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 2020Mar 31, 2020	HDB HDFC Bank Limited	HDFC Bank Limited	Sell - Position Exit	-4,312,271-100.0%	$0.00	-
Q1 2020Mar 31, 2020	AVTR Avantor, Inc.	Avantor, Inc.	Sell - Position Exit	-7,362,154-100.0%	$0.00	-
Q1 2020Mar 31, 2020	IBN ICICI Bank Limited	ICICI Bank Limited	Sell - Position Exit	-14,119,109-100.0%	$0.00	-
Q4 2019Dec 31, 2019	IBN ICICI Bank Limited	ICICI Bank Limited	Buy - Position Entry	+14,119,109	$213.06K	14,119,109
Q4 2019Dec 31, 2019	NBIS Nebius Group	Nebius Group	Buy - Position Entry	+9,106,091	$396.02K	9,106,091
Q4 2019Dec 31, 2019	AVTR Avantor, Inc.	Avantor, Inc.	Buy - Position Entry	+7,362,154	$133.62K	7,362,154
Q4 2019Dec 31, 2019	HDB HDFC Bank Limited	HDFC Bank Limited	Buy - Position Entry	+4,312,271	$273.27K	4,312,271
Q4 2019Dec 31, 2019	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy - Position Entry	+2,806,805	$825.14K	2,806,805
Q4 2019Dec 31, 2019	FI Fiserv, Inc.	Fiserv, Inc.	Buy	+2,419,458+45.7%	$891.98K	7,714,083
Q4 2019Dec 31, 2019	MO Altria Group, Inc.	Altria Group, Inc.	Buy - Position Entry	+2,152,485	$107.43K	2,152,485
Q4 2019Dec 31, 2019	NFLX Netflix, Inc.	Netflix, Inc.	Buy	+1,089,345+370.5%	$447.61K	1,383,351
Q4 2019Dec 31, 2019	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Buy	+619,097+196.3%	$303.58K	934,456
Q4 2019Dec 31, 2019	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Buy	+327,584+3.5%	$511.69K	9,700,214
Q4 2019Dec 31, 2019	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Buy	+281,679+8.0%	$550.65K	3,824,262
Q4 2019Dec 31, 2019	ADBE Adobe Inc.	Adobe Inc.	Buy	+127,259+7.3%	$616.64K	1,869,677
Q4 2019Dec 31, 2019	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-37,219-2.5%	$433.44K	1,451,641
Q4 2019Dec 31, 2019	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-56,244-7.4%	$396.45K	707,950
Q4 2019Dec 31, 2019	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell - Position Exit	-152,380-100.0%	$0.00	-
Q4 2019Dec 31, 2019	SPGI S&P Global Inc.	S&P Global Inc.	Sell	-251,737-13.1%	$454.83K	1,665,744
Q4 2019Dec 31, 2019	AXP American Express Company	American Express Company	Sell	-266,316-7.5%	$406.74K	3,267,224
Q4 2019Dec 31, 2019	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-290,810-5.2%	$841.98K	5,339,131
Q4 2019Dec 31, 2019	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-318,529-16.7%	$258.29K	1,588,101
Q4 2019Dec 31, 2019	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Sell	-374,136-6.8%	$1.09M	5,158,187
Q4 2019Dec 31, 2019	CHTR Charter Communications, Inc.	Charter Communications, Inc.	Sell	-375,425-14.0%	$1.12M	2,304,265
Q4 2019Dec 31, 2019	ADSK Autodesk, Inc.	Autodesk, Inc.	Sell	-378,823-28.7%	$172.51K	940,334
Q4 2019Dec 31, 2019	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-418,849-52.7%	$502.89K	376,128
Q4 2019Dec 31, 2019	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-493,917-28.5%	$347.05K	1,241,056
Q4 2019Dec 31, 2019	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-599,552-30.7%	$277.69K	1,352,938
Q4 2019Dec 31, 2019	ARMK Aramark	Aramark	Sell - Position Exit	-635,058-100.0%	$0.00	-
Q4 2019Dec 31, 2019	SNPS Synopsys, Inc.	Synopsys, Inc.	Sell - Position Exit	-893,313-100.0%	$0.00	-

Page 23 of 47 • 1409 total trades

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