLDR)

Increases – Interactive Brokers Group, Inc. (IBKR), Capital One Financial Corporati (COF), Amphenol Corporation (APH), Visa Inc. (V), Aramark (ARMK), and 5 more

Reductions – Intercontinental Exchange Inc. (ICE), First Citizens BancShares, Inc. (FCNCA), LPL Financial Holdings Inc. (LPLA), Arch Capital (G0450A105), Progressive Corporation (The) (PGR), and 6 more

Complete Exits – Martin Marietta Materials, Inc. (MLM), Eli Lilly and Company (LLY), HDFC Bank Limited (HDB), Howard Hughes Holdings Inc. (HHH), Fiserv, Inc. (FI), and 1 more

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Egerton Capital UK Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q1 2023Mar 31, 2023	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-1,002,025-50.1%	$363.11M	999,181
Q1 2023Mar 31, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-1,099,578-45.3%	$382.71M	1,327,478
Q1 2023Mar 31, 2023	SLB Schlumberger N.V.	Schlumberger N.V.	Sell	-1,108,139-10.1%	$486.36M	9,905,496
Q1 2023Mar 31, 2023	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-1,159,249-50.9%	$223.88M	1,119,576
Q1 2023Mar 31, 2023	TECK Teck Resources Ltd	Teck Resources Ltd	Sell	-1,459,884-12.8%	$362.67M	9,936,175
Q1 2023Mar 31, 2023	CNI Canadian National Railway Compa	Canadian National Railway Compa	Sell	-2,271,953-20.7%	$1.03B	8,710,030
Q1 2023Mar 31, 2023	IBN ICICI Bank Limited	ICICI Bank Limited	Sell	-2,570,107-25.2%	$164.98M	7,644,873
Q1 2023Mar 31, 2023	CVE Cenovus Energy Inc	Cenovus Energy Inc	Sell	-3,593,767-12.5%	$438.85M	25,134,420
Q1 2023Mar 31, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-5,360,863-65.0%	$300.78M	2,892,080
Q1 2023Mar 31, 2023	CSX CSX Corporation	CSX Corporation	Sell - Position Exit	-7,574,429-100.0%	$0.00	-
Q1 2023Mar 31, 2023	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell - Position Exit	-9,498,276-100.0%	$0.00	-
Q4 2022Dec 31, 2022	SLB Schlumberger N.V.	Schlumberger N.V.	Buy - Position Entry	+11,013,635	$588.79M	11,013,635
Q4 2022Dec 31, 2022	IBN ICICI Bank Limited	ICICI Bank Limited	Buy - Position Entry	+10,214,980	$223.61M	10,214,980
Q4 2022Dec 31, 2022	EG Everest Group	Everest Group	Buy - Position Entry	+449,301	$148.84M	449,301
Q4 2022Dec 31, 2022	V Visa Inc.	Visa Inc.	Buy	+95,633+2.6%	$786.02M	3,783,314
Q4 2022Dec 31, 2022	LPLA LPL Financial Holdings Inc.	LPL Financial Holdings Inc.	Buy	+13,720+1.1%	$265.51M	1,228,244
Q4 2022Dec 31, 2022	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Buy	+7,507+3.6%	$436.95M	216,818
Q4 2022Dec 31, 2022	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-26,371-1.1%	$454.03M	2,278,825
Q4 2022Dec 31, 2022	FCNCA First Citizens BancShares, Inc.	First Citizens BancShares, Inc.	Sell	-63,192-8.2%	$538.73M	710,382
Q4 2022Dec 31, 2022	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-85,473-7.4%	$564.13M	1,064,026
Q4 2022Dec 31, 2022	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-159,885-7.4%	$695.88M	2,001,206
Q4 2022Dec 31, 2022	CNI Canadian National Railway Compa	Canadian National Railway Compa	Sell	-190,913-1.7%	$1.31B	10,981,983
Q4 2022Dec 31, 2022	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-355,217-7.5%	$204.61M	4,407,842
Q4 2022Dec 31, 2022	CVE Cenovus Energy Inc	Cenovus Energy Inc	Sell	-505,443-1.7%	$557.61M	28,728,187
Q4 2022Dec 31, 2022	TECK Teck Resources Ltd	Teck Resources Ltd	Sell	-587,081-4.9%	$431.00M	11,396,059
Q4 2022Dec 31, 2022	ADI Analog Devices, Inc.	Analog Devices, Inc.	Sell	-2,040,968-50.9%	$322.92M	1,968,657
Q4 2022Dec 31, 2022	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-2,078,548-20.1%	$732.28M	8,252,943
Q4 2022Dec 31, 2022	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell	-2,154,288-18.5%	$790.83M	9,498,276
Q4 2022Dec 31, 2022	BXMT Blackstone Mortgage Trust, Inc.	Blackstone Mortgage Trust, Inc.	Sell - Position Exit	-2,331,170-100.0%	$0.00	-
Q4 2022Dec 31, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-2,403,815-49.8%	$582.06M	2,427,056

Page 10 of 47 • 1409 total trades

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