John Armitage
Egerton Capital · Co-Founder & CIO · Net worth: ~$2B
Co-founded Egerton in 1994 — one of Europe's most respected long-short equity funds. Armitage has delivered 15%+ annualized for three decades with a Buffett-style concentrated approach.
John's portfolio concentration: top-1, top-5, top-10
Highly concentrated
TDWTop-5 zoneTop-10John's single largest bet is TDW at 31.3% of tracked positions. Conviction-concentrated — the single largest position drives most of the book.
John Armitage's recent 13F moves: buys, adds, trims, and exits
Every tracked 13F move — buys, adds, trims, and exits — over the last two quarters.
| Ticker | Activity | % portfolio |
|---|---|---|
| ABG | Add 139% | 2.80% |
| CVEO | Buy (new) | 0.20% |
| GEOS | Buy (new) | 0.10% |
| CAT | Buy (new) | 0.00% |
| MSGS | Buy (new) | 0.00% |
| ORLA | Add 100% | 0.00% |
| ASO | Add 94% | 0.80% |
| RYZ | Add 92% | 1.50% |
| WLK | Add 62% | 2.80% |
| IIIN | Add 60% | 2.30% |
| AGI | Add 33% | 0.10% |
| AMRZ | Add 30% | 0.20% |
| AEM | Add 18% | 0.10% |
| GIB | Sell (exit) | 0.00% |
| DMLP | Sell (exit) | 0.00% |
| LEGH | Reduce 82% | 0.10% |
| SNDK | Reduce 67% | 1.10% |
| WDC | Reduce 53% | 2.20% |
| SMHI | Reduce 7% | 0.90% |
| Ticker | Activity | % portfolio |
|---|---|---|
| SDRL | Add 597% | 0.90% |
| RYZ | Buy (new) | 0.70% |
| LZM | Buy (new) | 0.10% |
| DMLP | Buy (new) | 0.00% |
| STRS | Buy (new) | 0.00% |
| ABG | Add 79% | 1.10% |
| SE | Add 67% | 0.30% |
| AMRZ | Add 36% | 0.10% |
| FTI | Sell (exit) | 0.00% |
| AMKR | Sell (exit) | 0.00% |
| OLN | Sell (exit) | 0.00% |
| DRTSW | Sell (exit) | 0.00% |
| MKL | Sell (exit) | 0.00% |
| VAL | Reduce 92% | 0.10% |
| SNDK | Reduce 52% | 0.90% |
| WDC | Reduce 45% | 2.00% |
| WLK | Reduce 43% | 2.60% |
| GIB | Reduce 41% | 0.10% |
| LXU | Reduce 36% | 4.90% |
| RDNT | Reduce 35% | 1.10% |
| Ticker | Activity | % portfolio |
|---|---|---|
| CET | Buy (new) | 0.00% |
| MKL | Buy (new) | 0.00% |
| WLK | Add 41% | 2.70% |
| AMRZ | Add 29% | 0.10% |
| MRP | Add 18% | 1.00% |
| SDRL | Add 18% | 0.10% |
| META | Add 15% Adding Meta. | 7.20% |
| MSFT | Add 12% Quality compounder add. | 8.90% |
| AAPL | Sell (exit) | 0.00% |
| NESR | Sell (exit) | 0.00% |
| SENEA | Reduce 92% | 0.00% |
| PLPC | Reduce 68% | 0.20% |
| AEIS | Reduce 42% | 0.10% |
| SNDK | Reduce 29% | 0.60% |
| CSIQ | Reduce 28% | 1.10% |
| NVGS | Reduce 27% | 1.30% |
| LXU | Reduce 22% | 4.00% |
| LEGH | Reduce 15% | 0.50% |
| AGI | Reduce 12% | 0.10% |
| AEM | Reduce 11% | 0.10% |
| Ticker | Activity | % portfolio |
|---|---|---|
| AMRZ | Buy (new) | 0.10% |
| CMI | Buy (new) | 0.00% |
| ORLA | Buy (new) | 0.00% |
| SLB | Buy (new) | 0.00% |
| GIB | Add 43% | 0.30% |
| GOOGL | Add 12% Adding Alphabet. | 6.80% |
| MSFT | Add 8% Steady Microsoft build. | 8.00% |
| ASTL | Sell (exit) | 0.00% |
| ATKR | Sell (exit) | 0.00% |
| RYZ | Sell (exit) | 0.00% |
| DMLP | Sell (exit) | 0.00% |
| FRPH | Sell (exit) | 0.00% |
| MANU | Sell (exit) | 0.00% |
| AMKR | Reduce 91% | 0.10% |
| OLN | Reduce 69% | 0.20% |
| ASO | Reduce 42% | 0.50% |
| AGI | Reduce 25% | 0.20% |
| AEM | Reduce 21% | 0.20% |
| CVCO | Reduce 11% | 3.20% |
| FTI | Reduce 11% | 1.10% |
John's sector breakdown
How the top 10 positions are diversified across 1 sector. Weighted by stated portfolio percentage.
How Armitage is sized + moving
Every position classified by both portfolio weight (size bucket) and recent move activity (trend bucket). A 22% Apple position building +5% this quarter signals different intent than a 1% starter trimmed in half. Descriptive analysis of 13F filings — not recommendation.
| Position | % portfolio | Trend | |
|---|---|---|---|
| TDW TIDEWATER INC | 31.3% | ↑ building | |
| BLDR BUILDERS FIRSTSOURCE INC | 7.4% | ↑ building | |
| FPH FIVE POINT HOLDINGS LLC | 5.9% | → steady | |
| LXU LSB INDS INC | 3.7% | ↓ trimming | |
| WFG WEST FRASER TIMBER CO LTD | 3.2% | ↓ trimming | |
| CVCO CAVCO INDS INC DEL | 3.2% | ↓ trimming | |
| ABG ASBURY AUTOMOTIVE GROUP | 2.8% | ↑ building | |
| WLK WESTLAKE CHEM CORP | 2.8% | ↑ building | |
| JEF JEFFERIES FINL GROUP INC | 2.6% | ↓ trimming | |
| AER AERCAP HOLDINGS NV | 2.5% | → steady | |
| IIIN INSTEEL INDUSTRIES INC | 2.3% | ↑ building | |
| MT ARCELORMITTAL SA LUXEMBOURG | 2.3% | ↓ trimming | |
| WDC WESTERN DIGITAL CORP | 2.2% | ↓ trimming | |
| AXR AMREP CORP NEW | 2.1% | ↓ trimming | |
| CNQ CANADIAN NAT RES LTD | 2.0% | → steady | |
| Showing top 15 of 52 positions. | |||
How to read: Size bucket from current 13F-filed portfolio weight. Trend bucket from the last 2 quarters of move activity (net delta >5% in either direction = building/trimming; new = first-appearance this quarter; exit pending = trimmed >50% last quarter). Data lag: SEC 13F filings are reported 45 days after quarter-end. This is descriptive intelligence — not investment advice.
What drives the ConvictionScore on Armitage's top positions
The HoldLens ConvictionScore combines 9 factors. This table shows the per-position breakdown — exactly which factors contribute and by how much for each of Armitage's top 8 holdings. Hover any header for factor definition. Empty cells (·) = neutral (no contribution).
| Ticker | % port | Score | Smart $ | Insider | Track | Streak | Conc | Contra | Event | Dissent | Crowd |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TDW | 31.3 | +10 | +4 | -2 | -1 | · | +10 | · | · | +2 | · |
| BLDR | 7.4 | +2 | +7 | -1 | · | · | +3 | · | · | +7 | · |
| FPH | 5.9 | 0 | · | · | · | · | · | · | · | · | · |
| LXU | 3.7 | −10 | +1 | · | -6 | · | · | · | · | +5 | · |
| WFG | 3.2 | −7 | +1 | · | -6 | · | · | · | · | +2 | · |
| CVCO | 3.2 | −3 | +2 | · | -4 | · | · | · | · | +2 | · |
| ABG | 2.8 | 0 | +3 | · | -2 | · | +1 | · | · | +2 | · |
| WLK | 2.8 | +2 | +7 | -1 | -1 | · | +1 | · | · | +5 | · |
Factor definitions →
- Smart $
- Manager quality × consensus (0–30)
- Insider
- Form 4 net buy/sell (-15..+20)
- Track
- Buyer 10y CAGR × concentration (-10..+20)
- Streak
- Multi-quarter compounding (0–10)
- Conc
- Biggest position size as conviction (0–10)
- Contra
- Under-the-radar bonus (0–10)
- Event
- 8-K events last 90d (-15..+5)
- Dissent
- Sells subtract, weighted ×1.6 (0–60)
- Crowd
- Too many owners = priced in (0–10)
Factors are summed (positive add, penalties subtract), then clamped to the -100/+100 range. Each factor has a maximum contribution shown in parentheses next to its name. Read positive cells as bullish contributions, negative as bearish. See /learn/conviction-score-explained for the full methodology. ConvictionScore is descriptive synthesis of public filings — not investment advice.
Who else holds what Armitage holds
Top 6 highest-conviction overlap pairs containing John Armitage. Each page is the full intersection of two 13F-filed portfolios.
- vs Tom Slater4 shared positions · 40% joint convictionTop: TDW, SPOT, SE, PBR
- vs Glenn Greenberg1 shared positions · 12% joint convictionTop: BLDR
- vs Joel Greenblatt9 shared positions · 12% joint convictionTop: WDC, JEF, CNQ, LECO
- vs Stanley Druckenmiller4 shared positions · 10% joint convictionTop: CVCO, SNDK, SE, SKY
- vs David Einhorn3 shared positions · 10% joint convictionTop: TECK, AER, SDRL
- vs Chase Coleman2 shared positions · 8% joint convictionTop: SE, SPOT
John Armitage's top 10 disclosed holdings (Q2 2026)
| Ticker | Company | % Portfolio |
|---|---|---|
| TDW | TIDEWATER INC | 31.3% |
 BLDR | BUILDERS FIRSTSOURCE INC | 7.4% |
 FPH | FIVE POINT HOLDINGS LLC | 5.9% |
 LXU | LSB INDS INC | 3.7% |
 WFG | WEST FRASER TIMBER CO LTD | 3.2% |
 CVCO | CAVCO INDS INC DEL | 3.2% |
 ABG | ASBURY AUTOMOTIVE GROUP | 2.8% |
 WLK | WESTLAKE CHEM CORP | 2.8% |
 JEF | JEFFERIES FINL GROUP INC | 2.6% |
 AER | AERCAP HOLDINGS NV | 2.5% |
The books behind John's thinking
Long-short equity, fundamental value, global. Under-the-radar Tiger discipline. These are the books that map John's approach.
Amazon affiliate links — as an Amazon Associate, HoldLens earns from qualifying purchases and membership trials at no extra cost to you. These are books we genuinely recommend. Not investment advice; always do your own research.
New Audible members only · 30-day trial · many of these titles are included with membership.
Estimate your withholding on cross-border dividends
Estimates for educational purposes only. Tax rules change; consult a qualified tax professional for your specific situation. Dividend-tax treatment depends on holding period, account type (taxable vs. retirement), investor type (individual vs. pension vs. mutual fund), limitation-on-benefits tests, and other factors not modeled here.
Want John move-alerts?
One email per 13F filing. Summarizes every new position, exit, and trim.
Investors with portfolios similar to John Armitage
Tracked managers whose top positions overlap with John's portfolio.
Embed on your siteDrop John's portfolio into your blog or wiki→
600px-wide iframe. Top-3 holdings + closest replicating ETF + investing-style tag. Updates when the underlying 13F filing updates. Free, attribution-only.
<iframe src="https://holdlens.com/embed/investor/john-armitage/" width="600" height="360" frameborder="0" loading="lazy" title="John Armitage portfolio — HoldLens"></iframe>What John Armitage did, quarter by quarter
Full move-by-move breakdown for each of the last 8 filed quarters.
Frequently asked questions
Who is John Armitage?
John Armitage runs Egerton Capital as co-founder & cio. Co-founded Egerton in 1994 — one of Europe's most respected long-short equity funds. Armitage has delivered 15%+ annualized for three decades with a Buffett-style concentrated approach.
What fund does John Armitage run?
John Armitage is co-founder & cio of Egerton Capital. Egerton Capital files SEC Form 13F-HR quarterly with the latest disclosure dated 2026-08-10 (Q2 2026). Full holdings, share counts, dollar values, and quarter-over-quarter changes are listed below.
What does John Armitage invest in?
John Armitage's Egerton Capital portfolio is disclosed quarterly via SEC Form 13F-HR. Each position below shows the ticker, share count, dollar value, percentage of portfolio, and quarter-over-quarter change. Data is sourced directly from SEC filings (public-domain regulatory disclosure).
What is John Armitage's investment philosophy?
John Armitage's stated investment philosophy: "Long-short equity, fundamental value, global. Under-the-radar Tiger discipline.". John Armitage has been co-founder & cio of Egerton Capital; estimated net worth ~$2B.
What is John Armitage's net worth?
John Armitage's estimated net worth is ~$2B. John Armitage runs Egerton Capital as co-founder & cio; full 13F holdings disclosed quarterly with the SEC are listed below.
Data sourced from Egerton Capital 13F filings with the SEC. Approximate snapshot. Not investment advice.
Sister property: SecFilingDex — the encyclopedic reference for Form 13F (HR / NT / HR/A variants) and the regulatory citation behind every position shown above.