Egerton Q1 2026: A 24-Stock Book Triples Alphabet

Egerton Capital, the London-based long-short equity firm, runs one of the more concentrated books in institutional data — just 24 U.S.-listed positions backing a $9.01 billion portfolio. When a manager this focused makes big moves, they are loud, and the first quarter of 2026 was loud: Egerton more than tripled its Alphabet stake, doubled Moody's, opened a new Nvidia position, and added 84% to Vulcan Materials — while cutting Amazon by 60%. For a fund that holds only two dozen names, these are decisive, high-conviction shifts.

Concentration like this means every position has to earn its place. The reported value barely moved (down 2.1%), but underneath, Egerton meaningfully reshaped its book — leaning harder into a few quality compounders and a new AI bet while sharply reducing one of the megacaps it had favored.

Tripling Alphabet, doubling Moody's

Visa remains the largest holding at $1.24 billion (13.79%) after a 26% increase, but the standout moves are just behind it. Alphabet was raised 221% to $992.4 million (11.01%), and Moody's — the credit-ratings franchise with a wide competitive moat — was doubled to $674.3 million (7.48%). These are exactly the kind of high-return, hard-to-disrupt businesses a quality-focused long-short manager builds around.

The conviction shows in the sizing. With only 24 positions, taking Alphabet to 11% and Visa to nearly 14% means a handful of names carry the book — the top five alone are roughly 44% of the portfolio. This is a manager willing to make each idea count rather than diluting across dozens of holdings.

A new Nvidia bet, a sharp Amazon cut

The quarter's clearest directional shift was within technology. Egerton opened a new Nvidia position at $466.5 million (5.18%) — a fresh entry into the AI-hardware leader — while simultaneously cutting Amazon by 60% to $492.2 million.

Read together, those two moves suggest a rotation within big tech: out of the cloud-and-commerce platform and into the AI-chip story, alongside the Alphabet add. Egerton also boosted Vulcan Materials, the aggregates company, by 84% — an infrastructure and pricing-power bet outside technology — and holds a large new foreign-listed position. The picture is of a manager actively re-ranking its highest-conviction ideas rather than tinkering at the margins.

A volatile reported history

Egerton's reported value swings more than its underlying stability suggests, for a familiar reason.

The reported 13F value has bounced between roughly $4.8 billion and $9.9 billion over the past two years, with dips that almost certainly reflect incomplete filings in some quarters rather than real halvings of the book. With only 24 concentrated positions, the reported total is sensitive both to those filing gaps and to moves in a few large holdings. The latest two quarters, near $9 billion, are the cleaner read on the book's actual size.

What it signals

For investors who track institutional positioning, Egerton's first-quarter filing is a clean example of high-conviction reshuffling. The signals are unusually crisp because the book is so concentrated: a tripled Alphabet, a doubled Moody's, a new Nvidia, and a halved Amazon are deliberate, sizable bets, not rebalancing noise. The actionable read is the rotation within quality and tech — toward Alphabet, Moody's, and the AI-chip leader, and away from Amazon — expressed with the conviction that only a 24-stock book allows.

FAQ

What did Egerton Capital change in Q1 2026?
It raised Alphabet by 221%, doubled Moody's, increased Visa by 26%, added 84% to Vulcan Materials, and opened a new Nvidia position — while cutting Amazon by 60%. Reported value was roughly flat at $9.01 billion.

How concentrated is Egerton's portfolio?
Very. It holds just 24 U.S.-listed positions, with the top five accounting for roughly 44% of the book — a high-conviction long-short approach where each idea is sized to matter.

What is Egerton's largest holding?
Visa, at $1.24 billion or 13.79% of the portfolio after a 26% increase, followed by Alphabet ($992.4 million) and Moody's ($674.3 million).

Why did Egerton buy Nvidia and sell Amazon?
The new Nvidia position alongside a 60% Amazon cut suggests a rotation within big technology — into the AI-hardware leader and away from the cloud-and-commerce platform — consistent with the firm's added Alphabet stake.