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 2022Mar 31, 2022	AA Alcoa Corporation	Alcoa Corporation	Buy - Position Entry	+3,530,533	$317.85K	3,530,533
Q1 2022Mar 31, 2022	TECK Teck Resources Ltd	Teck Resources Ltd	Buy - Position Entry	+2,752,408	$111.17K	2,752,408
Q1 2022Mar 31, 2022	AMAT Applied Materials, Inc.	Applied Materials, Inc.	Buy - Position Entry	+2,000,999	$263.73K	2,000,999
Q1 2022Mar 31, 2022	CNI Canadian National Railway Compa	Canadian National Railway Compa	Buy	+1,634,059+21.1%	$1.26M	9,388,387
Q1 2022Mar 31, 2022	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Buy	+1,299,622+56.2%	$730.10K	3,610,961
Q1 2022Mar 31, 2022	LPLA LPL Financial Holdings Inc.	LPL Financial Holdings Inc.	Buy - Position Entry	+799,461	$146.05K	799,461
Q1 2022Mar 31, 2022	ADI Analog Devices, Inc.	Analog Devices, Inc.	Buy	+614,177+19.7%	$615.90K	3,728,676
Q1 2022Mar 31, 2022	FCNCA First Citizens BancShares, Inc.	First Citizens BancShares, Inc.	Buy	+498,838+147.5%	$557.17K	837,088
Q1 2022Mar 31, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+427,351+9.7%	$1.49M	4,816,642
Q1 2022Mar 31, 2022	V Visa Inc.	Visa Inc.	Buy	+306,910+6.7%	$1.08M	4,883,072
Q1 2022Mar 31, 2022	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+119,690+16.3%	$305.21K	854,026
Q1 2022Mar 31, 2022	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+90,008+32.2%	$1.21M	369,920
Q1 2022Mar 31, 2022	TSCO Tractor Supply Company	Tractor Supply Company	Buy - Position Entry	+88,190	$20.58K	88,190
Q1 2022Mar 31, 2022	NVR NVR, Inc.	NVR, Inc.	Buy - Position Entry	+11,341	$50.66K	11,341
Q1 2022Mar 31, 2022	BBWI Bath & Body Works, Inc.	Bath & Body Works, Inc.	Sell	-45,530-0.3%	$651.31K	13,625,757
Q1 2022Mar 31, 2022	BXSL Blackstone Secured Lending Fund	Blackstone Secured Lending Fund	Sell	-86,873-6.5%	$34.71K	1,244,940
Q1 2022Mar 31, 2022	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-136,489-15.8%	$2.04M	729,822
Q1 2022Mar 31, 2022	BXMT Blackstone Mortgage Trust, Inc.	Blackstone Mortgage Trust, Inc.	Sell	-200,535-7.0%	$84.97K	2,672,963
Q1 2022Mar 31, 2022	RH RH	RH	Sell - Position Exit	-210,446-100.0%	$0.00	-
Q1 2022Mar 31, 2022	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-392,598-19.4%	$833.97K	1,635,327
Q1 2022Mar 31, 2022	SHOP Shopify Inc.	Shopify Inc.	Sell - Position Exit	-418,842-100.0%	$0.00	-
Q1 2022Mar 31, 2022	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-485,061-6.9%	$380.69K	6,510,892
Q1 2022Mar 31, 2022	CRM Salesforce, Inc.	Salesforce, Inc.	Sell - Position Exit	-595,319-100.0%	$0.00	-
Q1 2022Mar 31, 2022	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Sell	-602,202-7.2%	$582.59K	7,818,902
Q1 2022Mar 31, 2022	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Sell	-638,495-74.1%	$41.08K	223,611
Q1 2022Mar 31, 2022	NFLX Netflix, Inc.	Netflix, Inc.	Sell - Position Exit	-660,464-100.0%	$0.00	-
Q1 2022Mar 31, 2022	SNAP Snap Inc.	Snap Inc.	Sell	-710,001-9.6%	$239.70K	6,660,121
Q1 2022Mar 31, 2022	IFF International Flavors & Fragran	International Flavors & Fragran	Sell - Position Exit	-756,710-100.0%	$0.00	-
Q1 2022Mar 31, 2022	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell - Position Exit	-758,612-100.0%	$0.00	-
Q1 2022Mar 31, 2022	PVH PVH Corp.	PVH Corp.	Sell	-772,288-29.9%	$138.61K	1,809,333

Page 13 of 47 • 1409 total trades

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