LongLSEGYJun 2026
London Stock Exchange Group plc
London Stock Exchange Group sits in Eagle's high-quality, low-volatility allocation. Its mix of clearing, indexes, trading infrastructure and financial data creates durable…
Eagle Capital Management, LLC
Concentrated long-term equity investing focused on high-quality businesses, fundamental value and constructing a portfolio that can perform across a range of possible futures.24 published ideas
Eagle Capital Management is a long-term equity investor that emphasizes fundamental research, valuation and portfolio differentiation. The Q2 2026 letter argues that crowded AI-capex exposure has increased market risk and created opportunities in high-quality businesses elsewhere. Eagle is recycling capital toward a diversified collection of companies that it believes can generate attractive long-term returns without depending on one AI outcome.
Ideas from Eagle Capital Management, LLC
LongDHRJun 2026
Danaher Corporation
Danaher is part of Eagle's collection of high-quality businesses with stable margins, strong returns on capital and durable competitive advantages. Its life-sciences portfolio…
LongSPGIJun 2026
S&P Global Inc.
S&P Global is included in Eagle's high-quality, low-volatility bucket because of its powerful financial-data and market-infrastructure franchises. Ratings, indexes, Platts and…
LongMAJun 2026
Mastercard Incorporated
Mastercard is one of Eagle's high-quality compounders and operates within a global payment-network duopoly. The payment rails benefit from scale and network effects that create…
LongAJGJun 2026
Arthur J. Gallagher & Co.
Arthur J. Gallagher is a high-quality holding operating in commercial insurance brokerage. Eagle sees the company gaining market share as its industry continues to consolidate…
LongTSMJun 2026
Taiwan Semiconductor Manufacturing Company Limited
TSMC is one of Eagle's preferred ways to retain exposure to secular semiconductor growth while reducing dependence on more speculative AI-capex beneficiaries. Its leading-edge…
LongASMLJun 2026
ASML Holding N.V.
ASML is one of Eagle's favored semiconductor infrastructure businesses because it controls a critical manufacturing bottleneck. Its monopoly in extreme-ultraviolet lithography…
LongCHTRJun 2026
Charter Communications, Inc.
Eagle views Charter as a cheaply valued option on improvement in the cable industry's economics and future consolidation. The Cox acquisition will make Charter the largest U.S…
LongAMZNJun 2026
Amazon.com, Inc.
Amazon is Eagle's preferred hyperscaler because AWS combines scale, ecosystem advantages and internal silicon with a broader diversified business. The firm believes AWS can…
LongMSFTJun 2026
Microsoft Corporation
Microsoft combines Eagle's exposure to hyperscale cloud infrastructure with a deeply entrenched productivity-software franchise. Its scale and distribution should allow it to…
LongGOOGJun 2026
Alphabet Inc.
Alphabet gives Eagle exposure to both Google Cloud and large consumer platforms such as Search and YouTube. Google Cloud has become a much stronger hyperscaler competitor, while…
LongMELIJun 2026
MercadoLibre, Inc.
MercadoLibre is the largest component of Eagle's consumer-platform allocation and is the leading e-commerce and fintech company in Latin America. E-commerce penetration in the…
LongMETAJun 2026
Meta Platforms, Inc.
Meta is part of Eagle's consumer-platform allocation, where scale and aggregated consumer demand create advantages for advertisers and sellers. Eagle believes AI is already…
LongUNHJun 2026
UnitedHealth Group Incorporated
Eagle believes the managed-care cycle has bottomed after several years of cost and pricing pressure in Medicare Advantage and Medicaid. UnitedHealth has significant scale…
LongHUMJun 2026
Humana Inc.
Humana is another expression of Eagle's view that managed-care profitability is entering a multi-year recovery. Industry margins have been pressured by Medicare Advantage and…
LongELVJun 2026
Elevance Health, Inc.
Elevance is part of Eagle's 13% managed-care allocation. The industry combines significant scale advantages with structural growth above the broader economy, but recent cost and…
LongWDAYJun 2026
Workday, Inc.
Workday is a deeply entrenched HCM and financial-software platform that Eagle believes is mispriced because of broad AI disruption fears. Current mid-teen margins are well below…
LongSAPJun 2026
SAP SE
SAP owns a mission-critical and highly sticky ERP franchise. Eagle expects the core business to grow rapidly as customers migrate to SAP's modern platform. Although peripheral…
LongINTUJun 2026
Intuit Inc.
Intuit's QuickBooks franchise dominates U.S. bookkeeping software for small and midsize businesses. Brand strength, scale and the accountant distribution network create…
LongCOPJun 2026
ConocoPhillips
ConocoPhillips owns low-cost, long-lived upstream inventory that Eagle believes the market underappreciates relative to peers. Free cash flow should rise as the Willow project in…
LongEQTJun 2026
EQT Corporation
EQT is the largest U.S. pure-play natural-gas producer and combines low-cost, long-lived assets with a management team Eagle views as strong capital allocators. Its Marcellus…
LongAAJun 2026
Alcoa Corporation
Alcoa offers Eagle exposure to a structural change in global aluminum supply. China has imposed smelter caps and is no longer adding net capacity, meaning future demand growth…
LongCOFJun 2026
Capital One Financial Corporation
Capital One combines a scaled credit-card franchise with what Eagle describes as the only full-suite scaled digital bank in the U.S. The Discover acquisition adds substantial…
LongLENJun 2026
Lennar Corporation
Lennar's margins and earnings have fallen sharply as its geographic housing markets weakened and the company shifted toward a land-light model. Eagle believes that strategy…
Letters covered
- Eagle Quarterly Letter Q2 2026: One Theme, Many FuturesJune 30, 2026
Source PDFs are not republished here; only extracted ideas and quotes.