Large Cap Core

  • Overview


    Eagle Asset Management's Large Cap Core program combines an aggressive stock-selection model with a disciplined approach to portfolio construction and trading in an effort to deliver consistent alpha to clients.

    Investment Process

    The Large Cap Core team employs a consistent and repeatable investment process that capitalizes on their deep knowledge of the markets and long-term investing experience.

    The manager’s philosophy centers on two core beliefs about investing. First, all things (e.g., companies, industries, sectors and economies) cycle. Second, most people forget or inefficiently react to this first thing. The manager focuses on identifying companies that surprise the market by their participation in an earnings growth cycle. The team seeks to earn excess return as corresponding investor cynicism about this participation declines from elevated levels.

    Initial investments are focused on companies that have recently entered or are extending an earnings cycle. They tend to have an improving foundation of earnings, cash flow, sales, etc., and are typically surrounded by some level of cynicism or investor neglect.

    The selection process is built on the idea that good investing discipline starts with an explicit identification of what one is looking for combined with the willingness and ability to look broadly for it. The manager believes quantitative tools are particularly good at addressing both these requirements. They force the investor to clearly identify the type of investment opportunity he or she seeks while allowing the investor to objectively look across a broad universe for those opportunities.

    Starting the process with quantitative tools provides confidence that opportunities fit within the team’s philosophy but the manager believes that the subjective nature of investing requires the steady hand of an experienced professional. The manager’s long-tenured investment professionals use their judgment and expertise to confirm potential investment ideas uncovered by the process. The final decision is theirs to make.


    Take advantage of the breadth provided by quantitative tools and the depth of qualitative analysis to identify both the rewards and the risks associated with potential investments

    Maximize portfolio diversification through explicit early identification of the risks associated with each potential investment idea

    Earn excess return by buying companies that “surprise” the market as they overcome negative or cynical sentiment

    Portfolio Characteristics

    Typical Market Capitalization

    Greater than $4 billion


    S&P 500 Index

    Account Minimum


    Typical Turnover

    Less than 100%

    Typical Number of Holdings

    60 to 100

  • Investment Team

    The Eagle Large Cap Core team also manages the Eagle Large Cap Growth portfolio. Contact us for information about available investment vehicles.

    Large Cap Core Investment Team

    Frank Feng, Ph.D.

    Frank Feng, Ph.D.

    Portfolio Co-Manager

    27 Years Of Industry Experience

    18 Years With ClariVest Asset Management

    Ed Wagner, CFA

    Ed Wagner, CFA®

    Portfolio Co-Manager

    30 Years Of Industry Experience

    16 Years With ClariVest Asset Management

    Todd Wolter, CFA

    Todd Wolter, CFA®

    Portfolio Co-Manager

    29 Years Of Industry Experience

    18 Years With ClariVest Asset Management

    Robert Zimmer, CFA

    Robert Zimmer, CFA

    Client Portfolio Manager

    29 Years Of Industry Experience

    12 Years With ClariVest Asset Management

  • Performance

    Performance1 as of June 30, 2024

    to Date
    Since Inception
    (Jan. 1, 1976)

    Eagle Large Cap Core



    22.15% 32.29% 12.36% 16.75% 13.43% 13.75%

    Eagle Large Cap Core


    5.39% 20.39% 28.50% 9.09% 13.36% 10.11% 10.46%

    S&P 500® Index

      4.28% 15.29% 24.56% 10.01% 15.05% 12.86% 11.87%

    Calendar Year Returns1

        2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
    Eagle Large Cap Core Gross 29.68% -19.41% 31.98% 16.25% 27.62% -6.79% 26.77% 7.61% 2.59% 15.83%
    Eagle Large Cap Core Net 25.92% -21.84% 28.16% 12.85% 23.91% -9.57% 23.09% 4.44% -0.44% 12.44%

    S&P 500® Index

      26.29% -18.11% 28.72% 18.40% 31.50% -4.38% 21.84% 11.98% 1.41% 13.69%

    Risk Information
    The risks associated with Large Cap Core investing are based on the expectation of positive price performance due to continued earnings growth or anticipated changes in the market or within the company itself. However, if a company fails to meet that expectation or anticipated changes do not occur, its stock price may decline. Moreover, as with all equity investing, there is the risk that an unexpected change in the market or within the company itself may have an adverse effect on its stock. Investing in growth-oriented stocks involves potentially higher volatility and risk than investing in income-generating stocks. The biggest risk of equity investing is that returns can fluctuate and investors can lose money.

    Not every investment opportunity will meet all of the stringent investment criteria mentioned to the same degree. Trade-offs must be made, which is where experience and judgment play a key role. Accounts are invested at the discretion of the portfolio manager and may take up to 60 days to become fully invested.

    (1)The definition of the accounts included in the Large Cap Core Composite is as follows:
    The Large Cap Core Composite includes retail accounts that seek long-term appreciation through equity ownership of medium-to large-capitalization companies with market capitalization greater than $4 billion at the time of purchase. Ideally, Core stocks possess growth characteristics well above the market, but are purchased at prices which reflect an earnings multiple in line with that of the broad market.

    Past performance does not guarantee or indicate future results. No inference should be drawn by present or prospective clients that managed accounts will achieve similar performance in the future. Investment in a portfolio, investment manager or security should not be based on past performance alone. Because accounts are individually managed, returns for separate accounts may be higher or lower than the average performance stated. Individual portfolio/performance results may vary due to market conditions, trading costs and certain other factors, which may be unique to each account. There is no guarantee that these investment strategies will work under all market conditions, and each investor should evaluate their ability to invest for the long term, especially during periods of downturn in the market. Investing in equities may result in a loss of capital. Investing involves risk and you may incur a profit or a loss. Investment returns and principal value will fluctuate so that an investor’s portfolio, when redeemed, may be worth more or less than their original cost. Diversification does not ensure a profit or guarantee against a loss.

    The calculation of the performance data includes reinvestment of all income and gains and is depicted on a time-weighted and size-weighted average for the entire period. Calculations include reinvestment of all income and gains. Gross performance presented is "pure gross" and is shown before deduction of any fees. Net returns have been reduced by the entire bundled/wrap fee. The bundled/wrap fee will typically include trading, investment management, portfolio monitoring and other administrative fees charged by the sponsor. Eagle's fees are set forth in Eagle's ADV, Part II. Over a period of five years, an advisory fee of 1% could reduce the total value of a client's portfolio by 5% or more. Net returns are calculated using a max wrap fee of 3% for this strategy.

    GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Eagle Asset Management, Inc. has received a firm-wide verification for the periods January 1, 1982 through December 31, 2022.  Eagle believes that the performance shown is reasonably representative of its management style and is sufficiently relevant for consideration by a potential or existing client. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The verification and performance examination reports are available upon request.

    Eagle Asset Management, Inc. is an investment adviser registered with the Securities and Exchange Commission and is engaged in providing discretionary management services to client accounts. The benchmark is the S&P 500 Index, which has been derived from published sources and has not been examined by independent accountants. The composite creation date for GIPS purposes was Jan. 1, 2001.

    Currency: all monetary amounts displayed on this website are in U.S. dollars.

    To obtain a compliant presentation and/or the firm's list of composite descriptions, please contact Eagle Asset Management at 1.800.237.3101.

    Index Definitions
    The Standard & Poor’s 500® Index is based on the average performance of 500 widely held common stocks. The S&P 500® is a broad-based measurement of changes in stock market conditions. It is a capitalization-weighted index, calculated on a total return basis with dividends reinvested. The S&P 500® represents about 75 percent of the NYSE market capitalization. Indices are unmanaged, and one cannot invest directly in an index. Market index results shown are not reduced by any fees as an index is unmanaged.

  • Literature

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