Egerton Capital's Trades and Holdings in Q2 2026

Breaking down the stocks Egerton Capital bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Egerton Capital's 13F filed on July 21, 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.

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Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

John Armitage's Egerton Capital continued to run a concentrated, research-intensive long/short book anchored in high-quality, competitively entrenched compounders, with Visa, Alphabet, Amphenol, Amazon and Moody's comprising roughly half the $10.4 billion 13F portfolio at the end of Q2 2026. The quarter's trades revealed a rotation toward data-and-analytics franchises and AI-infrastructure beneficiaries—adding Equifax, S&P Global, Applied Materials, Vistra and Riot Platforms—while exiting cyclical and rate-sensitive names such as Carpenter Technology, CME, Canadian Natural Resources, Arch Capital and RenaissanceRe.

New Investments

Applied Materials

Egerton Capital bought $376.73M of Applied Materials in Q2 2026. Over the last 12 months, the company’s share price has climbed roughly 180–190% with YTD returns above 100%, reflecting investors’ confidence in its leverage to AI-related semiconductor capex and advanced chip architectures. In the most recent quarter (Q2 FY26), revenue grew 11–12% year over year and 13% sequentially to a record $7.91B, while non-GAAP EPS rose 20% YoY to a record $2.86 and non-GAAP operating margin expanded to about 32%, indicating the business is still gaining momentum with improving profitability rather than plateauing. Q1 FY26 also beat expectations with EPS of about $2.38 versus a $2.19 consensus and revenue near $7.0B, and together with Q2’s record Semiconductor Systems and services revenue and an upcoming earnings catalyst on August 13, 2026, the setup remains favorable for further upside if the current wafer-fab-equipment upcycle continues.

• Q2 FY26 revenue increased 11.4% year over year to $7.91B, with non-GAAP EPS up 20% YoY to a record $2.86 (GAAP EPS $3.51). .
• Sequentially, total revenue grew 13% and Semiconductor Systems revenue rose 16%, driving non-GAAP operating margin up 140 bps year over year to 32.1%. .
• The stock is up roughly 188–189% over the last 12 months and about 105–115% year to date, while quarterly EPS has risen from about $2.38 in Q1 FY26 to $2.86 in Q2 FY26. .

Equifax

Egerton Capital bought $235.09M of Equifax in Q2 2026. Over the last two quarters, the company has delivered consistent double-digit top-line growth—Q1 2026 revenue up ~14% year-on-year to $1.65B and Q2 2026 revenue up 10.6–11% to $1.70B—yet the share price is roughly 24% lower over the past 12 months. Current-quarter profitability is mixed—Q2 adjusted EPS rose to $2.25 from $2.00 a year ago (about 12.5% YoY growth and a $0.05 beat vs consensus), but GAAP net income declined 4% and diluted EPS increased only 1% year-on-year. Management is guiding to high-single-digit revenue growth of about 9.7% next quarter with EPS of $2.15–$2.25, below Street expectations and followed by a roughly 12% post-earnings share price drop, though ongoing strength in Workforce Solutions (revenue up 7%) and high double-digit growth in Talent Solutions and Consumer Lending could support valuation if execution and margins improve.

• Q2 2026 revenue grew 10.6% year-on-year to $1.70B and came in line with analyst expectations..
• Q2 2026 adjusted EPS was $2.25, up from $2.00 last year (~12.5% growth) and beating consensus by $0.05 (~2.3% surprise)..
• The stock is down approximately 24.47% over the last 12 months and about 16.8% from the start of 2026, while Q1 and Q2 2026 revenues grew roughly 14% and 10.6% year-on-year, respectively..

S&P Global

Egerton Capital bought $143.32M of S&P Global in Q2 2026. We are adding on renewed confidence that the company is re-accelerating, with Q2 revenue up ~11% year over year and adjusted EPS up ~23%, driven by record activity in Ratings and another record quarter in Indices. Over the last twelve months, despite Q1 and Q2 delivering consistent double-digit revenue growth and margin expansion (adjusted operating margin up ~200 bps to roughly 54% in Q2), the shares have declined roughly 20–25% and underperformed the S&P 500 as investors reacted to mixed EPS surprises and a lowered full-year EPS guidance. We see the completion of the Mobility spin-off, accelerating global issuance (U.S. +26%, Europe +12%, Asia +49%), increasing AI-driven product enhancements, and robust capital returns (share repurchases of about $1.5B year-to-date) as key near-term catalysts that can support a re-rating as issuance remains elevated.

• Q2 2026 revenue grew 11% year over year to roughly $4.1B, with benchmark businesses up 15% and Ratings revenue up 17%..
• Adjusted diluted EPS increased 23% year over year in Q2 to about $4.83, following Q1 EPS of $4.97 that beat the Street by ~3.1%..
• Shares are down roughly 20–25% over the last 12 months and about 15.8% year-to-date versus an S&P 500 gain of 8.3%..

Vistra

Egerton Capital bought $76.98M of Vistra in Q2 2026. Over the last two quarters, the company has shown a marked operational rebound, with Q1 2026 net income surging to $1,029 million and Q2 adjusted EBITDA rising over 30% year over year to $1.767 billion, even as reported EPS and revenue have been pressured by unrealized hedge marks and a 5.5% top-line decline in Q2. Relative to power-sector peers, such double-digit EBITDA growth likely places the company toward the higher end of the industry in earnings momentum, though its GAAP results and EPS volatility remain more pronounced than many due to its substantial commodity hedging book; this is an inference based on typical utility-sector growth patterns. Looking ahead, drivers of potential value creation include improving PJM and ERCOT market conditions, asset additions such as the Lotus portfolio and the restart of Martin Lake Unit 1, and management’s reaffirmed 2026 adjusted EBITDA guidance of $6.8–$7.6 billion, which together support a constructive view on cash-flow generation despite near-term headline misses and share price weakness after the Q2 revenue surprise.

• Q1 2026 operating revenue grew roughly 43% year over year to $5.64 billion, while net income swung from a $268 million loss to a $1,029 million profit.
• Q2 2026 adjusted EBITDA increased about 31% year over year to $1.767 billion, even as revenue declined 5.5% to $4.02 billion.
• Management reaffirmed full-year 2026 adjusted EBITDA guidance of $6.8–$7.6 billion, indicating confidence in at least the midpoint of the range despite Q2 EPS and revenue misses.

Riot Platforms

Egerton Capital bought $71.97M of Riot Platforms in Q2 2026. Over the last twelve months, the company has shifted from profitable Bitcoin mining toward a more diversified platform, with Q2 2026 revenue up 14% year over year to $174.2 million while earnings swung from Q2 2025 net income of $219.5 million to a Q2 2026 net loss of $237.2 million, reflecting heavy non-cash charges and investment in data centers. Sequentially, Q2 2026 marked operational progress versus the prior quarter—continued top-line growth and data center revenue of $23.2 million alongside engineering revenue more than tripling to $37.3 million—but EPS remained deeply negative at -$0.68 (adjusted -$0.33) after a still worse -$2.03 EPS in Q1 2026, keeping returns volatile and highly sensitive to Bitcoin prices. In the current quarter, the key upside catalyst is the pivot into high-density AI data centers, highlighted by a new $9.1 billion long-term AI data lease and the completed delivery of an initial 25 MW to AMD, which drove Q2 revenue above consensus and a positive share-price reaction, but the market is likely to continue discounting execution risk, capital intensity, and Bitcoin mark-to-market volatility.

• Q2 2026 revenue $174.2 million, up 14% year over year, with Bitcoin mining contributing $113.7 million and data center revenue $23.2 million..
• Q2 2026 GAAP net loss $237.2 million (EPS -$0.68), versus Q2 2025 net income $219.5 million (EPS $0.65), driven largely by a $401.3 million negative fair-value change in Bitcoin, higher depreciation, and a $28.0 million impairment..
• First-half 2026 revenue $341.5 million with a cumulative net loss of $737.6 million, including data center revenue of $56.4 million, underscoring the scale of the investment phase relative to current cash generation..

Added, Trimmed, and Exited

Added

Egerton Capital made substantial additions to several core holdings, most notably a massive increase in Medline Inc (shares up from 4.37M to 16.47M, a 234% jump in value to $649.6M), along with sizable build-ups in Amphenol Corp (+136.5% in value), Amazon (+73.0%), CRH (+61.7%), Armstrong World Industries (+101.1%), Ferguson (+61.4%), and NVIDIA (+46.6%). Smaller but notable adds occurred in Vulcan Materials, Embraer S.A., Moodys, and Visa.
What it means: The scale of the Medline Inc add stands out as the fund's most aggressive conviction move this quarter, suggesting a high-confidence bet on healthcare distribution/supply chain economics. Combined with heavy buying in Amphenol Corp, NVIDIA, and industrial/infrastructure names like CRH, Ferguson, and Armstrong World Industries, the pattern points to a portfolio increasingly tilted toward AI-infrastructure beneficiaries and reshoring/construction-driven industrials, while the continued build in Amazon reflects confidence in mega-cap cloud/AI compounders alongside more idiosyncratic, less-crowded picks.

Trimmed

Egerton Capital notably cut Linde (-70.5% in value), Uber (-50.0%), Interactive Brokers (-14.6%), and Mastercard (-18.7%), with smaller trims to Devon Energy and Alphabet.
What it means: The sharp reduction in Linde and Uber suggests profit-taking or a reassessment of growth durability in industrial gases and ride-sharing/mobility, especially notable given Uber's position was cut in half. The paring back of Interactive Brokers and Mastercard, both payments/financial infrastructure names, alongside a modest Alphabet trim despite its value rising, may reflect valuation discipline and portfolio rebalancing toward the higher-conviction adds noted above rather than a broad de-risking of the fund's financial exposure.

Exited

Egerton Capital fully exited six positions: Carpenter Technology ($524.6M), CME ($349.4M), Canadian Nat Res Ltd Med Ter ($277.1M), Arch Capital ($107.2M), RenaissanceRe ($94.3M), and New York Times Co Mtn Be ($81.4M).
What it means: The complete liquidation of specialty metals (Carpenter Technology), exchange infrastructure (CME), energy (Canadian Nat Res Ltd Med Ter), and reinsurance names (Arch Capital, RenaissanceRe) represents a meaningful rotation away from cyclical/commodity and insurance exposure. This wholesale exit from the reinsurance sub-sector combined with the New York Times Co Mtn Be exit suggests the fund is consolidating capital into fewer, higher-conviction themes—particularly AI infrastructure and industrials—rather than maintaining a diversified spread across defensive and cyclical sectors.

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.