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 2021Dec 31, 2021	SQ Block, Inc.	Block, Inc.	Sell - Position Exit	-461,768-100.0%	$0.00	-
Q4 2021Dec 31, 2021	V Visa Inc.	Visa Inc.	Sell	-474,489-9.4%	$991.70K	4,576,162
Q4 2021Dec 31, 2021	SE Sea Limited	Sea Limited	Sell - Position Exit	-639,298-100.0%	$0.00	-
Q4 2021Dec 31, 2021	BXMT Blackstone Mortgage Trust, Inc.	Blackstone Mortgage Trust, Inc.	Sell	-793,565-21.6%	$87.99K	2,873,498
Q4 2021Dec 31, 2021	VSCO Victorias Secret & Co.	Victorias Secret & Co.	Sell	-904,539-23.0%	$168.42K	3,032,339
Q4 2021Dec 31, 2021	TMUS T-Mobile US, Inc.	T-Mobile US, Inc.	Sell - Position Exit	-1,274,093-100.0%	$0.00	-
Q4 2021Dec 31, 2021	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-1,421,086-65.2%	$255.16K	758,612
Q4 2021Dec 31, 2021	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell - Position Exit	-1,478,478-100.0%	$0.00	-
Q4 2021Dec 31, 2021	NBIS Nebius Group	Nebius Group	Sell - Position Exit	-2,871,515-100.0%	$0.00	-
Q4 2021Dec 31, 2021	CMCSA Comcast Corporation	Comcast Corporation	Sell - Position Exit	-16,274,833-100.0%	$0.00	-
Q3 2021Sep 30, 2021	BBWI Bath & Body Works, Inc.	Bath & Body Works, Inc.	Buy - Position Entry	+14,106,376	$889.13K	14,106,376
Q3 2021Sep 30, 2021	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Buy	+7,959,247+126.2%	$1.04M	14,264,290
Q3 2021Sep 30, 2021	CNI Canadian National Railway Compa	Canadian National Railway Compa	Buy - Position Entry	+7,924,388	$916.46K	7,924,388
Q3 2021Sep 30, 2021	CMCSA Comcast Corporation	Comcast Corporation	Buy	+6,130,333+60.4%	$910.25K	16,274,833
Q3 2021Sep 30, 2021	VSCO Victorias Secret & Co.	Victorias Secret & Co.	Buy - Position Entry	+3,936,878	$217.55K	3,936,878
Q3 2021Sep 30, 2021	PVH PVH Corp.	PVH Corp.	Buy - Position Entry	+2,526,834	$259.73K	2,526,834
Q3 2021Sep 30, 2021	G4412G101 Herbalife	Herbalife	Buy - Position Entry	+2,224,084	$94.26K	2,224,084
Q3 2021Sep 30, 2021	ADI Analog Devices, Inc.	Analog Devices, Inc.	Buy	+1,373,683+75.9%	$533.08K	3,182,952
Q3 2021Sep 30, 2021	CSX CSX Corporation	CSX Corporation	Buy	+1,317,273+4.1%	$989.31K	33,265,341
Q3 2021Sep 30, 2021	IFF International Flavors & Fragran	International Flavors & Fragran	Buy - Position Entry	+851,901	$113.92K	851,901
Q3 2021Sep 30, 2021	V Visa Inc.	Visa Inc.	Buy	+680,797+15.6%	$1.13M	5,050,651
Q3 2021Sep 30, 2021	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Buy - Position Entry	+648,048	$109.62K	648,048
Q3 2021Sep 30, 2021	SQ Block, Inc.	Block, Inc.	Buy - Position Entry	+461,768	$110.75K	461,768
Q3 2021Sep 30, 2021	CHTR Charter Communications, Inc.	Charter Communications, Inc.	Buy	+356,510+20.4%	$1.53M	2,100,663
Q3 2021Sep 30, 2021	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Buy	+272,169+3.3%	$722.14K	8,599,952
Q3 2021Sep 30, 2021	RH RH	RH	Buy - Position Entry	+165,199	$110.17K	165,199
Q3 2021Sep 30, 2021	FCNCA First Citizens BancShares, Inc.	First Citizens BancShares, Inc.	Buy	+132,283+95.2%	$228.71K	271,253
Q3 2021Sep 30, 2021	SHOP Shopify Inc.	Shopify Inc.	Buy	+130,058+67.6%	$437.35K	322,584
Q3 2021Sep 30, 2021	SE Sea Limited	Sea Limited	Sell	-10,451-1.6%	$203.76K	639,298
Q3 2021Sep 30, 2021	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-22,136-1.5%	$384.71K	1,478,478

Page 15 of 47 • 1409 total trades

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