Estabrook Capital Management

Estabrook Capital Management's $685.3 million Q1 2026 book barely traded this quarter — only two clean position swaps and just 7 real increases across 380 holdings — yet the portfolio's largest single dollar move wasn't a purchase or a sale at all. Microsoft (MSFT), still the fund's top position at 8.2% of assets, saw its value fall from $73.6 million to $55.9 million (-24%) while Estabrook's share count moved by less than 1%: the manager held through the decline rather than trimming into it. The rest of the 'decreased' list tells a similar story — ConocoPhillips (COP), Costco (COST), Chevron (CVX), and Exxon Mobil (XOM) all show share counts down under 1% yet dollar values UP several million each, meaning price appreciation, not selling, is doing the work in a book with this little turnover. The two real trims with teeth were Pfizer (PFE), up 18.9% in shares, and AT&T (T), up 14.4% — genuine adds in an otherwise nearly static quarter. Real turnover was limited to a clean two-for-two swap: Qualcomm (QCOM) and Nvidia (NVDA) exited, Schlumberger (SLB) and Mondelez (MDLZ) initiated. With Technology and Financial Services together outweighing Healthcare, Energy, and Consumer Defensive combined even across 380 names, this is a blue-chip buy-and-hold book where the real risk isn't stock-selection turnover — it's how much of the portfolio's fate rides on a handful of mega-cap and money-center bank names staying in favor.