Explore our past quarterly letters for insights into market dynamics, investment philosophy, and long-term thinking.
Q1 2026
Active sets price; passive takes it. As the share of price-setting capital has shrunk and momentum strategies have grown, individual stocks and subsectors swing harder in both directions. Eagle examines what this shift means for its approach and the underexplored positions it has been building.
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Q4 2025
For only the second time in a decade, international markets outperformed the U.S. Eagle discusses six globally listed investments and why the freedom to look different from the index matters most when valuations are elevated.
Q3 2025
From derivatives clearing to the FTSE Russell indexes, the London Stock Exchange Group owns essential infrastructure with high switching costs and scale advantages.
Q2 2025
As private equity confronts new headwinds, the contrarian opportunity lies in public markets, where capital has departed, and duration is increasingly valuable.
Q1 2025
Despite today's uncertainty, Eagle remains committed to building a resilient, long-term portfolio – just as we have through decades of transformation – by focusing on well-positioned companies that we believe can thrive across a wide range of possible futures.
Q4 2024
In a world where finding double-digit returns is increasingly difficult, Eagle's disciplined investment philosophy focuses on seeking to uncover undervalued companies with long-term earnings power.
Q3 2024
Woodward, Inc. is a prime example of the type of company Eagle seeks to invest in – one that we consider to have strong market positioning, a compelling growth trajectory, and the potential for significant margin expansion.
Q2 2024
The S&P 500 has long been a dominant force in investing, but its recent high valuations and growing concentration risk raise important questions about its future returns.
Q1 2024
At Eagle, we believe that long-term vision is a key advantage in public market investing - just as a telescope brings distant objects into focus, we seek opportunities that may appear uncertain today but that in our view have a clear, promising future.
Q4 2023
Eagle's 35-year journey has been defined by resilience, strong long-term returns, and an ability to adapt to changing markets.
Q3 2023
Eagle navigated market turbulence with persistence, strategically managing its technology holdings and making energy investments that challenge conventional wisdom.
Q2 2023
Artificial Intelligence is reshaping industries at an unprecedented pace, and while the roadmap remains uncertain, Eagle's long-term investment approach seeks to position our portfolio for both emerging opportunities and risks.
Q4 2018
Marking Eagle's 30th anniversary, this special letter revisits the people, ideas, and enduring principles that have shaped our investment philosophy over three decades.
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