Egerton Capital's Trades and Holdings in Q4 2025

Breaking down the stocks Egerton Capital bought, sold, and held in Q4 2025, including their holdings at the end of the quarter. All data sourced from Egerton Capital's 13F filed on February 11, 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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Wikipedia on Egerton Capital
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Q4 '25 13F filed with SEC

Holdings in Q4 2025

Current Investment Strategy

John Armitage's Egerton Capital maintained its high-conviction, fundamentals-driven approach in Q4 2025 with a concentrated $9.2 billion portfolio anchored by mega-cap technology and payments leaders Microsoft, Amazon, and Visa, while initiating new positions in Moody's, Alphabet, Vulcan Materials, Wynn Resorts, and Uber that signal a broadening bet on data infrastructure, consumer mobility, and U.S. domestic economic activity. The London-based fund simultaneously exited insurance and financial-exchange names including Progressive, Meta, Flutter Entertainment, Arch Capital Group, and Intercontinental Exchange, reflecting a decisive rotation away from underwriting and trading-platform exposure toward asset-light platform businesses and cyclical recovery plays.

New Investments

Moody's MCO

Egerton Capital bought $395.1M of Moody's in Q4 2025. Moody's has demonstrated strong momentum through the first three quarters of 2025, with expected Q4 2025 earnings of $3.39 per share representing 29.4% year-over-year growth compared to Q4 2024's adjusted earnings of $2.62 per share. The company's full-year 2024 performance—featuring 20% revenue growth to $7.09 billion, an adjusted EPS beat of consensus estimates, and an improved operating margin of 43.8%—established momentum that has carried into 2025, supported by robust global bond issuance volumes and strong demand for its analytics and data services. For full-year 2025, management is guiding adjusted EPS of $14.00-$14.50, representing 12-16% growth from 2024's adjusted earnings of $12.47, signaling sustained operational strength despite a strategic restructuring initiative.

• Q4 2025 expected EPS of $3.39 up 29.4% year-over-year versus Q4 2024's $2.62, with four consecutive quarters of earnings beats against consensus estimates.
• Full-year 2024 revenues grew 20% to $7.09 billion with adjusted operating margin expanding 120 basis points to 43.8%, demonstrating operational leverage.
• Moody's Investors Service revenues increased 18% year-over-year and Moody's Analytics grew 8% in 2024, while cash position strengthened to $2.97 billion with $1.6 billion remaining in share repurchase authorization.

Alphabet GOOG

Egerton Capital bought $338.52M of Alphabet in Q4 2025. Alphabet delivered a strong Q4 2025, significantly beating earnings expectations with $2.82 EPS versus $2.64 forecasted and generating $113.8 billion in revenue, representing 18% year-over-year growth driven by accelerating AI adoption across search and cloud services. The company's full-year 2025 revenues exceeded $400 billion for the first time (up 15% annually), with Google Cloud emerging as a standout performer, growing 48% to $17.7 billion and more than doubling operating income to $5.3 billion on the back of enterprise AI demand. Despite impressive financial results, the stock showed muted immediate reaction (+0.97% in after-hours trading) as investors weighed significant capital intensity—capex surged 95% year-over-year to $27.9 billion in Q4 alone, with management guiding to $175-185 billion in CapEx for 2026.

• EPS beat forecasts by 6.82%, with net margin of 32.81% and return on equity of 35.01%.
• Google Cloud revenue accelerated 48% year-over-year with operating margin expanding from 17.5% to 30.1%, while backlog doubled year-over-year to $240 billion.
• Search revenues grew 17% to $63.1 billion and YouTube annual revenues surpassed $60 billion, but 2026 CapEx guidance of $175-185 billion signals heavy infrastructure investment ahead.

Vulcan Materials VMC

Egerton Capital bought $273.86M of Vulcan Materials in Q4 2025. Vulcan Materials delivered mixed results over the last two quarters, with Q1 2025 beating estimates with EPS of $1.00 versus $0.79 forecast, but Q2 2025 disappointing with EPS of $2.45 versus $2.58 estimate, indicating decelerating momentum despite strong pricing conditions in the construction aggregates market. The company faced headwinds in the most recent quarter that offset earlier strength, though management's full-year 2025 guidance projected adjusted EBITDA between $2.35B-$2.45B with mid-single-digit pricing improvements expected for 2026. Looking forward, Vulcan has scheduled its Q4 2025 earnings call for February 17, 2026, which will provide critical insight into whether the company can reignite growth momentum heading into 2026.

• Q1 2025 beat estimates by 26.58% but Q2 2025 missed by 5.04%, showing deceleration in recent quarter performance.
• Aggregates segment gross profit rose 15% in Q4 2024 with 11th consecutive quarter of year-over-year growth, demonstrating underlying segment strength.
• Full-year 2025 shipments projected to increase approximately 3% with management guiding for mid-single-digit pricing improvements in 2026.

Wynn Resorts WYNN

Egerton Capital bought $249.05M of Wynn Resorts in Q4 2025. Over the last two quarters, Wynn Resorts has faced significant EPS pressure with Q3 2025 adjusted earnings of $0.86 missing analyst estimates by 23.89%, continuing a trend of misses in Q2 2025 as well, though revenue performance has remained resilient at $1.83 billion in Q3, exceeding expectations by 3.39%. The company's operational fundamentals show improvement at key properties—particularly Wynn Palace with operating revenue up $115.7 million year-over-year and adjusted Property EBITDAR up $38 million—despite full-year 2025 adjusted EPS declining 30.9% to $4.16 compared to $6.02 in fiscal 2024. Forward guidance offers improvement, with fiscal 2026 adjusted EPS projected to grow 19.7% to $4.98, supported by strong Macau market share gains and continued execution on the high-profile Wynn Al Marjan Island development project.

• Full-year 2025 adjusted EPS of $4.16 declined 30.9% versus $6.02 in 2024.
• Q3 2025 revenue beat expectations by 3.39% at $1.83 billion, while EPS of $0.86 missed by 23.89%.
• Wynn Palace Q3 2025 operating revenue increased $115.7 million YoY with adjusted Property EBITDAR up $38 million; fiscal 2026 EPS projected to grow 19.7% to $4.98.

Uber UBER

Egerton Capital bought $219.08M of Uber in Q4 2025. Uber delivered strong operational momentum in Q4 2025 with 22% gross bookings growth and $14.4 billion in revenue beating consensus expectations, though earnings per share of $0.71 missed forecasts due to margin pressures from affordability-focused pricing strategies aimed at accelerating trip volumes. The company demonstrated exceptional profitability expansion with adjusted EBITDA growing 35% year-over-year to $8.7 billion and free cash flow surging 42% to $9.8 billion, positioning Uber with substantial capital flexibility for growth investments and shareholder returns. However, Q1 2026 guidance suggests a deceleration, with adjusted EPS projected at $0.65-$0.72 below the $0.76 consensus estimate, indicating management's cautious near-term outlook even as the company emphasizes autonomous vehicle opportunities as a multi-trillion-dollar growth vector.

• Revenue growth accelerated to 20% year-over-year with gross bookings up 22%, while adjusted EBITDA surged 35% and free cash flow climbed 42%.
• EPS of $0.71 declined 77.8% year-over-year and missed consensus of $0.79, reflecting deliberate margin compression from lower-cost ride options.
• Q1 2026 guidance calls for adjusted EPS of $0.65-$0.72 (midpoint 37% growth) versus $0.76 consensus, signaling near-term profitability headwinds despite long-term autonomous vehicle expansion strategy.

RenaissanceRe RNR

Egerton Capital bought $137.94M of RenaissanceRe in Q4 2025. RenaissanceRe delivered exceptional 2025 results with operating income of $1.9 billion and tangible book value per share growth of 30%, marking the third consecutive year of greater than 25% growth. Q4 2025 showed particular strength with adjusted EPS of $13.34 significantly outperforming analyst estimates of $10.41, driven by robust underwriting income of $669 million, accelerating fee-based revenues, and strong investment returns. The company maintained disciplined capital management while returning $764 million to shareholders through repurchases in Q4 and early January 2026, with management navigating a softening 2026 reinsurance market through portfolio shaping and margin discipline.

• Adjusted EPS of $13.34 in Q4 beat analyst estimates by 28.2%.
• Operating return on equity of 22% in Q4 and 18% for full year 2025.
• Fee income grew 31.8% year-over-year to $101.6 million in Q4.

New York Times NYT

Egerton Capital bought $97.88M of New York Times in Q4 2025. The New York Times delivered a solid Q4 2025, beating both revenue and earnings expectations with total revenue of $802.3 million (+10.4% year-over-year) and adjusted EPS of $0.89 versus consensus estimates of $0.88. The standout driver was digital advertising, which surged 24.9% year-over-year—substantially exceeding company guidance for mid-to-high-teens growth—while the company extended its earnings beat streak to 8 consecutive quarters. The company is demonstrating clear momentum in its core subscription and advertising businesses, though the stock traded down 2% immediately following results, reflecting profit-taking rather than fundamental deterioration, as digital-only subscribers grew to 12.21 million and the company generated $550.5 million in free cash flow for full-year 2025.

• Adjusted EPS grew 11.3% year-over-year to $0.89, beating estimates by 1.1% while adjusted operating profit rose 12.8%.
• Digital subscription revenue increased 13.9% to $382 million, with total subscribers reaching 12.78 million and bundle adoption now exceeding 50% of the base.
• Digital advertising revenue jumped 24.9% year-over-year to $147 million, the strongest quarterly performance in recent history, driven by new ad inventory and improved demand with advertisers seeking larger deals.

LPL Financial LPLA

Egerton Capital bought $91.01M of LPL Financial in Q4 2025. LPL Financial delivered strong Q4 2025 results with adjusted EPS of $5.23 exceeding consensus estimates by 6.8%, marking a robust recovery from Q3's acquisition-related losses and demonstrating successful integration of the Commonwealth acquisition. The company achieved record $2.4 trillion in AUM, representing 44% year-over-year growth, while revenue of $4.93 billion grew 40% YoY driven by a strategic shift toward higher-margin advisory business, which now represents 58.8% of total assets versus 55.0% in the prior year quarter. While Q4 organic net new assets of $23 billion decelerated to a 4% annualized growth rate from 6.8% in Q3, full-year organic growth of $147 billion achieved an 8% growth rate, and the company improved its leverage ratio to a healthier 1.95x, positioning it favorably despite modest near-term headwinds.

• Full-year 2025 adjusted EPS of $20.09 grew 22% year-over-year with 38% adjusted pre-tax margin.
• Advisory fees surged 59% YoY to $2.54 billion while gross profit expanded 26% and adjusted EBITDA increased 32%.
• Recruited assets totaled $104 billion for the full year despite Q4 moderation to $14 billion post-Commonwealth closing.

Added, Trimmed, and Exited

Added

Egerton Capital meaningfully increased its stakes in Amazon (AMZN) (+1.84M shares, +45%), Visa (V) (+888K shares, +37%), Embraer (ERJ) (+1.16M shares, +55%), Interactive Brokers Group (IBKR) (+685K shares, +11%), and Carpenter Technology (CRS) (+179K shares, +13%), while making negligible additions to Boston Scientific (BSX).
What it means: The aggressive buildouts in Amazon and Visa—now two of the fund's largest positions at $1.36B and $1.15B respectively—signal a strong conviction in consumer-facing digital platforms and global payment networks. The continued accumulation of Embraer and Carpenter Technology reflects a deepening bet on aerospace and defense supply chains, while adding to Interactive Brokers reinforces the fund's theme of benefiting from elevated trading volumes and capital markets activity.

Trimmed

Egerton Capital substantially reduced its positions in Ferguson Enterprises (FERG) (-1.59M shares, -61%), CRH (CRH) (-2.0M shares, -47%), and Seagate (STX) (-864K shares, -54%), while making smaller trims to Microsoft (MSFT) (-62K shares, -3%) and Amphenol (APH) (-116K shares, -3%). Positions in Capital One (COF), CME Group (CME), Mastercard (MA), and Lamar Advertising (LAMR) were trimmed only marginally.
What it means: The deep cuts to Ferguson and CRH—both construction and building materials plays—suggest the fund is taking significant profits and reducing cyclical exposure tied to infrastructure and housing, possibly reflecting concerns about slowing construction activity or rich valuations. The halving of Seagate indicates waning conviction in the storage hardware cycle, while the light trims to Microsoft and Amphenol appear to be routine portfolio rebalancing rather than directional calls.

Exited

Egerton Capital fully liquidated nine positions, headlined by Progressive (PGR) ($639M), Meta (META) ($397M), Flutter Entertainment (FLUT) ($359M), and Arch Capital Group (ACGL) ($318M), along with Intercontinental Exchange (ICE) ($175M), Canadian Pacific Kansas City (CP) ($151M), Aramark (ARMK) ($123M), TransUnion (TRU) ($123M), and First Citizens Bancshares (FCNCA) ($85M).
What it means: This was a sweeping portfolio overhaul, with Egerton exiting over $2.3 billion in positions across insurance, social media, gaming, transportation, and financial data. The exits from Progressive and Arch Capital represent a near-complete withdrawal from property & casualty insurance—partially offset by the new RenaissanceRe position, suggesting a rotation within the sector toward reinsurance. Dumping Meta while initiating Alphabet signals a swap within mega-cap tech, potentially favoring Google Cloud's AI momentum over Meta's heavy metaverse spending. The breadth of liquidations funded a wave of eight entirely new positions, underscoring one of the most aggressive quarterly reshuffles in the fund's recent history.

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.