We break down the stocks Egerton Capital bought, sold, and held in Q2 2024, including their holdings at the end of the quarter. All data sourced from Egerton Capital's 13F filed on August 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.
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Portfolio Changes in Q2 2024
New positions
Egerton Capital established six new positions during Q2 2024, with the largest being Progressive (PGR) at $320M, followed by Flutter Entertainment (PDYPF) at $190M, First Solar (FSLR) at $160M, GE Vernova (GEV) at $135M, Uber (UBER) at $130M, and SharkNinja (SN) at $49M.
Bought
The firm increased its stakes in several existing holdings, most notably adding to Alphabet (GOOG) with 750,358 additional shares, Interactive Brokers Group (IBKR) with 309,673 shares, Microsoft (MSFT) with 102,398 shares, Mastercard (MA) with 46,480 shares, and Booking Holdings (BKNG) with 30,306 shares.
Sold
Egerton Capital completely exited Block (SQ) and API Group (APG), while significantly trimming many existing positions including Cenovus Energy (CVE), Canadian National (CNI), GE Healthcare (GEHC), Amazon (AMZN), General Electric (GE), and Hilton (HLT), with Hilton (HLT) experiencing the largest percentage reduction of over 60%.
New Investments in Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| PGR | Progressive | 32.5% | NEW | $320.16M |
| PDYPF | Flutter Entertainment | 19.3% | NEW | $189.89M |
| FSLR | First Solar | 16.3% | NEW | $160.04M |
| GEV | GE Vernova | 13.7% | NEW | $134.55M |
| UBER | Uber | 13.2% | NEW | $129.74M |
| SN | SharkNinja | 5.0% | NEW | $49.38M |
Progressive PGR
Egerton Capital bought $320.16M of Progressive in Q2 2024. Progressive reported record growth in Q1 2025 with near-record margins, though EPS of $4.37 missed estimates while revenue surged 20.7% to $22.21B. Despite strong fundamentals, the stock dipped 3.86% post-earnings, reflecting mixed market reactions. The company maintains robust financial health with a 32% jump in investment income and a combined ratio of 86, signaling operational efficiency.
- Q1 revenue of $22.21B exceeded expectations by $610M, growing 20.7% year-over-year.
- EPS of $4.37 missed analyst forecasts by 7.8%, despite a 24.6% increase in net income.
- Investment income surged 32% to $270M/month, while the combined ratio improved 10bps to 86.
Flutter Entertainment PDYPF
Egerton Capital bought $189.89M of Flutter Entertainment in Q2 2024. Flutter Entertainment posted strong Q1 2025 results with 8% revenue growth to $3.67B and a dramatic turnaround to $335M net profit from prior losses, driven by its dominant US sports betting operation FanDuel. The company achieved 20% adjusted EBITDA growth despite unfavorable March Madness outcomes, with CEO Peter Jackson highlighting sustained leadership in key markets.
- US revenue surged 18% YoY to $1.7B, maintaining 43% market share in online sports betting.
- Net income margin improved 1,440bps to 9.1% from -5.2% in Q1 2024.
- Monthly active players grew 8% to 14.88M, with US iGaming revenue jumping 32% to $472M.
First Solar FSLR
Egerton Capital bought $160.04M of First Solar in Q2 2024. First Solar underperformed in Q1 2025 with EPS of $1.95 missing estimates by 23.2% and revenue of $844.57M falling short by $21.62M, triggering a 9.47% stock decline. The company revised full-year EPS guidance to $12.50-$17.50 due to new tariff impacts, while maintaining strong liquidity with 41% gross margin improvement from Q4 2024. Recent domestic capacity expansions and CURE technology investments position it for long-term growth despite near-term headwinds.
- Q1 EPS of $1.95 missed analyst consensus by 23.2%.
- Gross margin expanded 4 percentage points sequentially to 41%.
- Stock price declined 9.47% post-earnings amid guidance revision for tariff impacts.
GE Vernova GEV
Egerton Capital bought $134.55M of GE Vernova in Q2 2024. GE Vernova demonstrated strong performance in Q1 2025 with 8% organic order growth and 15% organic revenue growth, driven by Power equipment (+43%) and services. Margins expanded significantly, with net income up $0.4B YoY and adjusted EBITDA growing nearly 70%. The company reaffirmed its 2025 guidance of $36-37B revenue and $2.0-2.5B free cash flow, while returning $1.3B capital to shareholders.
- Q1 orders surged to $10.2B (+8% organic), with Power equipment orders up 43% and services up 16%.
- Free cash flow improved by $1.6B YoY to $1.0B, marking the first positive Q1 cash flow in company history.
- Adjusted EBITDA margin expanded 170bps to 5.7%, driven by pricing power and productivity gains across all segments.
Uber UBER
Egerton Capital bought $129.74M of Uber in Q2 2024. Uber demonstrated strong growth in Q1 2025 with trips increasing 18% YoY and free cash flow reaching $2.3B, though shares fell 6% due to a revenue miss. The company achieved profitability milestones with net income of $1.78B (vs. prior-year loss) and 35% YoY growth in Adjusted EBITDA. Recent autonomous vehicle partnerships and operational efficiency gains position Uber for sustained scale, though near-term investor concerns persist about growth deceleration in core segments.
- Gross Bookings grew 14% YoY to $42.8B, while constant currency growth accelerated to 18%.
- Adjusted EBITDA margin expanded to 4.4% of Gross Bookings ($1.9B), up from 3.7% in Q1 2024.
- Generated $2.3B free cash flow (19.5% margin) and forecasts Q2 Adjusted EBITDA of $2.02-2.12B.
SharkNinja SN
Egerton Capital bought $49.38M of SharkNinja in Q2 2024. SharkNinja reported strong Q1 2025 results with $1.22 billion in revenue (+14.7% YoY) and 19.18% EPS surprise ($0.87 vs $0.73 estimate), though shares remain down 16.6% YTD amidst broader market declines. The company outperformed peers with four consecutive quarters of revenue and EPS beats, driven by successful product launches and international expansion. Recent 9.56% pre-market stock surge reflects optimism about manufacturing diversification and cost optimization strategies.
- Q1 EPS of $0.87 beat estimates by 19.18% .
- Revenue grew 14.7% YoY to $1.22B, marking fourth straight quarterly beat .
- Shares down 16.6% YTD vs S&P 500's -4.3%, but surged 9.56% post-earnings .
Holdings at the end of Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| AMZN | Amazon | 7.6% | Trimmed (-22%) | $752.79M |
| CP | Canadian Pacific Kansas City | 7.3% | Trimmed (-7%) | $727.19M |
| META | Meta | 6.8% | Trimmed (-7%) | $675.49M |
| V | Visa | 6.8% | Trimmed (-7%) | $670.39M |
| MSFT | Microsoft | 6.7% | Added (+7%) | $665.72M |
| GOOG | Alphabet | 6.0% | Added (+30%) | $594.45M |
| GEHC | GE Healthcare | 5.8% | Trimmed (-15%) | $573.33M |
| CNI | Canadian National | 4.9% | Trimmed (-32%) | $480.4M |
| FCNCA | First Citizens Bancshares | 4.8% | Trimmed (-5%) | $476.85M |
| BKNG | Booking Holdings | 4.4% | Added (+37%) | $440.23M |
| RNR | RenaissanceRe | 4.2% | Added (+0%) | $415.71M |
| FI | Fiserv | 4.1% | Trimmed (-19%) | $407.88M |
| IBKR | Interactive Brokers Group | 3.9% | Added (+11%) | $384.15M |
| GE | General Electric | 3.8% | Trimmed (-30%) | $377.28M |
| ACGL | Arch Capital Group | 3.3% | Trimmed (-5%) | $326.22M |
| PGR | Progressive | 3.2% | NEW | $320.16M |
| CRH | CRH | 3.0% | Trimmed (-7%) | $295.45M |
| CVE | Cenovus Energy | 2.0% | Trimmed (-26%) | $202.95M |
| PDYPF | Flutter Entertainment | 1.9% | NEW | $189.89M |
| MA | Mastercard | 1.9% | Added (+12%) | $186.42M |
| FSLR | First Solar | 1.6% | NEW | $160.04M |
| IBN | ICICI Bank | 1.6% | Trimmed (-9%) | $159.64M |
| GEV | GE Vernova | 1.4% | NEW | $134.55M |
| UBER | Uber | 1.3% | NEW | $129.74M |
| HLT | Hilton | 1.1% | Trimmed (-61%) | $107.69M |
| SN | SharkNinja | 0.5% | NEW | $49.38M |
| SQ | Block | 0.0% | Exited | $0 |
| APG | API Group | 0.0% | Exited | $0 |
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