Eagle Capital Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

As of the first quarter of 2026, the investment landscape continues to be shaped by institutional titans who navigate the complexities of global markets with a blend of historical wisdom and forward-looking conviction. Among these prominent players, Eagle Capital Management, under the stewardship of Ravenel B. Curry III, remains a quintessential example of a "high-conviction" investment house. Based on the latest regulatory filings for the period ending March 31, 2026, Eagle Capital Management oversees a portfolio with a total reported market value of approximately $29.82 billion . This scale places the firm in the upper echelon of independent investment managers, providing it with the significant "firepower" necessary to take meaningful positions in global leaders while remaining nimble enough to execute sharp tactical rotations.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

While Technology remains the largest sector at 24.48%, a deeper look at the individual trades reveals a sophisticated internal rotation. The firm reduced its exposure to semiconductor hardware giants like ASML and Taiwan Semiconductor Manufacturing Company, while simultaneously pouring billions into software and services like SAP SE, Intuit, and Workday. This suggests a macro judgment that the "AI Infrastructure" phase (building the chips and machines) may be reaching a local valuation peak, and the "AI Application" phase (where software companies monetize these tools) is where the next leg of growth will occur. This shift from "Hard Tech" to "Soft Tech" is a classic mid-to-late cycle move, seeking higher margins and more recurring revenue streams.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

ConocoPhillips remains the crown jewel of Eagle Capital’s portfolio, holding the number one spot with an 8.37% weight. This is a "conviction holding" in every sense of the word. Despite a minor reduction in the number of shares held (down 4.69%), the total weight of the position actually increased significantly from the previous quarter’s 5.78% to the current 8.37%. This discrepancy suggests that the stock price of ConocoPhillips outperformed the rest of the portfolio, and the firm’s slight trimming was likely a rebalancing act to prevent the position from becoming overly dominant. ConocoPhillips represents a bet on "low-cost, high-margin" oil and gas production. As one of the world’s largest independent E&P (Exploration and Production) companies, its ability to generate massive free cash flow even in a volatile price environment makes it an ideal "value" play for a firm like Eagle Capital. The holding serves as a powerful hedge against inflation and a source of capital that can be redistributed to other growth areas.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The most aggressive addition this quarter was Intuit, where the firm increased its stake by a staggering 330.74%, adding an estimated $770.6 million in value. This move catapulted Intuit to the 13th largest holding. The motivation here appears to be a "growth acceleration bet." Intuit, with its dominant TurboTax and QuickBooks ecosystems, is perfectly positioned to integrate AI-driven financial assistants into the daily lives of small businesses and individuals. By quadrupling down on Intuit, Eagle Capital is betting that the company’s transition into a "data-driven financial platform" will lead to significant margin expansion and higher customer lifetime value. This is a classic "Quality Growth" play, where the firm is willing to pay a premium for a company with a near-monopoly in its niche.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The 48.10% reduction in ASML (estimated at $530.5 million ) is a classic case of " Profit-Taking ." ASML, the monopoly provider of EUV lithography machines, has been the "darling" of the AI hardware boom. However, with the stock likely trading at all-time highs and extreme valuation multiples, Eagle Capital is choosing to "lock in" gains. This move, combined with the slight trim in TSMC, suggests a macro view that the "hardware phase" of the current tech cycle is maturing. They are not exiting the thesis entirely, but they are reducing their exposure to the most "crowded" and "expensive" parts of the semiconductor supply chain.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

Software as the Ultimate AI Play : The massive shift into SAP, Intuit, and Workday indicates a belief that the "Value" in AI is migrating from the "Builders" (ASML, TSMC) to the "Users" (Software companies). These software giants have the existing customer bases and the data to turn AI into a high-margin subscription product. 3. Emerging Market Dominance : The doubling of the MercadoLibre position shows that Eagle Capital is not afraid of geographic risk when the "platform" is strong enough. They view MELI as a unique asset that combines e-commerce, logistics, and banking—a "super-app" that is becoming the operating system of the Latin American economy. 4. Active over Passive : The exit from VTI is a vote of confidence in their own stock-picking ability. In a "stock-picker's market," Eagle Capital is choosing to concentrate its $29.82 billion into 60 specific bets rather than diluting its returns with broad market exposure.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.