Egerton Cut Alphabet 36%, Opened a $140M Meta Stake in Q3

Egerton Capital (UK) LLP cut its Alphabet holding by about 36% in the third quarter and opened a position in Meta Platforms worth $139.9 million at 30 September 2026, according to the London fund manager’s Form 13F-HR filed with the US Securities and Exchange Commission on 20 October 2026. The filing lists 2,099,142 Alphabet Class C shares at the end of September, against 3,291,594 at the end of June, a fall of 36.2% by our arithmetic.

In the same quarter the filing shows Egerton adding to Amazon, by about 32% in shares, and to Nvidia, by about 9.5%, and selling all of its Applied Materials shares. By our arithmetic, Alphabet, Amazon, Meta and Nvidia together made up 29.4% of the $9.82 billion the filing reports, up from 26.1% of $10.35 billion at the end of June.

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What the Filing Shows

A Form 13F-HR lists the US-listed shares a large investment manager held at the end of a quarter, with their market value on that date. Egerton’s filing for the quarter ended 30 September 2026 has 23 entries with a total value of $9,819,775,522, and names Egerton Capital (US), LP as another manager included in the report. Its filing for the quarter ended 30 June 2026 also had 23 entries, with a total value of $10,351,358,177.

Comparing the two filings, Alphabet went from the second-largest holding by value to the sixth, and Amazon went from the fourth to the second, behind Visa, by our arithmetic. Amazon’s stake was worth $1.17 billion at the end of September and Alphabet’s $715.3 million.

Egerton also sold all of its Equifax, Uber and Riot Platforms shares, and opened positions in Intercontinental Exchange, Thermo Fisher Scientific and Walt Disney as well as Meta, the filings show. It more than doubled its S&P Global shares, up about 125% by our arithmetic.

What Was Posted on X

The account DeepIceValue posted on 24 October that Egerton Capital’s third-quarter portfolio showed Alphabet as the biggest sale, with Amazon, S&P Global, Meta and others added, and attributed the portfolio to John Armitage. The piece checks each figure against Egerton’s 13F filings on the SEC’s EDGAR system; the post’s view of where the money went is its own.

The AI Holdings

The four largest AI-related names in the filing moved in different directions. The Alphabet share count fell by 1,192,452 shares, while Amazon rose by 1,140,719 shares and Nvidia by 324,021, by our arithmetic from the two filings. Meta, absent at the end of June, appears with 192,860 Class A shares.

Around those four, the filing shows Egerton more than doubling its Amphenol shares, up 120%, and nearly doubling its Vistra shares, up 96%, by our arithmetic. Its Applied Materials shares, 521,065 at the end of June, are absent at the end of September.

The Figures

Shares and values from Egerton Capital (UK) LLP’s Form 13F-HR filings for the quarters ended 30 June 2026 and 30 September 2026. Percentage changes in share counts and the rounding of values to millions are our arithmetic. Values are market values at the quarter end, so they move with prices as well as with trades.

What the Post Adds

The filing reached us through a post on X by the account DeepIceValue, which attributes the portfolio to John Armitage of Egerton Capital. The post’s figures match the filings: it says the biggest sale was Alphabet, “He sold 36% of his position”, and that Amazon rose by 32% and S&P Global by 124%. Its reading that “all the money from $GOOG went into $AMZN” is the poster’s; a 13F shows holdings at two dates, not where the proceeds of a sale went.

Connecting the Coverage

Other filings point the other way on Alphabet. Our Berkshire piece reported that Berkshire Hathaway’s 13F listed 105,979,600 Alphabet shares at 30 June 2026, against 17,846,142 at the end of 2025. Our CalPERS piece reported that the pension fund held 46.1 million Nvidia shares at the end of June against 76.4 million at the end of December, about 40% fewer. Our Meta piece reported that Meta’s third-quarter release put free cash flow at negative $2.12 billion as capital spending rose about 80% in a year, and our supplier piece quoted Amazon’s Andy Jassy, via Reuters, saying “2027 is largely sold out” for AWS capacity.

What’s new here: one more large manager’s third-quarter filing, showing Alphabet cut and Amazon and Meta added in the quarter Meta’s cash flow turned negative.

The Structural Read

As we read it, the filing shows a choice between AI platforms rather than a move out of them: Alphabet was cut by 1,192,452 shares while Amazon rose by 1,140,719 and Meta appeared for the first time, by our arithmetic from the two filings.

As we read it, the quarter-end values carry price moves as well as trades, so the share counts are the cleaner signal: Alphabet fell 36.2% in shares, Amazon rose 31.9% and Nvidia 9.5%, by our arithmetic.

As we read it, one filing is one manager at one date: our earlier pieces reported Berkshire Hathaway holding 105,979,600 Alphabet shares at 30 June and CalPERS cutting its Nvidia shares by about 40% in the first half, each from its own 13F.

Three Implications

FOR ALPHABET WATCHERS Egerton’s filing lists 2,099,142 Alphabet Class C shares at 30 September, worth $715.3 million, down from the second-largest holding by value to the sixth, by our arithmetic.

FOR AMAZON AND META The filing lists 4,714,127 Amazon shares worth $1.17 billion and 192,860 Meta shares worth $139.9 million at 30 September; there were no Meta shares at 30 June.

FOR READERS OF 13FS The next filings, for the quarter ending 31 December, are due in the first half of February under the SEC’s 45-day rule; a 13F shows holdings at quarter end, not trades or reasons.

The Business Engineer Lens

This story maps onto the Business Engineer framework The AI Capex Map & The State of AI Hyperscalers.

The framework, published in May, opens on the hyperscalers’ first-quarter reports: “The Big Four lifted their 2026 capex guides in unison.”

As we read it, a 13F is where that spending meets the shareholder: Egerton held more Amazon, Meta and Nvidia and less Alphabet at 30 September. The framework is about the companies’ capital spending and does not discuss Egerton or any fund’s holdings.

What Is Not Established

A 13F does not say why a manager traded, what it paid, or when in the quarter it bought or sold; it shows holdings at two dates. It covers only US-listed long positions in reportable securities, not shorts, cash or non-US holdings, so it is not Egerton’s whole portfolio. Egerton has not commented on the changes that we have seen. Berkshire’s and CalPERS’ figures in our earlier pieces are for the first half of 2026, not the third quarter.

The Bottom Line

Egerton Capital’s third-quarter 13F shows Alphabet cut by about 36% in shares, Amazon raised by about 32%, a new Meta stake worth $139.9 million and Applied Materials sold, with the four AI megacaps rising to 29.4% of the filing’s value by our arithmetic.