| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 14.2% | 4.5% | 17.5% |
| 2025 |
|---|
| 17.5% |
Eagle Capital had a strong 2025, with international investments outperforming both the fund and broader market as MSCI ACWI returned 22.4% versus the S&P 500's 17.9%. The firm has increased international exposure over recent years, investing in multinational leaders with competitive moats including ASML's EUV lithography monopoly, TSMC's semiconductor foundry dominance, SAP's enterprise software franchise, Shell's LNG leadership, Bayer's crop science business, and LSEG's financial infrastructure. These companies benefit from secular growth drivers like AI adoption, cloud migration, and energy transition while trading at discounts to U.S. peers. With elevated U.S. valuations historically creating headwinds to forward returns, Eagle's flexibility to find bargains internationally becomes increasingly valuable. The portfolio positioning reflects the firm's ability to look different from expensive indices, with international investments providing both return enhancement and risk reduction. Eagle believes this approach positions the portfolio well to compound returns in challenging market environments.
Eagle Capital focuses on finding undervalued international opportunities that improve expected returns and reduce portfolio risk, particularly in expensive U.S. market environments where the firm's flexibility to look different from the index provides competitive advantage.
Eagle believes the portfolio is well-positioned to compound from here, with flexibility to find bargains being particularly valuable in expensive market environments where elevated U.S. index valuations historically create headwinds to forward returns.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Feb 13 2026 | 2025 Q4 | ASML, BAYRY, LSEGY, SAP, SHEL, TSM, TSMC | Agriculture, energy, international, semiconductors, software, technology, value |
ASML NA BAYN GR LSEG LN SAP GR SHEL LN TSM |
ASML operates as an effective monopoly in EUV lithography tools, supplying every major foundry producing leading-edge semiconductors. TSMC dominates pure play semiconductor foundry manufacturing with over 90% of advanced logic chips and is at the epicenter of AI infrastructure buildout. Both companies benefit from growing demand for complex silicon wafers driven by AI adoption. Bayer operates the world's largest crop science business with leading market share in the U.S. and South America. The company is working through legal issues related to glyphosate while agriculture is in a downcycle. Crop science R&D is likely to benefit from advances in AI, with Bayer having the broadest and deepest seed and trait data sets. London Stock Exchange Group operates critical financial market infrastructure and data businesses. The company has a near-monopoly in interest rate derivatives through London Clearing House and leads electronic fixed-income trading through Tradeweb. While AI disruption concerns exist for the data business, the company's data assets should benefit from broader distribution. SAP is the world's largest enterprise software application company with ERP systems serving as the backbone for much of the Fortune 500. The company is converting its massive installed base from on-premise to higher-value cloud subscriptions. Extraordinary switching costs result in retention rates well above 90%. Shell is one of the world's largest integrated energy companies with the largest LNG business globally. New leadership has prioritized shareholder returns and hydrocarbon cash flows. The company has bought back nearly 25% of its shares over the past four years while maintaining a 4% dividend yield. |
| Oct 29 2025 | 2025 Q3 | LSEG LN | AI Applications, AI Infrastructure, Clearinghouses, Index Providers, Market Data |
LSEG LN LSEG LN |
Generative AI is driving dispersion across markets; Eagle trims high-expectation AI supply chain while seeking cheaper AI diffusion beneficiaries in healthcare and services. They also target AI confusion mispricings like London Stock Exchange Groupdiversified data, clearing, and index assets with margin expansion and rising buybacks (see chart on page 4). The team expects resilient growth and favorable risk/reward as LSEG benefits from AI demand for high-quality data. |
| Aug 14 2025 | 2025 Q2 | - | capital flows, fundamentals, liquidity, public markets, valuation | - | The letter argues that public equity markets are becoming structurally underinvested relative to private markets. Capital flows, fee compression, and liquidity advantages are positioning public equities as a contrarian long-term opportunity. Fundamental research and long-duration thinking are emphasized as sources of alpha. |
| Mar 31 2025 | 2025 Q1 | AER, COF, COP | - | - | |
| Feb 10 2025 | 2024 Q4 | AMZN, COP, HUM, UNH | - | - | |
| Nov 19 2024 | 2024 Q3 | WWD | - | - | |
| Aug 12 2024 | 2024 Q2 | AAPL, AMZN, GOOG, LLY, META, MSFT, NVDA | - | - | |
| Apr 29 2024 | 2024 Q1 | AMZN, HUM, SAP, TSM, WWD | - | - | |
| Feb 21 2024 | 2023 Q4 | BRK/A, WMT | - | - | |
| Nov 10 2023 | 2023 Q3 | AAPL, COP, SHEL, V | - | - | |
| Aug 4 2023 | 2023 Q2 | AMZN, AON, COF, COP, GOOG, META, MSFT, NFLX, UNH | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AgricultureHoldings like Ricegrowers Ltd and Fonterra Shareholders Fund powered higher as rice and milk prices remained healthy and demand grew. Fonterra struck an agreement to sell its consumer-facing businesses to dairy powerhouse Lactalis. As the world's middle class grows, consumers will demand both more and better-quality foods and ingredients. |
Dairy Food Grains Agriculture |
Capital MarketsExchanges operate as essential high-margin toll roads for the economy with immense operating leverage. They benefit from trading volume flowing directly to profits with minimal extra cost and have natural inflation hedging through transaction values. |
Exchanges Nasdaq CBOE Trading Fees Market Data | |
OilOil markets disrupted by closure of Straits of Hormuz affecting 20% of global production. Prices surged from $70 to $119.50 before retreating to $90. Market may be tighter than commonly believed despite IEA projections of surplus. Oil represents cheapest major asset class globally, trading at near-record lows relative to gold. |
Crude Brent WTI Hormuz Supply | |
SemiconductorsRGA initiated a position in Lattice Semiconductor, viewing it as an under-appreciated AI winner with immediate gains and longer-term optionality. Lattice's focus on efficiency and advantages in low-power, small footprint FPGAs position it favorably for AI servers, particularly as the only Post-Quantum Cryptography secure chips on the market. |
FPGAs Security Efficiency AI Infrastructure Programmable | |
SoftwareThe fund maintains significant exposure to enterprise software companies, particularly cybersecurity and systems software. They believe complexity of enterprise integration protects established players from AI disruption, with companies like Dynatrace, Varonis, and SentinelOne offering defensive moats through proven resilience and security. |
Enterprise Software SaaS Cybersecurity Systems Software Cloud | |
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
InfrastructureDigital 9 Infrastructure holds telecom infrastructure assets including Arqiva stake. Despite poor 2025 performance, potential capital returns and asset sales could unlock value. Infrastructure assets provide defensive characteristics. |
Telecom Infrastructure Digital Infrastructure | |
| 2025 Q2 |
PublicMarkets |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Feb 13, 2026 | Fund Letters | Ravenel B. Curry III | TSM | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductors | Bull | NASDAQ | AI, CapEx, Foundry, Pricing, semiconductors | Login |
| Oct 29, 2025 | Fund Letters | Ravenel B. Curry III | LSEG LN | London Stock Exchange Group plc | Financials | Financial Data & Exchanges | Bull | NYSE | AI, buybacks, Clearing, Exchanges, financial data, growth, indices, Margins, recurring revenue, valuation | Login |
| Oct 29, 2025 | Fund Letters | Ravenel B. Curry III | LSEG LN | London Stock Exchange Group plc | Financials | Financial Data & Exchanges | Bull | NYSE | AI, buybacks, Clearing, Exchanges, financial data, growth, indices, Margins, recurring revenue, valuation | Login |
| Feb 13, 2026 | Fund Letters | Ravenel B. Curry III | ASML NA | ASML Holding N.V. | Information Technology | Semiconductor Equipment | Bull | Euronext Stock Exchange | AI, Euv, Lithography, Monopoly, semiconductors | Login |
| Feb 13, 2026 | Fund Letters | Ravenel B. Curry III | BAYN GR | Bayer AG | Health Care | Pharmaceuticals | Bull | Xetra | agriculture, Free Cash Flow, litigation, Seeds, turnaround | Login |
| Feb 13, 2026 | Fund Letters | Ravenel B. Curry III | LSEG LN | London Stock Exchange Group plc | Financials | Financial Exchanges & Data | Bull | New York Stock Exchange | AI, Clearing, Data, Exchanges, Subscriptions | Login |
| Feb 13, 2026 | Fund Letters | Ravenel B. Curry III | SAP GR | SAP SE | Information Technology | Application Software | Bull | Xetra | AI, cloud, ERP, Subscriptions, switching costs | Login |
| Feb 13, 2026 | Fund Letters | Ravenel B. Curry III | SHEL LN | Shell plc | Energy | Integrated Oil & Gas | Bull | New York Stock Exchange | buybacks, cashflow, dividends, energy, LNG | Login |
| TICKER | COMMENTARY |
|---|---|
| ASML | ASML, TSMC, and Arista Networks are key players in the AI build out supply chain. |
| BAYRY | This pharmaceutical, agricultural and consumer health conglomerate has been a meaningful investment for the Global Fund for several years. Since inception, it has delivered very poor investment returns for the Fund. Happily, 2025 brought a change in fortunes for the company and the share price. Two of the key areas of investor concern about the company – a patent cliff in its pharmaceutical business, and ongoing costly litigation in its agriculture business – showed some very positive developments. In the former area, sales of some of its new drugs brought to market recently have been growing very strongly, and there were some very positive developments in the company's pipeline. In the agricultural business, there were finally judgements in the company's favour which have the potential to draw a line under the ongoing litigation. After dismal share price performances in 2023 and 2024, the Bayer share price approximately doubled during 2025. |
| LSEGY | The London Stock Exchange Group ('LSEG') operates critical financial market infrastructure and data businesses. Data & Applications is a subscription business that competes with Bloomberg, offering mission-critical feeds to financial institutions. The Markets business houses execution and clearing venues. The London Clearing House has a near-monopoly in interest rate derivatives, and Tradeweb is the leading electronic fixed-income trading platform. FTSE Russell is a leading financial index business, with a mix of royalty and subscription revenue. Eagle made its initial investment in 2024 and continued to build it last year. |
| SAP | We trimmed SAP SE. |
| SHEL | Global oil & gas producer and distributor |
| TSM | TSMC was a top contributor during the quarter, driven by robust demand for advanced semiconductor manufacturing and improved gross margins as AI continues to grow strong and the non-AI segment showed signs of recovery. Management raised its revenue growth guidance to the mid-30% range, and given continued strength in demand, AI-related growth targets are expected to move above the current mid-40% level. |
| TSMC | Companies that manufacture chips – especially TSMC – seem well positioned. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
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| Industry | Prev Quarter % | Current Quarter % | Change |
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