In its latest 13F report, Egerton Capital Limited, a fund managed by John Armitage, disclosed its top three stock picks. The fund also increased the value of its equity portfolio in the third quarter of 2014 to more than $7.4 billion. That compared with slightly over $6.3 billion at the end of the second quarter of 2014. Comcast Corporation (NASDAQ:CMCSA), Gilead Sciences, Inc. (NASDAQ:GILD) and Twenty-First Century Fox Inc (NASDAQ:FOX) are in the fund’s best three list. Egerton’s investment strategy involves taking of long/short positions, mostly in European stocks.
Egerton Capital Limited boosted its holding slightly in Comcast Corporation (NASDAQ:CMCSA) during the third quarter to make it is largest equity position at the end of the quarter. As such, the fund’s ownership in the cable and pay television services company amounts to nearly 12.4 million shares. The new position is valued at about $666 million.
In addition to Egerton Capital Limited, Comcast Corporation (NASDAQ:CMCSA) is also a large position in the portfolio of Foxhaven Asset Management, led by Michael Pausic. The fund increased its position in the stock by 66% that it closed the second quarter of 2014 with about 1.2 million shares in the stock.
Gilead Sciences, Inc. (NASDAQ:GILD) is Egerton Capital Limited’s second-largest equity stake in the latest filing. The fund reduced its holding in the $163 billion pharmaceutical company during the quarter. Its new position amounts to about 5.7 million shares with an estimated value of $607 million. Egerton owned more than 6.1 million shares of Gilead Sciences, Inc. (NASDAQ:GILD) at the end of the second quarter of 2014.
A number of insiders have offloaded the stock of Gilead Sciences, Inc. (NASDAQ:GILD) so far this year with the largest seller being COO, F John Milligan. The insider last week sold about 146,895 shares in the company in separate transactions.
Closing the list of the best three equities in the portfolio of Egerton Capital Limited in the latest filing is Twenty-First Century Fox Inc (NASDAQ:FOX). The fund improved its position in the media and entertainment company during the quarter. Its new position is nearly 15 million shares with a value of about $502 million. Egerton held nearly 12 million shares in Twenty-First Century Fox Inc (NASDAQ:FOX) in the previous filing.
No insider has bought or sold shares in Twenty-First Century Fox Inc (NASDAQ:FOX) this year.