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
Q2 2024Jun 30, 2024	GE GE Aerospace	GE Aerospace	Sell	-998,532-29.6%	$377.28M	2,373,275
Q2 2024Jun 30, 2024	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-1,096,811-22.0%	$752.79M	3,895,405
Q2 2024Jun 30, 2024	GEHC GE HealthCare Technologies Inc.	GE HealthCare Technologies Inc.	Sell	-1,348,969-15.5%	$573.33M	7,357,885
Q2 2024Jun 30, 2024	SQ Block, Inc.	Block, Inc.	Sell - Position Exit	-1,900,407-100.0%	$0.00	-
Q2 2024Jun 30, 2024	CNI Canadian National Railway Compa	Canadian National Railway Compa	Sell	-1,939,582-32.3%	$480.40M	4,066,666
Q2 2024Jun 30, 2024	CVE Cenovus Energy Inc	Cenovus Energy Inc	Sell	-3,644,951-26.1%	$202.95M	10,322,992
Q2 2024Jun 30, 2024	APG APi Group Corporation	APi Group Corporation	Sell - Position Exit	-4,079,597-100.0%	$0.00	-
Q1 2024Mar 31, 2024	GEHC GE HealthCare Technologies Inc.	GE HealthCare Technologies Inc.	Buy	+5,210,342+149.0%	$791.54M	8,706,854
Q1 2024Mar 31, 2024	APG APi Group Corporation	APi Group Corporation	Buy - Position Entry	+4,079,597	$160.21M	4,079,597
Q1 2024Mar 31, 2024	IBKR Interactive Brokers Group, Inc.	Interactive Brokers Group, Inc.	Buy - Position Entry	+2,823,697	$315.44M	2,823,697
Q1 2024Mar 31, 2024	SQ Block, Inc.	Block, Inc.	Buy - Position Entry	+1,900,407	$160.74M	1,900,407
Q1 2024Mar 31, 2024	G0450A105 Arch Capital	Arch Capital	Buy	+1,403,616+70.3%	$314.38M	3,400,894
Q1 2024Mar 31, 2024	CRH CRH	CRH	Buy	+842,172+24.8%	$365.35M	4,235,437
Q1 2024Mar 31, 2024	CNI Canadian National Railway Compa	Canadian National Railway Compa	Buy	+697,980+13.1%	$791.08M	6,006,248
Q1 2024Mar 31, 2024	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+342,982+7.4%	$900.50M	4,992,216
Q1 2024Mar 31, 2024	FCNCA First Citizens BancShares, Inc.	First Citizens BancShares, Inc.	Sell	-4,616-1.5%	$487.99M	298,463
Q1 2024Mar 31, 2024	HLT Hilton Worldwide Holdings Inc.	Hilton Worldwide Holdings Inc.	Sell	-20,665-1.6%	$273.40M	1,281,706
Q1 2024Mar 31, 2024	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Sell	-26,982-25.0%	$293.21M	80,821
Q1 2024Mar 31, 2024	FI Fiserv, Inc.	Fiserv, Inc.	Sell	-56,007-1.6%	$542.15M	3,392,276
Q1 2024Mar 31, 2024	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-161,911-30.1%	$181.12M	376,093
Q1 2024Mar 31, 2024	CVE Cenovus Energy Inc	Cenovus Energy Inc	Sell	-225,108-1.6%	$279.22M	13,967,943
Q1 2024Mar 31, 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-333,900-19.4%	$583.57M	1,387,066
Q1 2024Mar 31, 2024	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-359,908-20.0%	$699.79M	1,441,137
Q1 2024Mar 31, 2024	GE GE Aerospace	GE Aerospace	Sell	-931,163-21.6%	$591.85M	3,371,807
Q1 2024Mar 31, 2024	V Visa Inc.	Visa Inc.	Sell	-933,144-25.4%	$763.38M	2,735,356
Q1 2024Mar 31, 2024	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-972,954-28.1%	$379.21M	2,490,553
Q1 2024Mar 31, 2024	SHEL Shell PLC	Shell PLC	Sell - Position Exit	-1,173,260-100.0%	$0.00	-
Q1 2024Mar 31, 2024	CP Canadian Pacific Kansas City Li	Canadian Pacific Kansas City Li	Sell	-1,448,339-12.7%	$877.46M	9,951,877
Q1 2024Mar 31, 2024	HDB HDFC Bank Limited	HDFC Bank Limited	Sell - Position Exit	-2,823,924-100.0%	$0.00	-
Q1 2024Mar 31, 2024	SLB Schlumberger N.V.	Schlumberger N.V.	Sell - Position Exit	-3,295,155-100.0%	$0.00	-

Page 6 of 47 • 1409 total trades

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