Ravenel Boykin Curry III founded Eagle Capital Management in 1988. Eagle looks for a combination of two things when it invests: a reasonable price for the current business (though not necessarily “undervalued”) and some strategic development that gives the fund the equivalent of a call option- if it works out the stock appreciates in price dramatically, while if it doesn’t there is in theory little change in the stock price as Eagle has been sure to buy at an understandable price. The fund also likes to snap up stocks which are temporarily depressed due to poor investor sentiment.
The most recent 13F filing for Eagle covers many of its long equity positions at the end of September. That is some time ago, obviously, but our analysis of the fund is that it tends to be a long-term investor with only modest changes in its position sizes from quarter to quarter. As a result we’d think that most of its top picks are still among the largest holdings in its portfolio. Read on for a quick look at the five largest 13F positions as of the end of the third quarter or see the full list of stocks Eagle reported owning.
Berkshire Hathaway Inc. (NYSE:BRK.B). Curry apparently believes that Warren Buffett and his team are still great money managers, and Eagle actually increased its stake in Berkshire during the third quarter to a total of 8.6 million shares. This gave the fund more than $750 million invested in the holding company. Check out Buffett’s stock picks. Berkshire currently trades at a premium to the book value of its equity.
Wal-Mart, Comcast, and two more stocks: