We break down the stocks Egerton Capital bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Egerton Capital's 13F filed on May 15, 2025.
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.
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Wikipedia on Egerton Capital
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Portfolio Changes in Q1 2025
New Positions
In Q1 2025, Egerton Capital initiated new stakes in Carpenter Technology Corporation (CRS) with 1.82M shares valued at $329.7M and Amphenol Corporation (APH) with 1.76M shares worth $115.6M.
Bought
The firm significantly increased positions in Amazon.com, Inc. (AMZN) (+1.81M shares, +52%), Aramark (ARMK) (+916K shares, +65.6%), CME Group Inc. (CME) (+766K shares, +104.9%), Howard Hughes Holdings Inc. (HHH) (+752K shares, +159.5%), and LPL Financial Holdings Inc. (LPLA) (+614K shares, +238.7%).
Sold
Egerton Capital completely liquidated positions in GE HealthCare Technologies Inc. (GEHC), RenaissanceRe Holdings Ltd. (RNR), Embraer S.A. (ERJ), Lithia Motors, Inc. (LAD), and Booking Holdings Inc. (BKNG), while significantly reducing stakes in Canadian Pacific (CP) (-2.91M shares, -42.9%), ICICI Bank Limited (IBN) (-1.35M shares, -16.8%), General Electric Company (GE) (-907K shares, -25.3%), and Capital One Financial Corporation (COF) (-674K shares, -42.7%).
New Investments in Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| CRS | Carpenter Technology Corporation | 4.7% | NEW | $329,726,764 |
| APH | Amphenol Corporation | 1.6% | NEW | $115,610,443 |
Carpenter Technology Corporation CRS
Egerton Capital bought 1,819,885 shares of Carpenter Technology Corporation in Q1 2025. Carpenter Technology Corporation has delivered record performance over the past 12 months, with Q3 FY2025 operating income hitting $137.8 million and full-year guidance raised to $520-527 million – a 50% increase over FY2024. The company's Specialty Alloys Operations achieved 13 consecutive quarters of margin expansion, reaching 29.1% adjusted operating margins in Q3. Strong cash flow generation and strategic share repurchases position CRS for continued growth in premium aerospace/defense markets.
- Q3 FY2025 EPS surged to $1.88, up from $0.94 in Q3 FY2024.
- Specialty Alloys margins expanded 770 bps year-over-year to 29.1%.
- Company repurchased $45.7 million in shares YTD through Q3 against $400M authorization.
Amphenol Corporation APH
Egerton Capital bought 1,762,623 shares of Amphenol Corporation in Q1 2025. Amphenol Corporation (APH) has demonstrated outstanding performance over the past 12 months, driven by strong organic growth in key markets like IT datacom, mobile networks, and defense, alongside strategic acquisitions. The company reported record sales of $4.8 billion in Q1 2025, a 48% year-over-year increase, while maintaining robust profitability with a 23.5% adjusted operating margin. Recent acquisitions including Andrew (CommScope’s DAS business) are expected to be more accretive than initially anticipated, contributing to 2025 EPS growth projections of 23.8%. Shares have surged following strong earnings reports but remain below analysts’ average price target of $86.08.
- 48% YoY sales growth in Q1 2025 ($4.8B) with 33% organic growth in IT datacom and mobile devices markets.
- 23.8% forecasted EPS growth for fiscal 2025 ($2.34) driven by acquisitions and margin expansion.
- $1.3B+ returned to shareholders in 2024 through buybacks and dividends, with $380M returned in Q1 2025 alone.
Holdings at the end of Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| AMZN | Amazon.com, Inc. | 11.4% | Bought | $803,252,415 |
| FI | Fiserv, Inc. | 7.4% | Bought | $525,905,762 |
| MSFT | Microsoft Corporation | 7.1% | Sold | $498,718,003 |
| PDYPF | Flutter | 6.9% | Bought | $486,035,061 |
| CME | CME Group Inc. | 6.5% | Bought | $459,003,166 |
| META | Meta Platforms, Inc. | 6.1% | Sold | $427,921,364 |
| ACGL | Arch Capital Group Ltd. | 5.9% | Bought | $415,999,371 |
| LLY | Eli Lilly and Company | 5.8% | Bought | $407,015,055 |
| CRH | CRH plc | 5.3% | Sold | $372,221,831 |
| V | Visa Inc. | 4.8% | Bought | $336,085,883 |
| CRS | Carpenter Technology Corporation | 4.7% | New | $329,726,764 |
| GE | General Electric Company | 4.2% | Sold | $299,695,403 |
| CP | Canadian Pacific | 4.1% | Sold | $292,462,914 |
| LPLA | LPL Financial Holdings Inc. | 4.0% | Bought | $285,025,632 |
| GOOG | Alphabet Inc. | 3.7% | Bought | $260,233,561 |
| ICE | Intercontinental Exchange, Inc. | 2.7% | Bought | $189,994,778 |
| COF | Capital One Financial Corporation | 2.3% | Sold | $159,874,459 |
| IBN | ICICI Bank Limited | 2.2% | Sold | $158,586,702 |
| APH | Amphenol Corporation | 1.6% | New | $115,610,443 |
| HHH | Howard Hughes Holdings Inc. | 1.3% | Bought | $88,621,015 |
| MLM | Martin Marietta Materials, Inc. | 1.1% | Bought | $79,053,058 |
| ARMK | Aramark | 1.0% | Bought | $71,633,350 |
| GEHC | GE HealthCare Technologies Inc. | 0.0% | Sold Out | $0 |
| RNR | RenaissanceRe Holdings Ltd. | 0.0% | Sold Out | $0 |
| ERJ | Embraer S.A. | 0.0% | Sold Out | $0 |
| LAD | Lithia Motors, Inc. | 0.0% | Sold Out | $0 |
| BKNG | Booking Holdings Inc. | 0.0% | Sold Out | $0 |
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