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 2023Jun 30, 2023	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Buy	+54,638+75.3%	$343.43M	127,181
Q2 2023Jun 30, 2023	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell - Position Exit	-89,364-100.0%	$0.00	-
Q2 2023Jun 30, 2023	AMAT Applied Materials, Inc.	Applied Materials, Inc.	Sell	-92,953-3.4%	$380.02M	2,629,188
Q2 2023Jun 30, 2023	EG Everest Group	Everest Group	Sell	-116,684-28.7%	$99.13M	289,962
Q2 2023Jun 30, 2023	FI Fiserv, Inc.	Fiserv, Inc.	Sell	-118,355-3.4%	$426.49M	3,380,844
Q2 2023Jun 30, 2023	LIN Linde	Linde	Sell - Position Exit	-119,255-100.0%	$0.00	-
Q2 2023Jun 30, 2023	FCNCA First Citizens BancShares, Inc.	First Citizens BancShares, Inc.	Sell	-273,317-45.3%	$423.15M	329,701
Q2 2023Jun 30, 2023	ADI Analog Devices, Inc.	Analog Devices, Inc.	Sell	-586,869-32.7%	$235.65M	1,209,635
Q2 2023Jun 30, 2023	V Visa Inc.	Visa Inc.	Sell	-704,829-16.8%	$826.39M	3,479,839
Q2 2023Jun 30, 2023	CNI Canadian National Railway Compa	Canadian National Railway Compa	Sell	-1,014,587-11.6%	$931.69M	7,695,443
Q2 2023Jun 30, 2023	LPLA LPL Financial Holdings Inc.	LPL Financial Holdings Inc.	Sell - Position Exit	-1,019,727-100.0%	$0.00	-
Q2 2023Jun 30, 2023	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell - Position Exit	-1,119,576-100.0%	$0.00	-
Q2 2023Jun 30, 2023	SLB Schlumberger N.V.	Schlumberger N.V.	Sell	-1,293,375-13.1%	$423.03M	8,612,121
Q2 2023Jun 30, 2023	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-2,399,841-62.3%	$81.31M	1,451,887
Q2 2023Jun 30, 2023	TECK Teck Resources Ltd	Teck Resources Ltd	Sell	-2,809,659-28.3%	$300.03M	7,126,516
Q2 2023Jun 30, 2023	CVE Cenovus Energy Inc	Cenovus Energy Inc	Sell	-9,728,452-38.7%	$261.59M	15,405,968
Q1 2023Mar 31, 2023	FI Fiserv, Inc.	Fiserv, Inc.	Buy - Position Entry	+3,499,199	$395.51M	3,499,199
Q1 2023Mar 31, 2023	HDB HDFC Bank Limited	HDFC Bank Limited	Buy - Position Entry	+2,347,386	$156.50M	2,347,386
Q1 2023Mar 31, 2023	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy - Position Entry	+1,755,537	$372.07M	1,755,537
Q1 2023Mar 31, 2023	V Visa Inc.	Visa Inc.	Buy	+401,354+10.6%	$943.48M	4,184,668
Q1 2023Mar 31, 2023	AMAT Applied Materials, Inc.	Applied Materials, Inc.	Buy	+252,285+10.2%	$334.36M	2,722,141
Q1 2023Mar 31, 2023	LIN Linde	Linde	Buy - Position Entry	+119,255	$42.39M	119,255
Q1 2023Mar 31, 2023	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Buy - Position Entry	+106,751	$61.53M	106,751
Q1 2023Mar 31, 2023	EG Everest Group	Everest Group	Sell	-42,655-9.5%	$145.59M	406,646
Q1 2023Mar 31, 2023	FCNCA First Citizens BancShares, Inc.	First Citizens BancShares, Inc.	Sell	-107,364-15.1%	$586.80M	603,018
Q1 2023Mar 31, 2023	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Sell	-144,275-66.5%	$192.41M	72,543
Q1 2023Mar 31, 2023	ADI Analog Devices, Inc.	Analog Devices, Inc.	Sell	-172,153-8.7%	$354.31M	1,796,504
Q1 2023Mar 31, 2023	LPLA LPL Financial Holdings Inc.	LPL Financial Holdings Inc.	Sell	-208,517-17.0%	$206.39M	1,019,727
Q1 2023Mar 31, 2023	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-556,114-12.6%	$202.29M	3,851,728
Q1 2023Mar 31, 2023	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-974,662-91.6%	$42.23M	89,364

Page 9 of 47 • 1409 total trades

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