Egerton Capital (UK) LLP

Egerton Capital's Q1 2026 13F is a $9.01B, 24-position global quality-and-financial-infrastructure portfolio with near-flat AUM (Q4 2025: $9.20B, Q1 2026: $9.01B, -$196M or -2.1%). The portfolio is defined by heavy exposure to financial-market infrastructure (Visa $1.24B, Moody's $674M, Interactive Brokers $421M, CME $349M, Mastercard $230M, Arch Capital $107M, RenaissanceRe $94M -- totaling approximately $3.11B or 34.5% of AUM), communication-services (Alphabet $992M), and basic-materials/industrial names (Vulcan Materials $482M, Carpenter $525M, CRH $290M). The defining trade is Alphabet (+220.7% shares, +$653.9M from $338.5M to $992M) -- the portfolio's largest absolute increase, a massive conviction add that made Alphabet the second-largest position. Visa (+25.7% shares, +$95.3M) is the largest position and payment-processing anchor. Moody's (+99.9% shares, +$279.2M) -- credit-rating-and-risk-analytics -- was doubled, a major financial-infrastructure conviction add. Vulcan Materials (+84.3% shares, +$207.9M) -- construction-materials-and-aggregates -- was dramatically increased. Uber (+73.5% shares, +$115.6M) -- ride-sharing-and-mobility -- was added aggressively. Interactive Brokers (+12.7% shares, slight reduction in value -$25.4M) -- electronic-brokerage-and-trading -- held. Amphenol (-22.6% shares, -$138.3M) -- electronic-interconnects-and-components -- reduced. Lamar Advertising (+50.8% shares, +$46.5M) -- out-of-home-advertising -- increased. Six new opens: NVIDIA ($467M, 5.2%) -- AI-semiconductors, a major new opening at full size; Linde ($530M, 5.9%) -- industrial-gases-and-engineering, new at full size; Devon Energy ($328M, 3.6%) -- natural-gas-and-petroleum, new; Canadian Natural Resources ($277M, 3.1%) -- oil-and-gas, new; Medline ($194M, 2.2%) -- medical-device-distribution, new; Arch Capital ($107M, 1.2%) -- insurance-and-reinsurance, new. Six sold: Microsoft ($846M SOLD, the Q4 third-largest position), Boston Scientific ($513M SOLD), Capital One ($501M SOLD), Wynn Resorts ($249M SOLD), Seagate ($201M SOLD), LPL Financial ($91M SOLD). The -2.1% AUM decline is the quarter's headline. The 76.00 whaleScore on $9.01B reflects AUM. The portfolio's identity reads as a global quality-and-financial-infrastructure long book with heavy exposure to payment-processing networks (Visa, Mastercard), ratings-and-data (Moody's), brokerage-and-market-infrastructure (Interactive Brokers, CME), and commodities/industrials (Vulcan, Carpenter, CRH, Linde, Devon, Canadian Natural). The Q1 2026 delta is best read as: Egerton Capital executed a major sector rotation in Q1 2026 -- dramatically increasing Alphabet (+220.7%, now 11.0% of AUM) and the financial-infrastructure core (Visa +25.7%, Moody's +99.9%), adding seven new opens including NVIDIA at $467M as the portfolio's first major AI-semiconductor position, while completely exiting six Q4 positions (Microsoft $846M, Boston Scientific $513M, Capital One $501M, Wynn $249M, Seagate $201M, LPL $91M) totaling $2.40B in gross sales. Amazon was reduced -59.9% (-$867.9M) -- the portfolio's largest absolute decrease -- as the manager rotated out of e-commerce-and-cloud into the new financial-and-semiconductor core. The post-Q1 $9.01B book is more financial-infrastructure-heavy and less technology-heavy than Q4.