Eric H. Schoenstein's Portfolio: Tech Dominance & Strategic Shifts in Q1 2026

Portfolio Overview

Eric H. Schoenstein's portfolio, managed under Jensen Investment Management, as of March 31, 2026, demonstrates a clear investment thesis heavily weighted towards Technology stocks. The portfolio's largest holdings by value are Microsoft Corp (MSFT), Alphabet Inc (GOOGL), and Apple Inc (AAPL), collectively accounting for approximately 25% of the total portfolio value. NVIDIA Corp (NVDA) follows closely in the Technology sector, representing another significant allocation. This concentration suggests a strategic focus on large-cap technology companies, particularly those involved in software, search, and semiconductors.

Top Holdings Analysis

The top five holdings by total stock value are dominated by Technology and Communication Services stocks:

• Microsoft Corp (MSFT): Technology sector, valued at $433.5 million, representing 8.55% of the portfolio. Holdings decreased by 11.74% compared to the previous period.
• Alphabet Inc (GOOGL): Communication Services sector, valued at $416.7 million, representing 8.21% of the portfolio. Holdings decreased by 5.43%.
• Apple Inc (AAPL): Technology sector, valued at $405.0 million, representing 7.98% of the portfolio. Holdings decreased significantly by 19.33%.
• NVIDIA Corp (NVDA): Technology sector, valued at $284.6 million, representing 5.61% of the portfolio. Holdings decreased sharply by 27.59%.
• Amazon.com Inc (AMZN): Consumer Cyclical sector, valued at $254.0 million, representing 5.01% of the portfolio. Holdings increased by 7.56%.

Notably, Mastercard Inc (MA) and KLA Corporation (KLAC) round out the top seven holdings by value, adding diversification within the Financial Services and Technology sectors respectively.

Sector Concentration

The portfolio exhibits a strong concentration in the Technology sector, with Microsoft, Alphabet, Apple, and NVIDIA alone accounting for nearly 22% of the portfolio's allocation. This sector allocation is significantly higher than the others, indicating a core investment strategy focused on technology leaders. Other significant sectors represented include Healthcare (Stryker Corp, Eli Lilly & Co), Consumer Cyclical (Amazon), and Financial Services (Mastercard). The portfolio's structure suggests a blend of core technology investments alongside selective exposure to other growth and cyclical sectors.

Recent Changes and Strategy

The portfolio has seen mixed changes in holdings over the past reporting period:

• Decreases: Holdings in Microsoft, Alphabet, Apple, and NVIDIA have all decreased, with Apple and NVIDIA experiencing particularly sharp reductions (-19.33% and -27.59% respectively). This could indicate profit-taking, rebalancing, or a temporary pause in the investment thesis for these specific stocks.
• Increases: Amazon.com Inc saw an increase in holdings (+7.56%), suggesting continued confidence in its business model or growth potential. Smaller increases were also noted in Mastercard (+1.7%) and Sherwin-Williams (+1.3%), indicating selective buying in other sectors.
• Stable Holdings: KLA Corporation experienced a decrease (-12.6%), while Stryker and Eli Lilly saw moderate declines (-4.81% and -7.67%). Sherwin-Williams saw a slight increase.

The overall strategy appears focused on large-cap technology companies, particularly those with strong market positions and growth potential. The portfolio manager, Eric H. Schoenstein, seems to be actively managing the portfolio, adjusting positions based on performance and market conditions, while maintaining a significant Technology bias. The inclusion of companies from other sectors like Healthcare, Consumer Cyclical, and Financial Services adds diversification but does not dilute the core Technology focus.

Investment Strategy Summary

Jensen Investment Management, through Eric H. Schoenstein's portfolio, employs a strategy heavily concentrated in high-quality Technology stocks. The portfolio leverages the strength of established tech giants like Microsoft, Alphabet, and Apple, while also holding significant positions in semiconductor leader NVIDIA and exposure to niche Technology plays like KLA Corporation. The strategy appears to involve active management, with adjustments made to holdings based on performance and market dynamics. The inclusion of companies from other sectors like Healthcare (Stryker, Eli Lilly) and Consumer Cyclical (Amazon) suggests a selective approach to diversification, likely aimed at capturing growth outside the core Technology allocation while maintaining overall conviction in specific large-cap names.