Egerton Capital is a London-based investment firm founded in 1994 by John Armitage and William Bollinger (who subsequently left the firm). 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.
New positions: Egerton Capital initiated eight new positions in Q4 2024, with the largest being Capital One Financial Corporation (COF) ($279M), CME Group Inc. (CME) ($224M), and Eli Lilly and Company (LLY) ($217M), followed by meaningful positions in Lithia Motors (LAD), Intercontinental Exchange (ICE), LPL Financial (LPLA), HDFC Bank (HDB), and Howard Hughes Holdings (HHH).
Bought: The firm significantly increased its stake in ICICI Bank Limited (IBN) by 2.4M shares (+61%), while also adding to positions in Arch Capital Group (ACGL), General Electric (GE), Flutter (PDYPF), and Microsoft (MSFT).
Sold: Egerton Capital completely exited positions in eight companies including Uber Technologies (UBER), GE Vernova (GEV), Hilton Worldwide (HLT), First Solar (FSLR), Vertex Pharmaceuticals (VRTX), Apple (AAPL), Chubb Limited (CB), and SharkNinja (SN), while substantially reducing stakes in Alphabet (GOOG) (-1.8M shares, -48%), Interactive Brokers (IBKR) (-1.5M shares, -31%), GE HealthCare (GEHC) (-1.1M shares, -33%), Booking Holdings (BKNG) (-78%), Martin Marietta (MLM) (-61%), and First Citizens BancShares (FCNCA) (-53%).
Website: www.egertoncapital.com
Wikipedia: en.wikipedia.org/wiki/Egerton_Capital
| Ticker | Company | Weight | Shares | Value | Q4 Return |
|---|---|---|---|---|---|
| MSFT | Microsoft Corporation | 9.3% | ▲ Added | $741,000,794 | + 0.12% |
| AMZN | Amazon.com, Inc. | 6.7% | ▼ Trimmed | $528,322,493 | - 7.58% |
| CP | Canadian Pacific | 6.5% | ▼ Trimmed | $512,136,075 | - 23.79% |
| PDYPF | Flutter | 6.1% | ▲ Added | $485,209,636 | + 12.63% |
| FI | Fiserv, Inc. | 6.0% | ▼ Trimmed | $477,519,127 | + 3.09% |
| META | Meta Platforms, Inc. | 5.9% | ▼ Trimmed | $469,252,305 | - 20.30% |
| GE | General Electric Company | 5.1% | ▲ Added | $401,056,062 | + 8.68% |
| CRH | CRH plc | 5.1% | ▼ Trimmed | $400,509,088 | - 2.20% |
| ACGL | Arch Capital Group Ltd. | 4.6% | ▲ Added | $368,289,214 | + 3.80% |
| GEHC | GE HealthCare Technologies Inc. | 4.5% | ▼ Trimmed | $357,468,825 | - 32.94% |
| IBKR | Interactive Brokers Group, Inc. | 4.1% | ▼ Trimmed | $326,516,724 | - 30.73% |
| RNR | RenaissanceRe Holdings Ltd. | 4.1% | ▼ Trimmed | $322,124,852 | - 37.58% |
| GOOG | Alphabet Inc. | 3.6% | ▼ Trimmed | $281,756,932 | - 48.37% |
| COF | Capital One Financial Corporation | 3.5% | ▲ New | $279,159,068 | |
| V | Visa Inc. | 3.4% | ▼ Trimmed | $272,700,803 | - 15.95% |
| CME | CME Group Inc. | 2.8% | ▲ New | $223,967,489 | |
| LLY | Eli Lilly and Company | 2.7% | ▲ New | $216,917,332 | |
| FCNCA | First Citizens BancShares, Inc. | 2.7% | ▼ Trimmed | $216,618,358 | - 52.71% |
| MA | Mastercard Incorporated | 2.6% | ▼ Trimmed | $204,691,450 | - 34.69% |
| IBN | ICICI Bank Limited | 2.4% | ▲ Added | $190,682,257 | + 61.17% |
| ERJ | Embraer S.A. | 1.7% | ▼ Trimmed | $133,310,746 | + 1.66% |
| LAD | Lithia Motors, Inc. | 1.4% | ▲ New | $113,249,908 | |
| ICE | Intercontinental Exchange, Inc. | 1.4% | ▲ New | $109,270,076 | |
| LPLA | LPL Financial Holdings Inc. | 1.1% | ▲ New | $84,144,892 | |
| HDB | HDFC Bank Limited | 0.9% | ▲ New | $72,833,032 | |
| BKNG | Booking Holdings Inc. | 0.8% | ▼ Trimmed | $60,788,619 | - 77.56% |
| MLM | Martin Marietta Materials, Inc. | 0.5% | ▼ Trimmed | $42,495,554 | - 61.43% |
| HHH | Howard Hughes Holdings Inc. | 0.4% | ▲ New | $34,149,634 | |
| UBER | Uber Technologies, Inc. | 0.0% | ▼ Liquidated | $0 | |
| GEV | GE Vernova Inc. | 0.0% | ▼ Liquidated | $0 | |
| HLT | Hilton Worldwide Holdings Inc. | 0.0% | ▼ Liquidated | $0 | |
| FSLR | First Solar, Inc. | 0.0% | ▼ Liquidated | $0 | |
| VRTX | Vertex Pharmaceuticals Incorporated | 0.0% | ▼ Liquidated | $0 | |
| AAPL | Apple Inc. | 0.0% | ▼ Liquidated | $0 | |
| CB | Chubb Limited | 0.0% | ▼ Liquidated | $0 | |
| SN | SharkNinja, Inc. | 0.0% | ▼ Liquidated | $0 |
New Positions
Capital One Financial Corporation COF
Egerton Capital bought 1,565,495 shares of Capital One Financial Corporation in Q4 2024. Capital One Financial Corporation (COF) reached an all-time high stock price of $209.82 in February 2025, though it has since moderated to $187.76 as of May 2025. The company reported 3.93% revenue growth to $27.4 billion in 2024, though earnings dipped slightly by -2.99% due to acquisition costs. Recent strength in Q1 2025, including a 5% rise in credit card purchase volume and improved credit metrics, positions it for growth alongside its pending Discover Financial acquisition.
- Revenue increased 3.93% year-over-year to $27.4 billion in 2024, while earnings declined -2.99% to $4.45 billion .
- Q1 2025 credit card purchase volume rose 5% to $157.9 billion, offsetting higher acquisition expenses .
- Analysts project a 3.77% upside to the stock with a 12-month average price target of $206.14 .
CME Group Inc. CME
Egerton Capital bought 964,421 shares of CME Group Inc. in Q4 2024. CME Group Inc. delivered record financial performance over the past 12 months, fueled by heightened demand for risk management tools amid economic uncertainty. The company achieved $6.1 billion in 2024 revenue (+10% YoY) and $1.6 billion in Q1 2025 revenue (+10% YoY), with growth across all asset classes. Recent record-breaking volumes and international expansion position the company for continued strength in derivatives market leadership.
- 2024 diluted EPS grew to $10.26 (adjusted), up from $9.67 GAAP basis.
- Q1 2025 average daily volume hit 29.8M contracts (+19% YoY international ADV).
- Operating margin remained robust at 64% in 2024, demonstrating pricing power.
Eli Lilly and Company LLY
Egerton Capital bought 280,981 shares of Eli Lilly and Company in Q4 2024. Eli Lilly and Company (LLY) has demonstrated strong revenue growth despite recent stock volatility, with Q1 2025 sales surging 45.2% to $12.7 billion driven by blockbuster drugs Mounjaro and Zepbound. While the stock fell 17% in May 2025 due to earnings misses and competitive pressures, the company maintains its full-year sales guidance of $42.5-$43.5 billion. Recent developments include a strategic shift in pharmacy benefit manager preferences impacting its weight-loss drug market position.
- Mounjaro revenue grew 112% year-over-year to $3.84B in Q1 2025 while Zepbound sales reached $2.31B.
- 2025 EPS guidance lowered to $22.20 from $23.49 due to $1.6B acquisition charges, though adjusted EPS grew 29.5% YoY to $3.34.
- Stock price declined 11% on May 1, 2025 following Q1 results and CVS Caremark's partnership with Novo Nordisk for weight-loss drugs.
Lithia Motors, Inc. LAD
Egerton Capital bought 316,845 shares of Lithia Motors, Inc. in Q4 2024. Lithia Motors (LAD) has demonstrated strong revenue growth, with 2024 annual revenue reaching $36.2 billion and projections exceeding $50 billion within a few years. Despite mixed stock performance, shares trade 2.7% above the 50-day SMA ($297.80) but remain 5.7% below the 200-day SMA ($324.40). The company's international expansion in markets like the UK (19% of 2024 revenue) positions it for sustained growth despite near-term valuation concerns.
- 12-month revenue growth projects a 38% increase from $36.2B to $50B+.
- Analysts forecast a 10.71% upside to $296.05 price target despite recent volatility.
- Shares gained 13 green days in the last 30 (43% positive momentum) with 2.22% volatility.
Intercontinental Exchange, Inc. ICE
Egerton Capital bought 733,307 shares of Intercontinental Exchange, Inc. in Q4 2024. Intercontinental Exchange ICE has demonstrated strong performance over the last 12 months, with its stock rallying 21.3% compared to the S&P 500's 5.4% gain and financial sector ETF XLF's 17.5% increase. The company achieved 16.16% revenue growth ($9.28B in 2024) and 14% GAAP EPS growth, driven by record trading volumes across energy, commodities, and financial derivatives. Recent record Q1 2025 futures/options activity and 19 consecutive years of revenue growth underscore its resilient, diversified business model.
- Adjusted EPS grew 8% YoY to $6.07 in 2024, with analysts forecasting 12.5% growth to $6.83 for 2025.
- Outperformed financial sector peers by 380 basis points over 52 weeks through April 2025.
- Q1 2025 futures/options ADV hit record levels, with Euribor volumes up 64% and SONIA up 34% year-over-year.
LPL Financial Holdings Inc. LPLA
Egerton Capital bought 257,710 shares of LPL Financial Holdings Inc. in Q4 2024. LPL Financial Holdings Inc. has demonstrated strong financial performance over the past 12 months, with 22.49% revenue growth in 2024 reaching $12.08 billion and 19% year-over-year gross profit growth driven by organic net new asset expansion. The company's strategic acquisitions and capital-raising initiatives position it for continued market leadership, while its stock has shown resilience with a 4.62% weekly market cap gain as of May 2025. Recent moves to acquire Commonwealth Financial Network and a proposed $1.5 billion stock offering signal aggressive growth ambitions in the wealth management sector.
- EPS grew 7.5% year-over-year from $3.59 to $3.83 in Q1 2025 vs Q1 2024.
- 2025 revenue estimates project 24% growth to $14.99 billion from 2024's $12.08 billion.
- 16% annualized organic net new asset growth underscores client acquisition momentum.
HDFC Bank Limited HDB
Egerton Capital bought 1,140,511 shares of HDFC Bank Limited in Q4 2024. HDFC Bank Limited demonstrated steady growth over the past year, with 6.7% YoY net profit growth in Q4 FY25 and 10.3% YoY growth in net interest income. The bank maintained strong fundamentals with 14.1% deposit growth and a robust 19.6% capital adequacy ratio. Recent performance reflects improved asset quality and margin stability despite competitive pressures in India's banking sector.
- Net interest margin stood at 3.46% with return on assets of 1.9% in Q4 FY25.
- Gross NPAs remained stable at 1.33%, excluding agriculture portfolio at 1.13%.
- Total advances grew 5.4% YoY to ₹27,147 billion, supported by 8.2% QoQ growth in CASA deposits.
Howard Hughes Holdings Inc. HHH
Egerton Capital bought 443,963 shares of Howard Hughes Holdings Inc. in Q4 2024. Howard Hughes Holdings Inc. has demonstrated strong financial growth over the past 12 months, transitioning from a net loss per share of $(0.42) in Q1 2024 to a profit of $0.21 in Q1 2025. The company achieved record performance in its Master Planned Communities (MPC) and Operating Assets segments, with MPC Earnings Before Taxes reaching $349 million in 2024 and Total Operating Assets NOI growing 9% year-over-year to $72 million in Q1 2025. Recent results affirm full-year 2025 guidance of $350 million Adjusted Operating Cash Flow, signaling continued momentum in strategic land sales and condo unit transactions.
- EPS surged 241% year-over-year to $5.73 in 2024, driven by record MPC land sales.
- Q1 2025 Operating Assets NOI hit all-time high of $72 million, with multifamily NOI up 11% year-over-year.
- MPC residential land sales achieved $991,000 per acre in Q1 2025, fueling sequential EBT growth to $63 million.
