--- title: "Eagle Capital Q1 2026: Big Bets on MercadoLibre and SAP" type: research slug: eagle-capital-q1-2026-mercadolibre-sap-international-adds canonical_url: https://13finsight.com/research/eagle-capital-q1-2026-mercadolibre-sap-international-adds published_at: 2026-05-23T07:11:49.695Z updated_at: 2026-05-23T07:11:53.292Z author: Marcus Chen author_title: Senior Market Analyst author_url: https://13finsight.com/authors/marcus-chen word_count: 767 locale: en source: 13F Insight --- # Eagle Capital Q1 2026: Big Bets on MercadoLibre and SAP > Eagle Capital raised MercadoLibre 91% and SAP 89% in Q1 2026 while holding its concentrated US core flat - a $29.8B quality manager reaching abroad for growth. Eagle Capital Management runs one of the more concentrated quality books in institutional data — about 60 positions, with the top ten accounting for more than half the $29.82 billion portfolio. So when a manager this selective makes two near-doubling additions in a single quarter, it is worth paying attention. In the first quarter of 2026, Eagle raised its MercadoLibre stake by 91% and its SAP stake by 89%, reaching abroad for growth — to Latin American e-commerce and European enterprise software — while holding its U.S. core essentially unchanged. That contrast is the story. Eagle's largest positions — ConocoPhillips, Amazon, Taiwan Semiconductor, UnitedHealth, Microsoft, Alphabet — were all held roughly flat, the behavior of a low-turnover manager content to let its core compound. The two big adds, against that stillness, stand out as deliberate, high-conviction moves rather than routine rebalancing. The reported 13F value eased 7.1% quarter over quarter, from $32.11 billion to $29.82 billion, largely a price effect given how little the core moved. Two decisive international adds MercadoLibre, the dominant e-commerce and fintech platform across Latin America, was raised 91% in share-count terms to $1.36 billion (4.56% of the book) — a clear bet on the structural digitization of commerce and payments in the region. Alongside it, SAP, the German enterprise-software giant, was boosted 89% to $1.34 billion (4.51%), a wager on the durable, recurring economics of business software and SAP's cloud transition. Both fit Eagle's reputation for buying high-quality, competitively entrenched businesses and holding them — but the geography is notable. A manager whose core is anchored by U.S. megacaps chose to scale up its two largest non-U.S. growth positions in the same quarter, a sign of where it currently sees the best long-term risk-reward. A concentrated, quality core held flat The rest of the portfolio is a masterclass in patience. ConocoPhillips remains the largest holding at $2.50 billion (8.37%), held flat — a sizable energy anchor unusual for a quality-growth book. Amazon sits just behind at $2.45 billion (8.21%), with Taiwan Semiconductor, UnitedHealth, Microsoft, and Alphabet all held roughly flat. The concentration is striking: the top ten holdings make up about 54% of the portfolio, with names like Danaher and Capital One rounding out the upper tier. This is a manager that expresses conviction through size, not breadth — owning fewer companies and owning more of each. For a book this concentrated, the decision to leave the core untouched while doubling two international names is the clearest possible statement of where new conviction lies. The AUM arc Eagle's reported value history comes with a caveat that rewards careful reading. The book sat near $27 billion through 2024, then shows readings of roughly $15.23 billion and $16.11 billion in the middle quarters of 2025 before snapping back to $32.11 billion and settling at $29.82 billion. Those mid-2025 dips are almost certainly incomplete or amended 13F filings rather than a real halving of assets — the kind of data gap that resolves when the full filing lands. Read through the noise, Eagle's portfolio has been stable in the high-$20-billion to low-$30-billion range, consistent with a low-turnover manager rather than one experiencing dramatic swings. What it signals For investors who track institutional positioning, Eagle Capital's first-quarter filing is a high-signal read precisely because the manager does so little. When a concentrated, low-turnover book holds its U.S. core flat and simultaneously raises two international growth names by roughly 90% each, those adds carry real weight — MercadoLibre and SAP are where Eagle chose to deploy fresh conviction this quarter. The actionable takeaway is the geography of that conviction: a quality manager finding its best new risk-reward outside the crowded U.S. megacaps it already owns. FAQ What did Eagle Capital change in Q1 2026?Eagle raised MercadoLibre by 91% and SAP by 89% in share-count terms while holding its core U.S. positions — ConocoPhillips, Amazon, Microsoft, Alphabet, and others — roughly flat. Reported 13F value eased 7.1% to $29.82 billion. What is Eagle Capital's largest holding?ConocoPhillips, at $2.50 billion or 8.37% of the portfolio, followed closely by Amazon at $2.45 billion (8.21%). The top ten holdings account for roughly 54% of the book. How concentrated is Eagle Capital's portfolio?Very. It holds about 60 positions, with the top ten making up more than half the portfolio — a high-conviction approach that expresses views through position size rather than breadth. Why did Eagle's reported assets dip in mid-2025?The mid-2025 readings near $15-16 billion almost certainly reflect incomplete or amended 13F filings rather than a real decline. Adjusting for that, the book has been stable in the high-$20-billion to low-$30-billion range. ## FAQ ### What did Eagle Capital change in Q1 2026? Eagle raised MercadoLibre by 91% and SAP by 89% in share-count terms while holding its core U.S. positions - ConocoPhillips, Amazon, Microsoft, Alphabet, and others - roughly flat. Reported 13F value eased 7.1% to $29.82 billion. ### What is Eagle Capital's largest holding? ConocoPhillips, at $2.50 billion or 8.37% of the portfolio, followed closely by Amazon at $2.45 billion (8.21%). The top ten holdings account for roughly 54% of the book. ### How concentrated is Eagle Capital's portfolio? Very. It holds about 60 positions, with the top ten making up more than half the portfolio - a high-conviction approach that expresses views through position size rather than breadth. ### Why did Eagle's reported assets dip in mid-2025? The mid-2025 readings near $15-16 billion almost certainly reflect incomplete or amended 13F filings rather than a real decline. Adjusting for that, the book has been stable in the high-$20-billion to low-$30-billion range. --- Source: 13F Insight — https://13finsight.com/research/eagle-capital-q1-2026-mercadolibre-sap-international-adds Author: Marcus Chen — https://13finsight.com/authors/marcus-chen Last updated: 2026-05-23T07:11:53.292Z