Breaking down the stocks Egerton Capital bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Egerton Capital's 13F filed on November 12, 2025.
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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Q3 '25 13F filed with SEC
Holdings in Q3 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| MSFT | Microsoft | 10.3% | Trimmed (-2%) | $937.9M |
| AMZN | Amazon | 9.8% | Added (+21%) | $889.97M |
| V | Visa | 9.0% | Added (+25%) | $813.64M |
| PGR | Progressive | 7.0% | Trimmed (-2%) | $639.26M |
| FERG | Ferguson Enterprises | 6.4% | Added (+16%) | $583.96M |
| BSX | Boston Scientific | 5.7% | Added (+224%) | $518.66M |
| CRH | CRH | 5.6% | Trimmed (-7%) | $510.88M |
| APH | Amphenol | 5.2% | Added (+21%) | $473.15M |
| COF | Capital One | 4.9% | Trimmed (-11%) | $441.71M |
| IBKR | Interactive Brokers Group | 4.7% | Trimmed (-22%) | $430.35M |
| STX | Seagate | 4.1% | Trimmed (-22%) | $376.04M |
| FLUT | Flutter Entertainment | 3.9% | Trimmed (-3%) | $358.65M |
| CRS | Carpenter Technology | 3.7% | Trimmed (-28%) | $337.45M |
| CME | CME Group | 3.5% | Trimmed (-22%) | $320.12M |
| ACGL | Arch Capital Group | 3.5% | Trimmed (-17%) | $318.27M |
| MA | Mastercard | 2.9% | Added (+10%) | $261.74M |
| ICE | Intercontinental Exchange | 1.9% | Trimmed (-4%) | $174.58M |
| CP | Canadian Pacific Kansas City | 1.7% | Trimmed (-56%) | $150.94M |
| ERJ | Embraer | 1.4% | NEW | $127.97M |
| ARMK | Aramark | 1.4% | Added (+13%) | $123.04M |
| TRU | TransUnion | 1.4% | NEW | $122.74M |
| LAMR | Lamar Advertising | 1.0% | NEW | $88.61M |
| FCNCA | First Citizens Bancshares | 0.9% | Trimmed (-47%) | $84.78M |
| GE | General Electric | 0.0% | Exited | $-324.78M |
| LPLA | LPL Financial | 0.0% | Exited | $-312.17M |
| GOOG | Alphabet | 0.0% | Exited | $-171.25M |
| BLDR | Builders FirstSource | 0.0% | Exited | $-30.65M |
Current Investment Strategy
John Armitage's Egerton Capital maintained its concentrated focus on large-cap technology and financial leaders in Q3 2025, with Microsoft, Amazon, Meta Platforms, Visa, and Progressive dominating the portfolio's top holdings as the London-based fund continued its fundamental, research-driven approach to long/short equity investing. The firm initiated positions in Brazilian aerospace manufacturer Embraer, credit bureau TransUnion, and outdoor advertising specialist Lamar Advertising while exiting mega-cap technology names Alphabet and industrial bellwether General Electric, suggesting a selective rotation toward specialized growth opportunities alongside core holdings in digital advertising, cloud computing, and financial services.
New Investments
Embraer ERJ
Egerton Capital bought $127.97M of Embraer in Q3 2025. Embraer demonstrated robust top-line momentum in Q3 2025 with revenue reaching an all-time high of $2,004 million, representing 18% year-over-year growth, while the commercial aviation segment accelerated at 31% growth driven by strong E2 jet demand. The firm order backlog expanded to a record $31.3 billion (up 38% year-over-year) with solid execution of 62 aircraft deliveries (+5% YoY) and $300.3 million in adjusted free cash flow, providing substantial visibility into future revenue. However, profitability compression and credit rating improvements present a mixed picture—while S&P upgraded the rating to BBB and Fitch/Moody's revised outlooks to positive, adjusted EBIT margin contracted to 8.6% from 17.6% in the prior year period, with net income declining 75% to $54.4 million due to extraordinary items and $27 million in cumulative U.S. tariff headwinds year-to-date.
- Revenue grew 18% YoY to an all-time high $2,004M in Q3 2025, with commercial segment revenue surging 31% YoY.
- Firm order backlog reached record $31.3B (up 38% YoY) with strong execution of 62 aircraft deliveries (+5% YoY) and $300.3M adjusted free cash flow.
- Adjusted EBIT margin compressed to 8.6% in Q3 2025 from 17.6% in Q3 2024, while adjusted net income declined 75% to $54.4M due to extraordinary items.
TransUnion TRU
Egerton Capital bought $122.74M of TransUnion in Q3 2025. TransUnion delivered strong third-quarter results in 2025, with 8% revenue growth to $1.17 billion and adjusted EPS of $1.10, beating consensus estimates by 3.2% and 5.4% respectively, while raising full-year 2025 guidance to 8-8.5% revenue growth. The company is accelerating across key segments with U.S. Financial Services growing 19% and underlying organic constant currency growth of 11%, representing the strongest underlying growth rate since 2021. Operating momentum is improving with operating cash flow of $668 million through nine months, up 15.3% year-over-year, supporting $200 million in share repurchases with authorization expanded to $1 billion.
- Adjusted EPS beat consensus by 5.4% at $1.10 and grew 5.8% versus Q3 2024 earnings of $1.04.
- U.S. Financial Services segment accelerated 19% with organic constant currency growth of 11%, the strongest pace since 2021.
- Operating cash flow increased 15.3% to $668 million year-to-date with $200 million in share repurchases deployed and $1 billion authorization expanded.
Lamar Advertising LAMR
Egerton Capital bought $88.61M of Lamar Advertising in Q3 2025. Lamar Advertising demonstrated steady revenue momentum in Q3 2025 with net revenues growing 3.8% year-over-year to $585.5 million, though the company disappointed on the bottom line with net income declining 2.5% despite 3.5% adjusted EBITDA growth. Nine-month results paint a stronger picture, with net income surging 20.4% to $438.3 million, substantially aided by a significant gain from the sale of its Vistar Media equity interest. The company continues to show accelerating acquisition-adjusted revenue growth with particular strength in its digital segment, while maintaining a robust balance sheet with ample liquidity for strategic initiatives including recent debt refinancing.
- Q3 net revenues grew 3.8% year-over-year to $585.5 million with adjusted EBITDA expanding 3.5% to $280.8 million.
- Nine-month net income increased 20.4% to $438.3 million, though Q3 net income declined 2.5% sequentially.
- Digital segment showing accelerating growth with acquisition-adjusted revenue expansion; stock price up 5.32% despite missing Street profit estimates.
Added, Trimmed, and Exited
Added
Egerton Capital significantly increased seven existing positions in Q3 2025, most notably more than tripling its stake in Boston Scientific (BSX) with an additional 3.7 million shares to reach a $518.66M position (194% return), while also adding substantially to Amazon (AMZN) (+$157.78M), Amphenol (APH) (+$160.26M), Visa (V) (+$135.38M), Ferguson Enterprises (FERG) (+$97.65M), Aramark (ARMK) (+$4.57M), and Mastercard (MA) (+$25.70M).
What it means: The concentrated buying in Boston Scientific signals high conviction in medical device innovation and healthcare infrastructure, while the additions to payments giants Visa and Mastercard, industrial distributor Ferguson Enterprises, and technology connector maker Amphenol reveal a strategic pivot toward companies with durable competitive moats and exposure to secular growth trends in digital payments, infrastructure build-out, and technology enablement. The decision to add to Amazon despite already having a $732M position suggests Egerton sees continued upside in cloud computing and e-commerce dominance.
Trimmed
Egerton Capital reduced thirteen positions during Q3 2025, with the most significant trim being a 55% reduction in Canadian Pacific Kansas City (CP) (cutting $210.31M), followed by material reductions in Interactive Brokers Group (IBKR) (-$16.08M), Arch Capital Group (ACGL) (-$67.87M), Carpenter Technology (CRS) (-$190.17M), CME Group (CME) (-$99.63M), and Capital One (COF) (-$54.80M), alongside smaller trims to Seagate (STX), CRH (CRH), Progressive (PGR), Intercontinental Exchange (ICE), First Citizens Bancshares (FCNCA), Flutter Entertainment (FLUT), and Microsoft (MSFT).
What it means: The trimming pattern reveals a deliberate de-risking of financial services exposure, with reductions across Interactive Brokers, Arch Capital, CME Group, Capital One, Progressive, Intercontinental Exchange, and First Citizens Bancshares, suggesting concerns about interest rate sensitivity or financial sector valuations. Notably, Egerton trimmed several positions that generated positive returns (Seagate +27%, CRH +21.8%), indicating disciplined profit-taking and portfolio rebalancing rather than distressed selling. The sharp reduction in Canadian Pacific Kansas City (-58.2% return) and Carpenter Technology (-36% return) appears to be cutting losses on industrial bets that haven't materialized as expected.
Exited
Egerton Capital completely liquidated four positions totaling approximately $839M, exiting General Electric (GE) ($324.78M), LPL Financial (LPLA) ($312.17M), Alphabet (GOOG) ($171.25M), and Builders FirstSource (BLDR) ($30.65M).
What it means: The complete exit from General Electric and Alphabet suggests Egerton is moving away from mega-cap positions where the firm may have less differentiated insights or see limited upside relative to risk, while the exit from financial services platform LPL Financial reinforces the broader de-risking of financial sector exposure observed in the trimmed positions. The sale of homebuilding supplier Builders FirstSource likely reflects concerns about residential construction demand amid elevated mortgage rates. These exits freed up nearly $839M in capital that was partially redeployed into new positions like Embraer, TransUnion, and Lamar Advertising, as well as the significant position-building in Boston Scientific, signaling a preference for mid-cap growth stories with more concentrated market positions over diversified mega-cap conglomerates.
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.
