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Eaglestone Capital
Fred Stupart's Eaglestone Capital runs a high-conviction U.S.
Eaglestone Capital
Eaglestone launched as the dedicated investment vehicle for the Stupart family's capital, reflecting founder Fred Stupart's career arc through law, private equity, and investment banking. The fund uses its founding insight—that indiscriminate selloffs during the 2008 Financial Crisis created exceptional entry points into durable businesses—to frame a concentrated, long-only equity strategy. Rather than chasing scale, Eaglestone commits to a self-imposed hard cap of $100 million in assets and 100 investors, keeping the manager's own capital as the dominant stake. The strategy concentrates on 20–30 U.S.-listed, capital-light compounders generating sustainably high returns on capital. Niche industrials command roughly 35% of the portfolio—targeting companies in MEP services and building products distribution—while specialty finance, particularly non-commoditized property and casualty insurers, accounts for 25%. The firm systematically applies portfolio-level leverage to reach 1.5x gross market exposure, supported by an underlying company average long-term debt-to-equity ratio of just 0.13x. Holdings are selected for high insider ownership, expanding margins, and durable competitive positions in often-overlooked subsectors. The entire strategy currently operates under Fred Stupart as sole portfolio manager, headquartered in New York. No separate philanthropic foundation or adjacent operating entities are disclosed. While team size is not published, the fund's design prioritizes alignment through fee structures that reward duration, offering three tiers that step down from 1% management / 20% performance to a low of 0.75% management / 12.5% performance for investors who commit to a 24-month early-exit fee. As of March 2026, the firm reported a net CAGR of 68.4% since its December 2023 inception. Eaglestone's genuine structural differentiator is its fixed-endpoint architecture. Most fund managers spend their careers chasing AUM growth; Stupart set a $100 million ceiling from day one. That constraint forces the firm to prioritize return per dollar over fee revenue per dollar, and it makes the manager's own capital—which will only grow in proportion as the cap is approached—the binding incentive. The approach functions less like a conventional asset manager and more like a family office with a precise, permissionless invitation to like-minded outsiders.
General information
Firm type
Single Family Office
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Fred Stupart
Founder and Portfolio Manager
Sector focus
Frequently asked questions
Who runs investment decisions at Eaglestone Capital?
Fred Stupart makes all investment decisions. His 30-year career spans law, private equity, and investment banking, and his legal training directly informs the analytical framework applied to every position. There is no investment committee, which preserves a single point of accountability and aligns with the fund's concentrated, high-conviction mandate.
How does Eaglestone source its investment ideas?
Sourcing relies on deep fundamental research rather than screening tools or tips. Stupart and his team study competitive dynamics, supply chains, and unit economics for each business under consideration. The deliberate 20–30 position limit means the firm rejects the vast majority of opportunities, prioritizing hundreds of hours of work on each name that enters the portfolio.
Is Eaglestone structured as a single family office or does it operate more like a hedge fund?
Eaglestone blurs that boundary by design. It was founded as the primary vehicle for the Stupart family's capital and remains majority-owned by Fred Stupart. Yet it accepts accredited outside investors under a classic hedge fund fee structure—tiered by lock-up commitment—and actively communicates via quarterly letters, making it legally a pooled investment vehicle with family-office DNA.
Does Eaglestone participate in fund commitments or only direct equity investments?
The firm makes only direct long equity investments in U.S. public companies. It does not allocate to external managers or participate in fund-of-fund structures. All portfolio positions are individually selected common stocks held in a concentrated 20–30 name book.
Why is Eaglestone's AUM deliberately capped at $100 million?
The cap preserves the strategy's ability to operate in niche sectors and smaller-capitalization companies where larger funds cannot move meaningfully without price impact. It also ensures Fred Stupart's personal capital remains the largest stake in the fund, structurally aligning his interests with every other limited partner as the cap is approached.
How does Eaglestone use leverage, and what risk controls apply?
Eaglestone applies leverage at the portfolio level, targeting 1.5x gross market exposure via margin. Risk is managed by restricting leverage to companies with exceptionally low balance-sheet debt—the portfolio average long-term debt-to-equity is 0.13x. The firm describes this as 'leverage on quality,' applying borrowed capital only to inherently stable, cash-generative assets.
Where does the underlying wealth come from?
The wealth was generated by Fred Stupart over a 30-year career spanning law, private equity, and investment banking. The fund's website frames the vehicle as the 'primary vehicle for our own family's capital,' indicating the AUM represents Stupart family wealth alongside that of up to 99 outside clients.
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