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
Q4 2022Dec 31, 2022	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell - Position Exit	-2,787,947-100.0%	$0.00	-
Q4 2022Dec 31, 2022	AMAT Applied Materials, Inc.	Applied Materials, Inc.	Sell	-3,393,546-57.9%	$240.51M	2,469,856
Q4 2022Dec 31, 2022	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell - Position Exit	-3,460,517-100.0%	$0.00	-
Q4 2022Dec 31, 2022	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Sell - Position Exit	-4,708,096-100.0%	$0.00	-
Q4 2022Dec 31, 2022	CSX CSX Corporation	CSX Corporation	Sell	-8,564,109-53.1%	$234.66M	7,574,429
Q3 2022Sep 30, 2022	CVE Cenovus Energy Inc	Cenovus Energy Inc	Buy	+10,897,650+59.4%	$449.32K	29,233,630
Q3 2022Sep 30, 2022	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+9,737,793+1640.2%	$993.37K	10,331,491
Q3 2022Sep 30, 2022	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy - Position Entry	+2,787,947	$315.04K	2,787,947
Q3 2022Sep 30, 2022	TECK Teck Resources Ltd	Teck Resources Ltd	Buy	+1,681,675+16.3%	$364.41K	11,983,140
Q3 2022Sep 30, 2022	AMAT Applied Materials, Inc.	Applied Materials, Inc.	Buy	+956,360+19.5%	$480.39K	5,863,402
Q3 2022Sep 30, 2022	LPLA LPL Financial Holdings Inc.	LPL Financial Holdings Inc.	Buy	+103,214+9.3%	$265.35K	1,214,524
Q3 2022Sep 30, 2022	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Buy	+100,111+91.7%	$343.94K	209,311
Q3 2022Sep 30, 2022	NVR NVR, Inc.	NVR, Inc.	Sell - Position Exit	-11,068-100.0%	$0.00	-
Q3 2022Sep 30, 2022	FCNCA First Citizens BancShares, Inc.	First Citizens BancShares, Inc.	Sell	-71,526-8.5%	$616.87K	773,574
Q3 2022Sep 30, 2022	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell	-149,146-6.1%	$432.94K	2,305,196
Q3 2022Sep 30, 2022	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-242,960-10.1%	$614.49K	2,161,091
Q3 2022Sep 30, 2022	BXMT Blackstone Mortgage Trust, Inc.	Blackstone Mortgage Trust, Inc.	Sell	-262,147-10.1%	$54.41K	2,331,170
Q3 2022Sep 30, 2022	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-347,821-23.2%	$580.54K	1,149,499
Q3 2022Sep 30, 2022	ADI Analog Devices, Inc.	Analog Devices, Inc.	Sell	-445,432-10.0%	$558.70K	4,009,625
Q3 2022Sep 30, 2022	V Visa Inc.	Visa Inc.	Sell	-471,350-11.3%	$655.12K	3,687,681
Q3 2022Sep 30, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-559,049-10.4%	$1.13M	4,830,871
Q3 2022Sep 30, 2022	CNI Canadian National Railway Compa	Canadian National Railway Compa	Sell	-649,986-5.5%	$1.21M	11,172,896
Q3 2022Sep 30, 2022	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell	-908,475-7.2%	$837.47K	11,652,564
Q3 2022Sep 30, 2022	BXSL Blackstone Secured Lending Fund	Blackstone Secured Lending Fund	Sell - Position Exit	-1,235,363-100.0%	$0.00	-
Q3 2022Sep 30, 2022	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell	-1,305,785-27.4%	$237.25K	3,460,517
Q3 2022Sep 30, 2022	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-2,136,476-31.0%	$204.81K	4,763,059
Q3 2022Sep 30, 2022	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Sell	-2,909,169-38.2%	$317.09K	4,708,096
Q3 2022Sep 30, 2022	AA Alcoa Corporation	Alcoa Corporation	Sell - Position Exit	-3,620,585-100.0%	$0.00	-
Q3 2022Sep 30, 2022	CSX CSX Corporation	CSX Corporation	Sell	-6,121,569-27.5%	$429.93K	16,138,538
Q3 2022Sep 30, 2022	BBWI Bath & Body Works, Inc.	Bath & Body Works, Inc.	Sell - Position Exit	-7,474,211-100.0%	$0.00	-

Page 11 of 47 • 1409 total trades

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