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 2015Dec 31, 2015	SKX Skechers U.S.A., Inc.	Skechers U.S.A., Inc.	Sell - Position Exit	-885,969-100.0%	$0.00	-
Q4 2015Dec 31, 2015	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Sell	-1,030,694-49.8%	$60.86K	1,038,568
Q4 2015Dec 31, 2015	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-1,198,092-24.8%	$240.13K	3,636,733
Q4 2015Dec 31, 2015	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-1,234,755-46.8%	$191.34K	1,400,965
Q4 2015Dec 31, 2015	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Sell	-1,299,329-23.2%	$434.25K	4,291,467
Q4 2015Dec 31, 2015	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-1,336,910-31.6%	$282.22K	2,898,689
Q4 2015Dec 31, 2015	LUV Southwest Airlines Company	Southwest Airlines Company	Sell	-1,353,479-8.0%	$666.03K	15,467,462
Q4 2015Dec 31, 2015	AAPL Apple Inc.	Apple Inc.	Sell - Position Exit	-1,460,423-100.0%	$0.00	-
Q4 2015Dec 31, 2015	CF CF Industries Holdings, Inc.	CF Industries Holdings, Inc.	Sell - Position Exit	-2,037,065-100.0%	$0.00	-
Q4 2015Dec 31, 2015	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Sell - Position Exit	-4,460,346-100.0%	$0.00	-
Q3 2015Sep 30, 2015	MSFT Microsoft Corporation	Microsoft Corporation	Buy - Position Entry	+5,588,698	$247.36K	5,588,698
Q3 2015Sep 30, 2015	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Buy	+5,558,939+259.3%	$220.00K	7,703,163
Q3 2015Sep 30, 2015	JD JD.com, Inc.	JD.com, Inc.	Buy - Position Entry	+5,427,600	$141.44K	5,427,600
Q3 2015Sep 30, 2015	CMCSA Comcast Corporation	Comcast Corporation	Buy	+3,393,639+59.8%	$515.78K	9,067,901
Q3 2015Sep 30, 2015	LUV Southwest Airlines Company	Southwest Airlines Company	Buy	+2,884,621+20.7%	$639.87K	16,820,941
Q3 2015Sep 30, 2015	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Buy	+2,311,030+107.5%	$370.65K	4,460,346
Q3 2015Sep 30, 2015	NCLH Norwegian Cruise Line	Norwegian Cruise Line	Buy - Position Entry	+2,069,262	$118.57K	2,069,262
Q3 2015Sep 30, 2015	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+1,591,895+60.0%	$381.68K	4,245,588
Q3 2015Sep 30, 2015	GILD Gilead Sciences, Inc.	Gilead Sciences, Inc.	Buy	+1,591,342+39.8%	$548.96K	5,590,796
Q3 2015Sep 30, 2015	DVA DaVita Inc.	DaVita Inc.	Buy	+1,267,406+39.9%	$321.26K	4,441,563
Q3 2015Sep 30, 2015	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Buy	+737,563+38.9%	$400.50K	2,635,720
Q3 2015Sep 30, 2015	EQIX Equinix, Inc.	Equinix, Inc.	Buy - Position Entry	+126,873	$34.69K	126,873
Q3 2015Sep 30, 2015	HD Home Depot, Inc. (The)	Home Depot, Inc. (The)	Buy	+37,917+1.6%	$278.65K	2,412,745
Q3 2015Sep 30, 2015	BXMT Blackstone Mortgage Trust, Inc.	Blackstone Mortgage Trust, Inc.	Buy	+24,891+1.4%	$49.82K	1,815,726
Q3 2015Sep 30, 2015	V Visa Inc.	Visa Inc.	Buy	+7,532+0.2%	$316.77K	4,547,434
Q3 2015Sep 30, 2015	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-120,965-2.8%	$381.71K	4,235,599
Q3 2015Sep 30, 2015	SKX Skechers U.S.A., Inc.	Skechers U.S.A., Inc.	Sell	-261,301-22.8%	$118.79K	885,969
Q3 2015Sep 30, 2015	SLB Schlumberger N.V.	Schlumberger N.V.	Sell	-542,333-61.8%	$23.16K	335,719
Q3 2015Sep 30, 2015	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell - Position Exit	-623,283-100.0%	$0.00	-
Q3 2015Sep 30, 2015	HDB HDFC Bank Limited	HDFC Bank Limited	Sell	-749,442-43.8%	$58.65K	960,127

Page 39 of 47 • 1409 total trades

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