We break down the stocks Egerton Capital bought, sold, and held in Q1 2024, including their holdings at the end of the quarter. All data sourced from Egerton Capital's 13F filed on May 13, 2024.
Who is Egerton Capital?
Egerton Capital is a London-based investment firm founded in 1994 by John Armitage. The fund employs a fundamental, research-driven approach to long/short equity investing primarily in European and North American markets. Under Armitage's leadership, Egerton has built a strong reputation for disciplined risk management and consistent performance across market cycles, focusing on high-quality companies with strong management teams and sustainable competitive advantages.
Egertoncapital.com
Wikipedia on Egerton Capital
Wikipedia on Jon Armitage
Portfolio Changes in Q1 2024
New positions
Egerton Capital initiated three new positions during Q1 2024, led by Interactive Brokers Group (IBKR) worth $315.4 million, followed by Block (SQ) at $160.7 million and API Group (APG) at $160.2 million.
Bought
Egerton Capital significantly increased its position in GE Healthcare (GEHC) by 193%, bringing the holding value from $270.3 million to $791.5 million, while also substantially adding to Arch Capital Group (ACGL) (+112%) and CRH (CRH) (+56%). Other notable additions included Amazon (AMZN), Canadian National (CNI), and RenaissanceRe (RNR).
Sold
Egerton Capital completely exited its positions in HDFC Bank (HDB), Schlumberger (SLB), and Shell (SHEL), while significantly trimming ICICI Bank (IBN) by 45% and reducing major technology holdings including Alphabet (GOOG) (-22%), Visa (V) (-20%), Mastercard (MA) (-21%), Booking Holdings (BKNG) (-23%), and Microsoft (MSFT) (-10%).
New Investments in Q1 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| IBKR | Interactive Brokers Group | 49.6% | NEW | $315.44M |
| SQ | Block | 25.3% | NEW | $160.74M |
| APG | API Group | 25.2% | NEW | $160.21M |
Interactive Brokers Group IBKR
Egerton Capital bought $315.44M of Interactive Brokers Group in Q1 2024. Interactive Brokers Group delivered strong Q1 2025 results with diluted EPS up 20.5% year-over-year to $1.94 and net revenues growing 19% to $1.43 billion. The company continues gaining market share with client equity rising 23% YoY to $573.5 billion despite market volatility. Recent product expansions in forecast contracts position it for continued growth in alternative trading markets.
- Commission revenue surged 36% to $514 million driven by 47% increase in stock trading volume.
- Net interest income grew 3% to $770 million as margin loans and credit balances expanded.
- Adjusted diluted EPS of $1.88 beat year-ago results by 14.6%, though narrowly missed estimates by 2.08%.
Block SQ
Egerton Capital bought $160.74M of Block in Q1 2024. Block (SQ) demonstrated strong financial performance in Q1 2025 with 15% YoY revenue growth to $1.23B and 40.5% net income growth to $243M. The company improved profitability through 160bps gross margin expansion to 44.1%, though liquidity decreased by $1.5B due to debt settlement and share repurchases. Recent strategic moves including $445M in stock buybacks signal confidence in long-term value creation.
- EPS grew 41.9% YoY to $0.44 per diluted share in Q1 2025.
- Square's GPV increased 4% driving transaction revenue to $1.55B.
- Operating expenses rose 12% to $543M as the company invests in growth initiatives.
API Group APG
Egerton Capital bought $160.21M of API Group in Q1 2024. APi Group reported strong Q1 2025 results with 7.4% YoY revenue growth to $1.7 billion, driven by a 13.4% surge in Safety Services revenue partially offset by Specialty Services declines. The company achieved 10.3% adjusted EBITDA growth to $193 million while launching strategic initiatives including a $1 billion share repurchase program and new long-term margin targets. Recent catalysts include improved pricing power and operational efficiencies that position the company for accelerated margin expansion.
- Q1 revenue beat estimates by $60M (7.4% YoY growth vs 6.8% prior quarter).
- Adjusted EBITDA margin expanded 30bps YoY to 11.3% despite inflationary pressures.
- 4.68% stock price jump post-earnings reflects confidence in $3.5B backlog and new $1B buyback authorization.
Holdings at the end of Q1 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| AMZN | Amazon | 8.7% | Added (+7%) | $900.5M |
| CP | Canadian Pacific Kansas City | 8.5% | Trimmed (-13%) | $877.46M |
| GEHC | GE Healthcare | 7.6% | Added (+149%) | $791.54M |
| CNI | Canadian National | 7.6% | Added (+13%) | $791.08M |
| V | Visa | 7.4% | Trimmed (-25%) | $763.38M |
| META | Meta | 6.8% | Trimmed (-20%) | $699.79M |
| GE | General Electric | 5.7% | Trimmed (-22%) | $591.85M |
| MSFT | Microsoft | 5.6% | Trimmed (-19%) | $583.57M |
| FI | Fiserv | 5.2% | Trimmed (-2%) | $542.15M |
| FCNCA | First Citizens Bancshares | 4.7% | Trimmed (-2%) | $487.99M |
| RNR | RenaissanceRe | 4.2% | Added (+13%) | $436.88M |
| GOOG | Alphabet | 3.7% | Trimmed (-28%) | $379.21M |
| CRH | CRH | 3.5% | Added (+25%) | $365.35M |
| IBKR | Interactive Brokers Group | 3.0% | NEW | $315.44M |
| ACGL | Arch Capital Group | 3.0% | Added (+70%) | $314.38M |
| BKNG | Booking Holdings | 2.8% | Trimmed (-25%) | $293.21M |
| CVE | Cenovus Energy | 2.7% | Trimmed (-2%) | $279.22M |
| HLT | Hilton | 2.6% | Trimmed (-2%) | $273.4M |
| MA | Mastercard | 1.8% | Trimmed (-30%) | $181.12M |
| SQ | Block | 1.6% | NEW | $160.74M |
| APG | API Group | 1.5% | NEW | $160.21M |
| IBN | ICICI Bank | 1.5% | Trimmed (-51%) | $160.14M |
| HDB | HDFC Bank | 0.0% | Exited | $0 |
| SLB | Schlumberger | 0.0% | Exited | $0 |
| SHEL | Shell | 0.0% | Exited | $0 |
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