John Armitage’s Egerton Capital in Q3 2026: Visa on top, Alphabet cut by a third, four new stocks
By Gabriel Zacarkim · Published Oct 31, 2026 · Data as of Oct 30, 2026 close (positions as of September 30, 2026)
John Armitage’s Egerton Capital, a London firm, filed its 13F for the third quarter of 2026 on October 20, one of the first of the 38 managers this site follows to report the quarter. It lists 23 companies worth $9.82 billion on September 30, down from $10.35 billion three months earlier. The ten largest positions make up 75.6% of the portfolio, and financial companies — Visa, Moody’s, S&P Global, Interactive Brokers, Intercontinental Exchange and Mastercard — add up to 32.6%.
| Stock | Value | Weight | Change in shares vs. Jun 30 |
|---|---|---|---|
| Visa (V) | $1.47B | 14.9% | −4.3% |
| Amazon (AMZN) | $1.17B | 12.0% | +31.9% |
| Amphenol (APH) | $902.7M | 9.2% | +10.0% |
| Nvidia (NVDA) | $854.6M | 8.7% | +9.5% |
| Moody's (MCO) | $743.5M | 7.6% | −3.9% |
| Alphabet (Class C) (GOOG) | $715.3M | 7.3% | −36.2% |
| Devon Energy (DVN) | $498.6M | 5.1% | +43.3% |
| Medline (MDLN) | $460.9M | 4.7% | −19.4% |
| S&P Global (SPGI) | $311.8M | 3.2% | +124.6% |
| CRH (CRH) | $300.7M | 3.1% | −17.2% |
| Interactive Brokers (IBKR) | $270.0M | 2.7% | −23.5% |
| Vulcan Materials (VMC) | $246.6M | 2.5% | −48.9% |
| Embraer (ADR) (EMBJ) | $244.2M | 2.5% | −4.2% |
| Ferguson (FERG) | $236.0M | 2.4% | +5.4% |
| Intercontinental Exchange (ICE) | $223.1M | 2.3% | new |
| Mastercard (MA) | $191.7M | 2.0% | −4.3% |
| Linde (LIN) | $190.8M | 1.9% | +33.6% |
| Armstrong World Industries (AWI) | $160.9M | 1.6% | +7.3% |
| Meta Platforms (META) | $139.9M | 1.4% | new |
| Thermo Fisher Scientific (TMO) | $133.8M | 1.4% | new |
| Vistra (VST) | $131.6M | 1.3% | +96.0% |
| Lamar Advertising (LAMR) | $125.0M | 1.3% | −20.4% |
| Walt Disney (DIS) | $97.9M | 1.0% | new |
What he bought
Egerton opened four positions in the quarter: Intercontinental Exchange, Meta, Thermo Fisher and Disney, together 6.1% of the portfolio. It more than doubled S&P Global, to 790,364 shares from 351,920, nearly doubled Vistra and added 43% to Devon Energy, 34% to Linde and 32% to Amazon, now its second-largest holding at 12.0%. The Amphenol stake rose 10%: the company split its stock two-for-one on September 3, so the 4,866,688 shares held on June 30 equal 9,733,376 today, against 10,708,713 on September 30.
What he sold
The biggest cut was in Alphabet: Egerton sold 36% of its Class C shares, leaving 2.1 million worth $715 million on September 30. It halved Vulcan Materials (−49%) and trimmed Interactive Brokers, Lamar, Medline and CRH by 17% to 24%. Four positions were sold entirely: Applied Materials, Equifax and Riot Platforms, all three first reported in the second quarter, and Uber, in the 13F since the fourth quarter of 2025.
| Stock | Value on Jun 30 | Weight on Jun 30 | Price since Jun 30 |
|---|---|---|---|
| Applied Materials (AMAT) | $376.7M | 3.6% | −46.0% |
| Equifax (EFX) | $235.1M | 2.3% | +16.3% |
| Uber (UBER) | $167.4M | 1.6% | −9.6% |
| Riot Platforms (RIOT) | $72.0M | 0.7% | −53.2% |
Since September 30
Repriced at the October 30 close, the same September 30 holdings would be worth about $10.01 billion, 1.9% more. Visa, the largest position and in the 13F every quarter since the third quarter of 2020, rose 15.1%; S&P Global gained 18.3% and Mastercard 15.7%. Alphabet fell 18.3%, including a 12.3% drop in the Class C shares on October 29, the day after it reported results, and Meta and Nvidia lost 15.2% and 10.4%.
Three cautions. The 13F shows holdings only at the end of each quarter, so the value “if nothing changed” is a hypothesis: what Egerton did in October will appear in its next 13F, due in February 2027. For the four positions sold, the price change runs from June 30, not from the sale. And S&P Global spun off Mobility Global on July 1, 2026; Yahoo Finance treats the spin-off as a 1.057 stock split and lowers older prices, so the June 30 price that matches the 13F is $407.26, and the September 30 filing shows no Mobility Global shares.
The figures come from Egerton Capital’s 13F filings for June 30 and September 30, 2026, checked line by line against the SEC’s XML files, and from closing prices. They describe what happened; they are not a forecast and not investment advice.
Sources
- Egerton Capital 13F-HR, quarter ended September 30, 2026
- Egerton Capital 13F-HR, quarter ended June 30, 2026
For information only, not investment advice. The figures come from the filings listed above and describe what happened, not what will.