Eagle Capital Portfolio: Heavy Energy & Tech Focus, Top Holdings Shifted

Portfolio Snapshot

Eagle Capital Management's portfolio, valued at over $29 billion, held as of March 31, 2026, demonstrates a distinct investment strategy focused on select large-cap US companies across key sectors. The portfolio's structure is characterized by significant holdings in Energy and Technology, alongside strong allocations in Healthcare and Consumer Cyclical stocks.

Top Holdings Analysis

The portfolio's largest individual positions, representing the highest total stock value, are dominated by Energy and Technology sectors:

• CONOCOPHILLIPS (COP): Energy sector, valued at approximately $2.5 billion, constitutes the largest holding at 8.37% of the portfolio.
• AMAZON COM INC (AMZN): Consumer Cyclical sector, valued at $2.45 billion, is the second-largest holding at 8.21%.
• TAIWAN SEMICONDUCTOR MANUFAC (TSM): Technology sector, valued at $1.65 billion, is the third-largest holding at 5.53%.
• UNITEDHEALTH GROUP INC (UNH): Healthcare sector, valued at $1.59 billion, is the fourth-largest holding at 5.32%.
• MSFT: Technology sector, valued at $1.48 billion, is the fifth-largest holding at 4.97%.

Investment Concentration

The portfolio exhibits notable concentration, particularly in the Energy and Technology sectors. Energy allocation stands at 8.37% with Chevron leading the sector allocation, while Technology holds 10.04% of the portfolio (COP, TSM, MSFT, GOOG combined), with Microsoft and Taiwan Semiconductor Manufacturing being the largest Technology holdings. Healthcare follows with a significant 9.50% allocation (UNH, DHR combined). Consumer Cyclical is the fourth-largest sector allocation at 12.77% (AMZN, MELI combined). The remaining allocation of 15.54% is spread across Financial Services, Communication Services, and other sectors represented by the remaining holdings.

Recent Holding Changes

Several holdings show significant changes from the previous period:

• Notable Increases: UnitedHealth (UNH) saw a substantial increase in shares (+2.79%) and value, while Microsoft (MSFT) also increased its share count (+2.88%) and value. Healthcare-focused DanaHER (DHR) also increased its share count significantly (+6.73%).
• Notable Decreases: Amazon (AMZN) experienced a moderate decrease in shares (-1.84%) and value. Chevron (COP) saw a slight decrease in shares (-4.69%). Capital One (COF) experienced a moderate decrease in shares (-2.23%) and value.
• Significant New Inflows: Mercadolibre (MELI) and SAP (SAP) showed massive increases in both shares and value (+90.97% and +89.42% respectively), indicating strong inflows into these companies recently.

Investment Strategy Insights

Eagle Capital Management appears to employ a concentrated investment strategy, heavily favoring large-cap US technology and energy companies. The portfolio's significant exposure to US Technology (Microsoft, TSM, GOOG) and US Energy (Chevron) suggests a tilt towards growth and cyclical sectors. The inclusion of healthcare (UnitedHealth, DanaHER) and consumer cyclical (Amazon, Mercadolibre) adds diversification within these high-weight sectors. The substantial inflows into TSM, SAP, and MELI in the recent period suggest confidence in these specific technology and emerging market companies. The strategy seems to favor companies with strong recent performance or growth potential, as evidenced by the significant share increases in Microsoft, UnitedHealth, and the aforementioned TSM, SAP, and MELI.