Eagle Capital's Portfolio: Heavyweights in Tech & Healthcare Dominate 2025

Introduction

Eagle Capital Management, led by Ravenel Boykin Curry IV, presents a portfolio as of December 31, 2025, characterized by significant concentration in specific sectors and a focus on large-cap technology and healthcare stocks. The strategy appears to favor established industry leaders alongside select exposure to other high-growth areas.

Top Holdings by Value

The portfolio's largest individual positions, measured by total stock value, are dominated by technology and healthcare companies. Amazon.com Inc. (AMZN) holds the top spot with approximately $2.76 billion in value, representing about 8.61% of the portfolio. Microsoft Corp. (MSFT) follows closely with $1.88 billion, accounting for 5.86% of assets. UnitedHealth Group Inc. (UNH) and ConocoPhillips (COP) each hold around $1.85 billion and $1.86 billion respectively, both representing significant allocations of about 5.86% and 5.78%. Capital One Financial Corp. (COF) and Workday Inc. (WDAY) round out the top six holdings, each holding over $1.62 billion, representing allocations of 5.07% and 5.07% respectively.

High Sector Concentration

The portfolio demonstrates notable concentration in the Technology and Healthcare sectors. Technology companies, including Microsoft, Amazon, Alphabet (GOOG), and Taiwan Semiconductor Manufacturing Co. (TSM), collectively represent a substantial portion of the portfolio. Similarly, Healthcare is heavily represented by UnitedHealth and Danaer Corporation (DHR). This concentration suggests a strategic tilt towards these sectors, likely driven by their perceived growth potential or the fundamental strengths of the underlying companies.

Recent Changes in Holdings

Analysis of changes from the prior period reveals mixed signals. While the portfolio maintains strong positions in its core holdings, some adjustments are evident. UnitedHealth saw an increase in shares held, reflecting continued confidence in this position. Conversely, there were notable decreases in holdings of several large technology companies. Workday Inc. (WDAY) experienced a significant reduction in shares (-1.16%) and value, while Alphabet Inc. (GOOG) saw a substantial decrease (-22.29% in shares). Microsoft and Amazon also saw slight reductions (-1.53% and 1.69% respectively), though their overall allocations remain significant. Other companies like Capital One (-1.41%) and TSM (-1.54%) also saw share reductions.

Investment Strategy Analysis

The overall strategy appears to be one of selective concentration. The portfolio heavily favors large-cap technology and healthcare stocks, suggesting a belief in the long-term prospects of these sectors and the specific companies chosen. The inclusion of companies like Amazon, Microsoft, and UnitedHealth indicates a preference for market leaders and established entities with strong competitive advantages. The portfolio also includes exposure to financial services (Capital One) and cyclical consumer goods (Amazon, which also operates in e-commerce), diversifying slightly beyond pure-play technology and healthcare. However, the significant concentration in these two sectors and the large individual holdings point towards a strategy that prioritizes conviction in specific areas rather than broad diversification.

Conclusion

Ravenel Boykin Curry IV's portfolio at Eagle Capital Management, as of December 31, 2025, is characterized by a clear bias towards Technology and Healthcare sectors, supported by major allocations to leading companies like Amazon, Microsoft, and UnitedHealth. While the core positions remain intact, recent periods have seen adjustments, including notable reductions in holdings of other technology stocks. The strategy appears focused and selective, emphasizing conviction in specific large-cap names within targeted sectors.