Eagle Capital Management LLC
Reported US equity positions for Q1 2026 — $29.8B across 60 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| COP ConocoPhillips | $2.5B | 8.4% | 18,910,677 |
| AMZN Amazon.com, Inc. | $2.4B | 8.2% | 11,753,916 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $1.6B | 5.5% | 4,878,275 |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $1.6B | 5.3% | 5,859,325 |
| MSFT Microsoft Corporation | $1.5B | 5.0% | 4,005,305 |
| MELI MercadoLibre, Inc. | $1.4B | 4.6% | 785,937 |
| SAP SAP SE ADS | $1.3B | 4.5% | 7,848,603 |
| GOOG Alphabet Inc. - Class C Capital Stock | $1.3B | 4.4% | 4,596,553 |
| DHR Danaher Corporation | $1.2B | 4.2% | 6,575,159 |
| COF Capital One Financial Corporation | $1.2B | 4.0% | 6,566,595 |
| WDAY Workday, Inc. | $1.1B | 3.8% | 8,707,006 |
| CMCSA Comcast Corporation | $1.1B | 3.6% | 37,575,087 |
| INTU Intuit Inc. | $1.0B | 3.4% | 2,321,165 |
| N00985106 Aercap Holdings Nv | $1.0B | 3.4% | 7,315,306 |
| LEN Lennar Corporation Class A | $944.9M | 3.2% | 10,880,455 |
| AA Alcoa Corporation | $935.1M | 3.1% | 14,097,362 |
| WWD Woodward, Inc. | $882.0M | 3.0% | 2,464,338 |
| META Meta Platforms, Inc. | $752.7M | 2.5% | 1,315,597 |
| SPGI S&P Global Inc. | $606.2M | 2.0% | 1,425,311 |
| AJG Arthur J. Gallagher & Co. | $577.3M | 1.9% | 2,665,572 |
| N07059210 Asml Hldg Nv | $572.5M | 1.9% | 433,446 |
| EL The Estee Lauder Companies, Inc. | $569.3M | 1.9% | 7,932,601 |
| HUM Humana Inc. | $514.5M | 1.7% | 2,967,074 |
| NFLX Netflix, Inc. | $514.4M | 1.7% | 5,350,422 |
| SHEL Shell PLC American Preferred | $493.7M | 1.7% | 5,308,706 |
| ELV Elevance Health, Inc. | $453.4M | 1.5% | 1,548,610 |
| 8L8C Liberty Broadband Corp | $337.0M | 1.1% | 6,699,546 |
| MA Mastercard Incorporated | $312.1M | 1.0% | 624,540 |
| GOOGL Alphabet Inc. | $275.6M | 0.9% | 958,264 |
| EQT EQT Corporation | $232.9M | 0.8% | 3,659,954 |
| G0403H108 Aon PLC | $149.6M | 0.5% | 463,350 |
| PTC PTC Inc. | $104.2M | 0.3% | 731,625 |
| CHTR Charter Communications, Inc. | $32.3M | 0.1% | 149,460 |
| BRK.B Berkshire Hathaway Inc. | $24.4M | 0.1% | 50,820 |
| BIL State Street SPDR Bloomberg 1-3 Month T-Bill ETF | $24.1M | 0.1% | 262,612 |
| GEV GE Vernova Inc. | $21.3M | 0.1% | 24,401 |
| SPY State Street SPDR S&P 500 ETF Trust | $18.4M | 0.1% | 28,285 |
| PHM PulteGroup, Inc. | $18.2M | 0.1% | 154,556 |
| 530307107 Liberty Broadband Corp | $13.6M | 0.0% | 270,782 |
| MS Morgan Stanley | $13.1M | 0.0% | 79,588 |
| GE GE Aerospace | $11.6M | 0.0% | 40,898 |
| HLT Hilton Worldwide Holdings Inc. | $11.4M | 0.0% | 37,447 |
| VMC Vulcan Materials Company (Holding Company) | $11.3M | 0.0% | 41,681 |
| WRB W.R. Berkley Corporation | $8.2M | 0.0% | 123,547 |
| WFC Wells Fargo & Company | $6.9M | 0.0% | 86,972 |
| MAR Marriott International | $6.2M | 0.0% | 18,811 |
| ECL Ecolab Inc. | $6.0M | 0.0% | 22,436 |
| GS The Goldman Sachs Group, Inc. | $5.9M | 0.0% | 6,989 |
| C Citigroup, Inc. | $4.7M | 0.0% | 41,076 |
| ORCL Oracle Corporation | $2.9M | 0.0% | 20,000 |
| ECHO EchoStar Corporation | $2.9M | 0.0% | 24,887 |
| TRV The Travelers Companies, Inc. | $2.0M | 0.0% | 6,900 |
| IWD iShares Russell 1000 Value ETF | $1.7M | 0.0% | 7,759 |
| V Visa Inc. | $1.1M | 0.0% | 3,671 |
| GEHC GE HealthCare Technologies Inc. | $858,146 | 0.0% | 12,056 |
| IBM International Business Machines Corporation | $654,453 | 0.0% | 2,700 |
| VOO Vanguard S&P 500 ETF | $455,143 | 0.0% | 762 |
| N53745100 Lyondellbasell Industries Nv | $354,061 | 0.0% | 4,395 |
| JPM JP Morgan Chase & Co. | $326,223 | 0.0% | 1,109 |
| MLM Martin Marietta Materials, Inc. | $276,514 | 0.0% | 470 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| SPGI S&P Global Inc. | New | $606.2M | — | — |
| AJG Arthur J. Gallagher & Co. | New | $577.3M | — | — |
| MA Mastercard Incorporated | New | $312.1M | — | — |
| EQT EQT Corporation | New | $232.9M | — | — |
| N53745100 Lyondellbasell Industries Nv | New | $354,061 | — | — |
| VTI Vanguard Morningstar Total Stock Market ETF | Exit | — | $100.7M | -100% |
| COP ConocoPhillips | Trim | $2.5B | $1.9B | -5% |
| AMZN Amazon.com, Inc. | Trim | $2.4B | $2.8B | -2% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Trim | $1.6B | $1.5B | -2% |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | Add | $1.6B | $1.9B | +3% |
| MSFT Microsoft Corporation | Add | $1.5B | $1.9B | +3% |
| MELI MercadoLibre, Inc. | Add | $1.4B | $829.0M | +91% |
| SAP SAP SE ADS | Add | $1.3B | $1.0B | +89% |
| GOOG Alphabet Inc. - Class C Capital Stock | Trim | $1.3B | $1.5B | -3% |
| DHR Danaher Corporation | Add | $1.2B | $1.4B | +7% |
| COF Capital One Financial Corporation | Trim | $1.2B | $1.6B | -2% |
| WDAY Workday, Inc. | Add | $1.1B | $1.6B | +15% |
| CMCSA Comcast Corporation | Trim | $1.1B | $1.2B | -6% |
| INTU Intuit Inc. | Add | $1.0B | $357.0M | +331% |
| N00985106 Aercap Holdings Nv | Trim | $1.0B | $1.5B | -28% |
| AA Alcoa Corporation | Trim | $935.1M | $847.6M | -12% |
| WWD Woodward, Inc. | Trim | $882.0M | $1.3B | -43% |
| META Meta Platforms, Inc. | Add | $752.7M | $799.0M | +9% |
| N07059210 Asml Hldg Nv | Trim | $572.5M | $893.4M | -48% |
| EL The Estee Lauder Companies, Inc. | Trim | $569.3M | $914.2M | -9% |
| HUM Humana Inc. | Trim | $514.5M | $833.5M | -9% |
| NFLX Netflix, Inc. | Add | $514.4M | $5.9M | +8,423% |
| SHEL Shell PLC American Preferred | Trim | $493.7M | $571.5M | -32% |
| ELV Elevance Health, Inc. | Add | $453.4M | $527.2M | +3% |
| 8L8C Liberty Broadband Corp | Add | $337.0M | $308.9M | +5% |
| GOOGL Alphabet Inc. | Add | $275.6M | $281.4M | +7% |
| G0403H108 Aon PLC | Trim | $149.6M | $800.8M | -80% |
| PTC PTC Inc. | Trim | $104.2M | $430.3M | -70% |
| CHTR Charter Communications, Inc. | Trim | $32.3M | $34.8M | -10% |
| BIL State Street SPDR Bloomberg 1-3 Month T-Bill ETF | Trim | $24.1M | $80.5M | -70% |
| GEV GE Vernova Inc. | Trim | $21.3M | $18.2M | -13% |
| SPY State Street SPDR S&P 500 ETF Trust | Trim | $18.4M | $178.9M | -89% |
| PHM PulteGroup, Inc. | Add | $18.2M | $15.6M | +16% |
| 530307107 Liberty Broadband Corp | Trim | $13.6M | $13.2M | -1% |
| HLT Hilton Worldwide Holdings Inc. | Trim | $11.4M | $523.7M | -98% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.