Egerton Capital's Trades and Holdings in Q2 2025

Breaking down the stocks Egerton Capital bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Egerton Capital's 13F filed on August 12, 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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Q2 '25 13F filed with SEC

Portfolio Changes in Q2 2025

New positions

Egerton Capital initiated four new positions, with the largest being Ferguson Enterprises (FERG) worth $486M, followed by Seagate (STX) at $296M, Boston Scientific (BSX) at $176M, and Builders FirstSource (BLDR) at $31M.

Bought

The firm significantly increased several existing positions, with the most notable additions being Capital One (COF) which more than doubled in value to $497M, Amphenol (APH) which increased to $313M, Visa (V) which doubled to $678M, and Interactive Brokers Group (IBKR) which grew substantially to $446M. Microsoft (MSFT) was also meaningfully increased to $917M, along with smaller additions to Aramark (ARMK), Canadian Pacific Kansas City (CP), and CRH (CRH).

Sold

Egerton Capital completely liquidated six positions including Fiserv (FI) ($526M), Eli Lilly (LLY) ($407M), ICICI Bank (IBN) ($159M), Howard Hughes (HHH) ($89M), Martin Marietta (MLM) ($79M), and HDFC Bank (HDB) ($74M). The firm also trimmed positions in Alphabet (GOOG), Flutter Entertainment (FLUT), and Amazon (AMZN).

New Investments in Q2 2025

Ferguson Enterprises FERG

Egerton Capital bought $486.31M of Ferguson Enterprises in Q2 2025. Ferguson Enterprises demonstrated resilience in challenging market conditions during Q2 2025, achieving 3.0% total company revenue growth and continued volume expansion despite persistent commodity price deflation. The company reported strong quarterly earnings of $410.0M, representing a significant 48.6% increase from the previous quarter, though this was offset by a 12.5% year-over-year decline. Management is taking proactive steps to streamline operations while maintaining dividend payments and reaffirming full-year revenue guidance, positioning the company for future profitable growth as markets recover.

• Q2 2025 revenue grew 3.0% with organic growth of 2.1%, demonstrating market outperformance despite challenging conditions.
• Quarterly earnings surged 48.6% sequentially to $410.0M, though down 12.5% year-over-year.
• Updated full-year adjusted operating margin guidance to 8.3%-8.8% range while maintaining $0.83 quarterly dividend.

Seagate STX

Egerton Capital bought $296.08M of Seagate in Q2 2025. Seagate has demonstrated exceptional operational performance through fiscal 2025, with the company delivering 39% revenue growth for the full year and 30% year-over-year revenue growth in the final quarter. The data storage leader has achieved nine consecutive quarters of gross margin improvements, reaching record levels by fiscal year-end, while successfully transitioning to a build-to-order manufacturing model that has enhanced profitability and operational efficiency. The stock has surged 80% in 2025, reflecting strong investor confidence in the company's strategic positioning within the AI-driven storage demand cycle.

• Non-GAAP diluted EPS reached $2.03 in fiscal Q2 2025 with revenue of $2.33 billion.
• Adjusted gross profit nearly doubled in fiscal 2025 with operating profit more than tripling.
• Stock price appreciation of 80% in 2025 significantly outperformed broader market indices.

Boston Scientific BSX

Egerton Capital bought $176.26M of Boston Scientific in Q2 2025. The medical device manufacturer delivered exceptional Q2 2025 results with $5.06 billion in revenue, representing 22.8% reported growth and 17.4% organic growth year-over-year, significantly outpacing industry peers. The company demonstrated strong operational execution with 67.6% gross margins and 16.2% operating margins, while achieving $0.75 adjusted EPS that beat consensus estimates by 4.17%. Management raised full-year guidance following the strong quarter, and the stock has outperformed the broader market with 15.5% gains year-to-date versus the S&P 500's 7.3% return.

• Adjusted EPS grew 21% year-over-year to $0.75 in Q2 2025, marking the fourth consecutive quarter of beating consensus estimates.
• Revenue surged 22.8% on a reported basis with strong 17.4% organic growth, exceeding high-end guidance expectations.
• Net income jumped 146% year-over-year to $797 million with robust 15.8% net profit margins.

Builders FirstSource BLDR

Egerton Capital bought $30.65M of Builders FirstSource in Q2 2025. Builders FirstSource faced significant headwinds in Q2 2025, with net sales declining 5.0% to $4.2 billion amid a softer housing market driven by affordability concerns and rising home inventories. The company's profitability was pressured with adjusted EBITDA falling 24.4% to $506.1 million and adjusted EPS dropping 32% to $2.38, though management maintained operational discipline by consolidating 8 facilities while preserving a 92% on-time delivery rate. Despite the challenging environment, Builders FirstSource demonstrated financial strength through $341 million in operating cash flow and continued strategic investments of $35 million in value-added solutions, positioning for recovery when housing market conditions improve.

• Net sales declined 5.0% year-over-year to $4.2 billion in Q2 2025.
• Adjusted EBITDA margin compressed 300 basis points to 12.0% from prior year.
• Adjusted EPS fell 32% to $2.38 compared to the prior year period.

Holdings at the end of Q2 2025

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.