Egerton Capital (UK) LLP 13F holdings and portfolio analysis
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Baseline
Messages d'analyseQ&R pré-générée sur ce fonds. Utilisez-la comme contexte de référence pour votre propre analyse.
Directly following the baseline exposes an investor to a concentrated stock-picking portfolio with strong long-run returns but meaningful single-name, sector, and implementation risk. The top 5 holdings account for 50.38% and the top 10 for 75.20% in the baseline strategy view, with Amazon at 15.68%, Visa at 13.23%, and Microsoft at 9.76%. Sector exposure is tilted to Financials at 38.10%, Consumer Discretionary at 18.56%, and Information Technology at 17.85%. The reward has been solid, with 15.58% annualized return and 2.74 alpha, but the trade-off includes a -31.96% max drawdown, 1,042 trades, and total estimated costs of 5.19 under filing-lag implementation.
The recent baseline periods that best explain the trade-off are 2024-06-30, 2024-09-30, and 2025-03-31. At 2024-06-30, the baseline gained 15.45% versus 9.83% for the benchmark, producing +5.63 points of excess return with 30.01 turnover across 20 trades. At 2024-09-30, it added 6.71% versus 2.76%, another +3.95 points of excess. But the same strategy also showed weaker timing in 2025-03-31, returning 3.42% versus 9.22% for the benchmark, a -5.79 point shortfall with 39.75 turnover and 24 trades. Those periods show the core pattern: concentrated selections can create strong upside in good windows, but the same structure can lag badly when the holdings are out of sync with the market.
Before accepting the baseline, the user should inspect concentration, turnover, and the drawdown path. Concentration is high, with top 5 at 50.38% and top 10 at 75.20%, so even a few names can dominate results. Turnover was not trivial, reaching 67.36 in 2023-03-31 and 46.18 in 2023-12-31, and the risk notes say turnover reached nearly 100% in a single period in the broader backtest history. The drawdown path also matters because max drawdown was -31.96% with 74 recovery days. Finally, estimated trading costs were 5.19, mostly driven by slippage across 1,042 trades, so implementation quality matters almost as much as stock selection.