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 2018Dec 31, 2018	ADBE Adobe Inc.	Adobe Inc.	Sell	-854,265-28.6%	$482.86K	2,134,263
Q4 2018Dec 31, 2018	CRM Salesforce, Inc.	Salesforce, Inc.	Sell - Position Exit	-945,959-100.0%	$0.00	-
Q4 2018Dec 31, 2018	NTR Nutrien Ltd.	Nutrien Ltd.	Sell	-950,307-21.5%	$163.23K	3,472,993
Q4 2018Dec 31, 2018	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-999,229-10.2%	$172.06K	8,765,389
Q4 2018Dec 31, 2018	TS Tenaris S.A.	Tenaris S.A.	Sell	-1,689,055-18.3%	$160.49K	7,527,640
Q4 2018Dec 31, 2018	WYNN Wynn Resorts, Limited	Wynn Resorts, Limited	Sell	-2,205,581-74.3%	$75.51K	763,460
Q4 2018Dec 31, 2018	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell - Position Exit	-6,493,542-100.0%	$0.00	-
Q4 2018Dec 31, 2018	BAC Bank of America Corporation	Bank of America Corporation	Sell - Position Exit	-11,913,680-100.0%	$0.00	-
Q3 2018Sep 30, 2018	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy - Position Entry	+9,764,618	$266.28K	9,764,618
Q3 2018Sep 30, 2018	UNP Union Pacific Corporation	Union Pacific Corporation	Buy	+4,683,800+142.8%	$1.30M	7,962,988
Q3 2018Sep 30, 2018	CSX CSX Corporation	CSX Corporation	Buy	+3,708,912+53.7%	$786.32K	10,618,756
Q3 2018Sep 30, 2018	CHTR Charter Communications, Inc.	Charter Communications, Inc.	Buy - Position Entry	+2,731,830	$890.25K	2,731,830
Q3 2018Sep 30, 2018	TS Tenaris S.A.	Tenaris S.A.	Buy	+2,405,954+35.3%	$308.94K	9,216,695
Q3 2018Sep 30, 2018	NTR Nutrien Ltd.	Nutrien Ltd.	Buy	+1,762,773+66.3%	$255.22K	4,423,300
Q3 2018Sep 30, 2018	SNPS Synopsys, Inc.	Synopsys, Inc.	Buy - Position Entry	+1,022,200	$100.80K	1,022,200
Q3 2018Sep 30, 2018	TRU TransUnion	TransUnion	Buy	+966,563+39.6%	$250.70K	3,407,123
Q3 2018Sep 30, 2018	WYNN Wynn Resorts, Limited	Wynn Resorts, Limited	Buy	+728,301+32.5%	$377.25K	2,969,041
Q3 2018Sep 30, 2018	ADBE Adobe Inc.	Adobe Inc.	Buy	+593,110+24.8%	$806.75K	2,988,528
Q3 2018Sep 30, 2018	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+311,116+4.2%	$886.98K	7,755,330
Q3 2018Sep 30, 2018	GDDY GoDaddy Inc.	GoDaddy Inc.	Buy	+8,743+0.3%	$269.92K	3,236,792
Q3 2018Sep 30, 2018	BXMT Blackstone Mortgage Trust, Inc.	Blackstone Mortgage Trust, Inc.	Buy	+3,263+0.3%	$43.72K	1,304,798
Q3 2018Sep 30, 2018	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+1,336+0.3%	$625.38K	523,997
Q3 2018Sep 30, 2018	SPGI S&P Global Inc.	S&P Global Inc.	Sell	-114,156-3.5%	$618.46K	3,165,265
Q3 2018Sep 30, 2018	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Sell - Position Exit	-165,438-100.0%	$0.00	-
Q3 2018Sep 30, 2018	CTAS Cintas Corporation	Cintas Corporation	Sell	-347,306-34.9%	$128.18K	647,981
Q3 2018Sep 30, 2018	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-604,892-37.9%	$220.44K	990,275
Q3 2018Sep 30, 2018	STZ Constellation Brands, Inc.	Constellation Brands, Inc.	Sell - Position Exit	-960,790-100.0%	$0.00	-
Q3 2018Sep 30, 2018	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-1,081,148-53.3%	$150.44K	945,959
Q3 2018Sep 30, 2018	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Sell	-1,170,548-33.4%	$384.83K	2,335,720
Q3 2018Sep 30, 2018	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-1,228,961-44.7%	$404.60K	1,520,811

Page 28 of 47 • 1409 total trades

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