LongAJGJune 30, 2026

Eagle Capital Management, LLC on Arthur J. Gallagher & Co.

Thesis

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. Together with the other businesses in this portfolio bucket, Gallagher combines durable competitive positioning with the potential for mid-teens EPS growth over the next several years.

A.J. Gallagher is a commercial insurance broker that continues to gain share in a consolidating industry.
Eagle Capital Management, LLC — Eagle Quarterly Letter Q2 2026: One Theme, Many Futures