Egerton Capital's Trades and Holdings in Q1 2026

Breaking down the stocks Egerton Capital bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Egerton Capital's 13F filed on May 13, 2026.

Who are John Armitage and 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
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Q1 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

Egerton Capital, the London-based long/short equity fund helmed by Chief Investment Officer John Armitage, continued its fundamental, research-driven approach in Q1 2026, initiating positions in Linde, Nvidia, Devon Energy, Canadian Natural Resources, and Medline — a cohort spanning industrial gases, artificial intelligence infrastructure, and energy — while exiting Microsoft, Boston Scientific, Capital One, Wynn Resorts, and Seagate Technology. The portfolio rotation signals a deliberate pivot toward capital-intensive real-asset and AI-adjacent themes, consistent with Egerton's three-decade discipline of concentrating capital in large-cap, high-quality businesses with durable competitive advantages and strong cash generation.

New Investments

Linde LIN

Egerton Capital bought $529.66B of Linde in Q1 2026. Linde has delivered steady fundamental growth over the last year, with 2025 revenue rising to $33.99B (up 2.97%) and EPS to $14.61 (up 7.3%), while the share price trades near the upper end of its roughly $387–$511 52-week range, up about 9% year to date but off roughly 6% over the past month on profit-taking after recent highs. Over the last two reported quarters, revenue has been broadly stable at around $8.5–8.8B while net income increased from roughly $1.67B to $1.77B (about 5.6% sequential growth), suggesting modest margin expansion and good pricing power relative to large-cap industrial peers despite a mixed macro backdrop. For the current quarter, management is guiding adjusted EPS to $4.40–$4.50 (up about 8–10% year over year), and in combination with a growing annual dividend of $6.00 per share (around a 1.2% yield) and a consensus price target near $518 (roughly 5–6% upside), this earnings momentum and positive guidance are the primary near-term catalysts that could support further upside in the stock.

• 2025 revenue was $33.99B, up 2.97% year over year, while earnings reached $6.90B, up 5.07% versus the prior year.
• Most recent quarter net income was about $1.77B, up roughly 5.56% from around $1.67B in the preceding quarter.
• Management guides Q2 2026 adjusted EPS to $4.40–$4.50 (implying about 8–10% year-over-year growth), with the stock yielding roughly 1.2% on a $6.00 annual dividend and trading about 5–6% below the average analyst target price of roughly $518.

Nvidia NVDA

Egerton Capital bought $466.52B of Nvidia in Q1 2026. The purchase adds to a position in a high‑momentum name, with the stock appreciating about 15% over the past four weeks and roughly 18% year‑to‑date from around $186.50 to the low‑$220s, extending a roughly ~67% gain over the last twelve months and significantly outperforming the broader equity market. Operationally, the most recent quarter was strong, with EPS of $1.62 versus consensus of $1.54 (about a 5.5% beat) and revenue growth of roughly 73% year‑over‑year, driven by sustained demand for data‑center GPUs and AI accelerators that continue to support premium valuation multiples. Into the current quarter, the company appears to be gaining rather than decelerating, as investors price in continued high growth from its GPU and data‑center roadmap following the earnings beat, and historical trading patterns around earnings (averaging about a 2.6% gain in the two weeks before results) underscore positive sentiment toward upcoming AI‑driven catalysts.

• Shares are up roughly 15.1% over the last four weeks and about 18.3% year‑to‑date, rising from approximately $186.50 at the start of the year to around $221 recently.
• Over the last twelve months, the stock has gained approximately 67%, trading within a 52‑week range of about $129 to $228.
• In the most recent reported quarter, EPS was $1.62 versus consensus $1.54 (a roughly 5.5% upside surprise) and revenue increased about 73.2% year‑over‑year, while historically the stock has averaged a 2.6% gain in the two weeks preceding earnings.

Devon Energy DVN

Egerton Capital bought $328.35B of Devon Energy in Q1 2026. Over the last two quarters, the company’s fundamentals have improved, with the most recent quarter delivering revenue of $4.28B versus expectations of $4.03B and net income rising to $899M from $494M in the prior quarter, although EPS of $1.04 modestly missed the $1.06 consensus by about 2.25%. Despite that small EPS miss, the stock has appreciated roughly 37–38% over the past 12 months (52‑week range $30.24–$52.71), now trading at around 7.38x trailing P/E with a dividend yield near 2.85%, which keeps valuation relatively undemanding versus many U.S. E&P peers given the earnings and cash‑flow profile. For the current quarter, the Street is looking for revenue of about $4.14B and EPS of roughly $0.93, so if the company can sustain recent volume and cost performance against this backdrop of conservative expectations, the combination of earnings stability, capital returns, and a still‑moderate multiple could support further upside in value.

• Most recent quarter revenue was $4.28B, beating the $4.03B consensus, while EPS of $1.04 came in 2.25% below the $1.06 estimate.
• Quarterly net income increased 81.98% sequentially to $899M from $494M, driving trailing‑twelve‑month basic EPS to about $4.47.
• Shares are up about 37.72% over the last year, trade around 7.38x TTM P/E, and offer an indicated dividend yield near 2.85%.

Canadian Natural Resources CNQ

Egerton Capital bought $277.06B of Canadian Natural Resources in Q1 2026. Canadian Natural Resources is a leading Canadian upstream producer that has delivered resilient production and cash flow over the last 12 months, generally outpacing many domestic peers on return of capital and balance-sheet strength. Over the last two quarters, Q4 2025 was solid and Q1 2026 results beat expectations, but the share price has been pressured by wider WCS–WTI differentials and a broader energy-sector pullback rather than any deterioration in company-specific fundamentals. With a secure and growing dividend, ongoing buybacks, and disciplined capex that supports strong free-cash-flow generation, we see potential for multiple expansion if differentials normalize or oil prices stabilize, allowing the market to re-rate the stock toward its above-average free-cash-flow yield.

• Q1 2026 EPS came in above consensus estimates, while Q4 2025 EPS was broadly in line, highlighting resilient earnings despite commodity price volatility.
• Dividend yield remains around 4–5%, underpinned by strong free cash flow and a conservative payout ratio.
• Shares have lagged the broader energy sector over the past 3–6 months despite stable-to-growing production and solid EBITDA margins.

Medline MDLN

Egerton Capital bought $194.28B of Medline in Q1 2026. Since its December 2025 IPO, Medline has reported one full quarter as a public company, with Q1 2026 EPS of $0.33 beating consensus by about 12% on the back of prior-year revenue growth of 11.5% to $28.4B, signaling solid demand for its medical-supplies platform. Despite this recent earnings beat, the share price has slipped roughly 8% year-to-date from about $42 to the high-$30s, leaving the stock trading around 33x trailing and 26x forward earnings—elevated versus the broad market but underpinned by high-teens-to-30% analyst upside with a consensus target near $50–51. Over the last two quarters, modest net-income compression (full-year 2025 down 3.4% to $1.16B) and post-IPO supply have weighed on the multiple near term, but continued revenue growth and further EPS beats are the key catalysts that could drive a re-rating toward Street targets.

• Full-year 2025 revenue grew 11.5% year over year to $28.43B, while net income declined 3.4% to $1.16B.
• Most recent reported quarter delivered EPS of $0.33 versus $0.29–0.30 consensus, an earnings surprise of roughly 11–12%.
• Shares are down about 8% from roughly $42.00 at the start of 2026 to the high-$30s currently, versus a $50.69 Street consensus target implying roughly 30% upside.

Arch Capital Group ACGL

Egerton Capital bought $107.21B of Arch Capital Group in Q1 2026. Over the last two quarters, Arch Capital has delivered robust profitability, with Q1 2026 EPS of $2.50 (above the $2.48 consensus) following Q4 2025 EPS of $3.35, supporting net income ROE in the low‑20% range and operating ROE in the high‑teens, generally ahead of many global P&C peers that run in the low‑ to mid‑teens ROE range. Q1 2026 revenue of $4.52B was slightly below expectations and down 3.7% YoY, but earnings resilience is being driven by better underwriting efficiency (Q4 2025 underwriting expense ratio improved to 14.5% from 19.3%, a roughly 480 bps YoY gain) and stronger investment income, which together are fueling book value per share growth of 4.5% QoQ in Q4. Major recent positives include substantial capital return ($798M of buybacks in Q4 2025) and supportive analyst targets—such as JPMorgan’s lift to $111 and a Street average around $108.93 versus a share price in the low‑$90s—which, if the company sustains its current ROE and underwriting discipline, could underpin further upside in intrinsic value.

• Q1 2026 EPS was $2.50 vs $2.48 consensus; revenue was $4.52B, down 3.7% year over year.
• Q4 2025 net income was $1.2B or $3.35 per share, with net income ROE of about 21.2% and operating ROE of about 18.9%.
• Book value per share rose 4.5% QoQ to $65.11 in Q4 2025, while the stock trades in the low‑$90s versus an average analyst price target of about $108.93.

Armstrong World Industries AWI

Egerton Capital bought $73.84B of Armstrong World Industries in Q1 2026. Armstrong World Industries has delivered solid fundamental performance over the last two quarters, with the latest quarterly revenue at $425.2M and net income of $87.8M, supporting a roughly 6.3% share-price gain over the past 12 months and a valuation of about 22–23x trailing EPS. Over the last two reported quarters, revenue modestly exceeded expectations (most recently by about $2M) while net income increased 27% quarter over quarter from $69.1M to $87.8M, lifting profitability to an operating margin of 26.6% and net margin of 19.1% and indicating the company is gaining earnings power rather than declining. For the current quarter, the Street is looking for revenue of roughly $394.5M, and with strong underlying economics (normalized ROIC near 25%, trailing operating cash flow of about $355M, and short interest only 2.1% of float), upside to volume, pricing, or capital-return actions would likely be rewarded with further value appreciation.

• Latest quarter revenue was $425.2M versus a $423.3M consensus, while net income rose from $69.1M in the prior quarter to $87.8M (+27% q/q).
• Trailing-twelve-month revenue is about $1.6B with an operating margin of 26.6%, net margin of 19.1%, diluted EPS of $7.08, and a current P/E of approximately 22.6x.
• The stock is up roughly 6.3% over the past 12 months, with short interest at about 2.1% of float and days to cover of 2.4, and the next quarter’s revenue is currently expected at around $394.5M.

Added, Trimmed, and Exited

Added

Egerton Capital meaningfully added to six existing positions in Q1 2026: Alphabet (GOOG) was nearly tripled in share count, Moody's (MCO) was roughly doubled, and Uber (UBER) and Vulcan Materials (VMC) were each increased by roughly 70–85%, while Visa (V) and CRH (CRH) saw more modest increases of around 22–26%.
What it means: The aggressive scaling of Alphabet (GOOG) and Moody's (MCO)—alongside meaningful adds to Visa (V), Vulcan Materials (VMC), CRH (CRH), and Uber (UBER)—points to a deliberate barbell strategy. On one side, Egerton Capital is concentrating capital in high-quality data and platform businesses with durable competitive moats and AI-adjacent tailwinds (Alphabet (GOOG), Moody's (MCO), Visa (V)); on the other, it is building meaningful exposure to physical infrastructure and materials (Vulcan Materials (VMC), CRH (CRH)), which tend to benefit from long-cycle construction spending and have strong pricing power. The near-tripling of Alphabet (GOOG) is particularly telling—it suggests Egerton Capital may view Alphabet (GOOG) as a more attractively priced AI proxy than some of the names it exited this quarter.

Trimmed

Egerton Capital trimmed four existing positions: Amazon (AMZN) was cut by roughly 60% in share count, New York Times (NYT) by about 31%, Amphenol (APH) by approximately 23%, and Interactive Brokers Group (IBKR) by roughly 10%.
What it means: The sharp reduction in Amazon (AMZN)—by far the largest trim—stands out given it was previously one of the fund's biggest holdings. This looks less like a loss of conviction in e-commerce or cloud and more like a deliberate rotation of capital from Amazon (AMZN) into Alphabet (GOOG), effectively swapping one mega-cap tech platform for another at what Egerton Capital apparently viewed as a more favorable entry point. The smaller trims of New York Times (NYT), Amphenol (APH), and Interactive Brokers Group (IBKR) appear to be routine position-sizing adjustments rather than a fundamental change of view, likely freeing up capital to fund the large new positions initiated this quarter.

Exited

Egerton Capital fully liquidated six positions in Q1 2026: Microsoft (MSFT), Boston Scientific (BSX), Capital One (COF), Wynn Resorts (WYNN), Seagate (STX), and LPL Financial (LPLA).
What it means: The exit from Microsoft (MSFT)—historically one of the most widely held AI-era positions in institutional portfolios—is the headline move and likely reflects valuation discipline rather than a bearish view on AI; the near-simultaneous tripling of Alphabet (GOOG) suggests Egerton Capital is simply repositioning within the AI thematic toward what it sees as a cheaper alternative. The exits from Capital One (COF) and LPL Financial (LPLA) mark a clean retreat from U.S. financial sector names, potentially reflecting caution around the consumer credit cycle or regulatory risk. The sales of Boston Scientific (BSX), Wynn Resorts (WYNN), and Seagate (STX) span healthcare devices, consumer discretionary gaming, and legacy storage hardware—three quite different industries—suggesting these were opportunistic profit-taking exits rather than a unified sector call, with proceeds redeployed into the concentrated new positions initiated this quarter.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.