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NASDAQ · Consumer Discretionary

AMAZON COM INC AMZN

Amazon is an e-commerce, cloud, advertising, and logistics platform. Analysis needs to separate AWS as the profit engine from scale efficiency in North American and international retail.

Sources Amazon investor relations ir.aboutamazon.com
E-Commerce / Cloud

Company profile

Business mix

  • AWS: cloud computing, data, AI, and enterprise services are the main operating-profit source.
  • North America and international retail: first-party retail, third-party sellers, Prime, logistics, and advertising work together.
  • Advertising, subscriptions, and devices increase platform monetization.

Current key questions

  • Can AWS growth and AI demand reaccelerate?
  • Does fulfillment-network optimization keep releasing retail margin?
  • Do capex, competition, or regulation pressure free cash flow?
Holders 34 Current sample portfolio
Public mentions 12 Videos / interviews / letters
Valuation snapshot
PE 29.42 FCF -0.09% Buyback -0.89%
2026-06-07

Current firm holders

Firm Weight Value Filing period
Baillie Gifford legacy James Anderson 6.0% $5.9B 2026-03-31
Eagle Capital Management 8.2% $2.4B 2026-03-31
Pershing Square Capital Management Bill Ackman 17.4% $2.4B 2026-03-31
Tiger Global Management Chase Coleman 9.1% $2.1B 2026-03-31
Soroban Capital Partners Eric Mandelblatt 3.4% $1.7B 2026-03-31
Coatue Management Philippe Laffont 5.7% $1.7B 2026-03-31
Sands Capital Management Frank Sands 5.5% $1.4B 2026-03-31
Alkeon Capital Management 2.0% $1.2B 2026-03-31
Oakmark / Harris Associates Bill Nygren 1.3% $991.5M 2026-03-31
Bridgewater Associates Ray Dalio 4.1% $914.0M 2026-03-31
Appaloosa David Tepper 15.2% $899.7M 2026-03-31
Polen Capital Management 5.6% $811.6M 2026-03-31
Davis Advisors Chris Davis 3.3% $713.4M 2026-03-31
ValueAct Holdings 10.5% $600.8M 2026-03-31
Stockbridge Partners 12.5% $515.5M 2026-03-31
Altimeter Capital Management Brad Gerstner 7.6% $435.2M 2026-03-31
Markel Group Tom Gayner 3.5% $422.9M 2026-03-31
Soros Fund Management George Soros 4.4% $405.2M 2026-03-31
Third Point Dan Loeb 19.4% $404.0M 2026-03-31
Whale Rock Capital Management Alex Sacerdote 4.9% $378.9M 2026-03-31
Vulcan Value Partners C.T. Fitzpatrick 8.8% $332.4M 2026-03-31
Eminence Capital Ricky Sandler 7.4% $321.5M 2026-03-31
Baron Capital Ron Baron 0.8% $269.6M 2026-03-31
Viking Global Investors Andreas Halvorsen 0.7% $249.0M 2026-03-31
Glenview Capital Management Larry Robbins 5.5% $220.6M 2026-03-31
Greenwoods / Jinglin George Jiang 5.4% $209.2M 2026-03-31
Corvex Management Keith Meister 7.3% $183.8M 2026-03-31
Gotham Asset Management Joel Greenblatt 0.5% $164.5M 2026-03-31
Triple Frond Partners 10.4% $99.7M 2026-03-31
Mar Vista Investment Partners 5.6% $56.2M 2026-03-31
Weitz Investment Management Wallace Weitz 3.2% $46.3M 2026-03-31
Wedgewood Partners David Rolfe 4.3% $20.8M 2026-03-31
Baupost Group Seth Klarman 12.7% $649,543 2026-03-31
Duquesne Family Office Stanley Druckenmiller 0.3% $9,539 2026-03-31

Recent trading changes over the last 3 quarters

Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Net buyers 20 Last 3 13F filing periods
Net reducers 15 Last 3 13F filing periods
Unchanged holders 2 Share count unchanged
Increase amount $3.9B Estimated from net added shares
Reduction amount $8.7B Estimated from net reduced shares
Net share change / base shares -12.0% -19,090,740 / 158,797,450
Berkshire Hathaway Warren Buffett 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Unchanged Shares 0.0% 13F value change $0
13F 2025-12-31 Filed 2026-02-17
Major reduction Shares -77.2% 13F value change -$1.7B
13F 2026-03-31 Filed 2026-05-15
Sold out Shares -100.0% 13F value change -$525.3M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 10,000,000 Last 3 periods -10,000,000 (-100.0%) Total shares 0 Value $0
Pershing Square Capital Management Bill Ackman 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Unchanged Shares 0.0% 13F value change $0
13F 2025-12-31 Filed 2026-02-17
Major increase Shares 65.0% 13F value change +$939.1M
13F 2026-03-31 Filed 2026-05-15
Major increase Shares 19.2% 13F value change +$167.4M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 5,823,316 Last 3 periods +5,628,665 (+96.7%) Total shares 11,451,981 Value $2.4B
Appaloosa David Tepper 3 filing periods
13F 2025-09-30 Filed 2025-11-13
Minor reduction Shares -7.4% 13F value change -$43.4M
13F 2025-12-31 Filed 2026-02-17
Minor reduction Shares -12.8% 13F value change -$45.9M
13F 2026-03-31 Filed 2026-05-15
Major increase Shares 98.2% 13F value change +$396.7M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 2,700,000 Last 3 periods +1,620,000 (+60.0%) Total shares 4,320,000 Value $899.7M
Third Point Dan Loeb 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Minor increase Shares 3.7% 13F value change +$22.4M
13F 2025-12-31 Filed 2026-02-17
Major reduction Shares -23.0% 13F value change -$117.3M
13F 2026-03-31 Filed 2026-05-15
Minor reduction Shares -10.4% 13F value change -$95.7M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 2,710,000 Last 3 periods -770,000 (-28.4%) Total shares 1,940,000 Value $404.0M
Coatue Management Philippe Laffont 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Minor reduction Shares -13.9% 13F value change -$308.8M
13F 2025-12-31 Filed 2026-02-17
Minor increase Shares 13.6% 13F value change +$372.8M
13F 2026-03-31 Filed 2026-05-15
Major reduction Shares -20.2% 13F value change -$640.8M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 10,157,624 Last 3 periods -2,226,858 (-21.9%) Total shares 7,930,766 Value $1.7B
Tiger Global Management Chase Coleman 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Minor increase Shares 3.3% 13F value change +$80.5M
13F 2025-12-31 Filed 2026-02-17
Minor reduction Shares -9.3% 13F value change -$114.0M
13F 2026-03-31 Filed 2026-05-15
Minor reduction Shares -0.1% 13F value change -$228.1M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 10,685,541 Last 3 periods -685,541 (-6.4%) Total shares 10,000,000 Value $2.1B
Lone Pine Capital Stephen Mandel 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Major reduction Shares -44.1% 13F value change -$486.9M
13F 2025-12-31 Filed 2026-02-17
Minor reduction Shares -14.1% 13F value change -$60.1M
13F 2026-03-31 Filed 2026-05-15
Sold out Shares -100.0% 13F value change -$557.3M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 5,033,556 Last 3 periods -5,033,556 (-100.0%) Total shares 0 Value $0
Viking Global Investors Andreas Halvorsen 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Sold out Shares -100.0% 13F value change -$855.0M
13F 2025-12-31 Filed 2026-02-17
New Shares - 13F value change +$721.7M
13F 2026-03-31 Filed 2026-05-15
Major reduction Shares -61.8% 13F value change -$472.8M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 3,897,092 Last 3 periods -2,701,664 (-69.3%) Total shares 1,195,428 Value $249.0M
Duquesne Family Office Stanley Druckenmiller 3 filing periods
13F 2025-09-30 Filed 2025-11-14
New Shares - 13F value change +$95,967
13F 2025-12-31 Filed 2026-02-17
Major increase Shares 68.8% 13F value change +$74,364
13F 2026-03-31 Filed 2026-05-15
Major reduction Shares -93.8% 13F value change -$160,792
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 0 Last 3 periods +45,800 (New) Total shares 45,800 Value $9,539
Bridgewater Associates Ray Dalio 3 filing periods
13F 2025-09-30 Filed 2025-11-13
Minor reduction Shares -9.6% 13F value change -$25.9M
13F 2025-12-31 Filed 2026-02-13
Major increase Shares 73.2% 13F value change +$202.7M
13F 2026-03-31 Filed 2026-05-15
Major increase Shares 125.3% 13F value change +$464.3M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 1,243,925 Last 3 periods +3,144,786 (+252.8%) Total shares 4,388,711 Value $914.0M
Soros Fund Management George Soros 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Major increase Shares 481.5% 13F value change +$404.8M
13F 2025-12-31 Filed 2026-02-13
Minor increase Shares 6.0% 13F value change +$55.8M
13F 2026-03-31 Filed 2026-05-15
Major reduction Shares -17.5% 13F value change -$139.4M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 382,858 Last 3 periods +1,562,931 (+408.2%) Total shares 1,945,789 Value $405.2M
Gotham Asset Management Joel Greenblatt 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Major increase Shares 36.3% 13F value change +$57.3M
13F 2025-12-31 Filed 2026-02-17
Minor increase Shares 1.5% 13F value change +$14.4M
13F 2026-03-31 Filed 2026-05-15
Major reduction Shares -20.5% 13F value change -$64.8M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 718,439 Last 3 periods +71,394 (+9.9%) Total shares 789,833 Value $164.5M
Oakmark / Harris Associates Bill Nygren 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Minor reduction Shares -7.5% 13F value change -$76.4M
13F 2025-12-31 Filed 2026-02-17
Minor increase Shares 2.5% 13F value change +$74.6M
13F 2026-03-31 Filed 2026-05-15
Minor increase Shares 6.7% 13F value change -$38.7M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 4,703,993 Last 3 periods +56,713 (+1.2%) Total shares 4,760,706 Value $991.5M
Baron Capital Ron Baron 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Minor reduction Shares -0.0% 13F value change +$190,147
13F 2025-12-31 Filed 2026-02-17
Minor increase Shares 13.6% 13F value change +$46.0M
13F 2026-03-31 Filed 2026-05-15
Minor increase Shares 5.7% 13F value change -$13.2M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 1,078,330 Last 3 periods +216,324 (+20.1%) Total shares 1,294,654 Value $269.6M
ValueAct Holdings 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Minor reduction Shares -9.6% 13F value change -$81.0M
13F 2025-12-31 Filed 2026-02-17
Minor reduction Shares -3.0% 13F value change +$14.9M
13F 2026-03-31 Filed 2026-05-15
Major reduction Shares -15.0% 13F value change -$182.7M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 3,872,500 Last 3 periods -987,900 (-25.5%) Total shares 2,884,600 Value $600.8M
Triple Frond Partners 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Minor increase Shares 10.9% 13F value change +$56.9M
13F 2025-12-31 Filed 2026-02-13
Minor reduction Shares -11.5% 13F value change -$8.2M
13F 2026-03-31 Filed 2026-05-15
Unchanged Shares 0.0% 13F value change $0
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 487,191 Last 3 periods -8,657 (-1.8%) Total shares 478,534 Value $99.7M
Eagle Capital Management 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Minor increase Shares 0.3% 13F value change +$8.7M
13F 2025-12-31 Filed 2026-02-17
Minor increase Shares 1.7% 13F value change +$178.5M
13F 2026-03-31 Filed 2026-05-15
Minor reduction Shares -1.8% 13F value change -$315.8M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 11,744,477 Last 3 periods +9,439 (+0.1%) Total shares 11,753,916 Value $2.4B
Whale Rock Capital Management Alex Sacerdote 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Minor reduction Shares -9.1% 13F value change -$31.6M
13F 2025-12-31 Filed 2026-02-17
Major increase Shares 28.3% 13F value change +$111.0M
13F 2026-03-31 Filed 2026-05-15
Minor reduction Shares -2.1% 13F value change -$49.9M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 1,592,989 Last 3 periods +226,450 (+14.2%) Total shares 1,819,439 Value $378.9M
Alkeon Capital Management 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Minor reduction Shares -4.0% 13F value change -$53.8M
13F 2025-12-31 Filed 2026-02-17
Minor reduction Shares -3.7% 13F value change +$15.8M
13F 2026-03-31 Filed 2026-05-15
Minor increase Shares 0.1% 13F value change -$129.0M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 6,274,899 Last 3 periods -466,600 (-7.4%) Total shares 5,808,299 Value $1.2B
Altimeter Capital Management Brad Gerstner 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Major increase Shares 48.0% 13F value change +$154.5M
13F 2025-12-31 Filed 2026-02-17
Minor increase Shares 2.2% 13F value change +$35.5M
13F 2026-03-31 Filed 2026-05-15
Minor reduction Shares -5.7% 13F value change -$76.2M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 1,464,863 Last 3 periods +624,695 (+42.6%) Total shares 2,089,558 Value $435.2M
Stockbridge Partners 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Minor reduction Shares -2.3% 13F value change -$12.0M
13F 2025-12-31 Filed 2026-02-17
Major reduction Shares -18.6% 13F value change -$76.7M
13F 2026-03-31 Filed 2026-05-15
Major increase Shares 25.3% 13F value change +$59.4M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 2,483,249 Last 3 periods -8,318 (-0.3%) Total shares 2,474,931 Value $515.5M
Soroban Capital Partners Eric Mandelblatt 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Major increase Shares 49.0% 13F value change +$517.9M
13F 2025-12-31 Filed 2026-02-17
Major reduction Shares -17.2% 13F value change -$270.3M
13F 2026-03-31 Filed 2026-05-15
Major increase Shares 41.2% 13F value change +$441.5M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 4,801,898 Last 3 periods +3,565,576 (+74.3%) Total shares 8,367,474 Value $1.7B
Glenview Capital Management Larry Robbins 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Major increase Shares 15.9% 13F value change +$19.7M
13F 2025-12-31 Filed 2026-02-17
Major increase Shares 39.4% 13F value change +$66.7M
13F 2026-03-31 Filed 2026-05-15
Major increase Shares 16.5% 13F value change +$10.7M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 562,874 Last 3 periods +496,396 (+88.2%) Total shares 1,059,270 Value $220.6M
Eminence Capital Ricky Sandler 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Minor increase Shares 2.5% 13F value change +$8.5M
13F 2025-12-31 Filed 2026-02-17
Minor reduction Shares -4.7% 13F value change +$510,359
13F 2026-03-31 Filed 2026-05-15
Minor increase Shares 4.6% 13F value change -$19.1M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 1,511,546 Last 3 periods +32,213 (+2.1%) Total shares 1,543,759 Value $321.5M
Corvex Management Keith Meister 3 filing periods
13F 2025-09-30 Filed 2025-11-14
Major increase Shares 44.8% 13F value change +$66.5M
13F 2025-12-31 Filed 2026-02-17
Minor increase Shares 0.5% 13F value change +$12.2M
13F 2026-03-31 Filed 2026-05-15
Minor reduction Shares -10.2% 13F value change -$43.0M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 675,029 Last 3 periods +207,703 (+30.8%) Total shares 882,732 Value $183.8M
Wedgewood Partners David Rolfe 2 filing periods
13F 2025-12-31 Filed 2026-02-17
New Shares - 13F value change +$13.4M
13F 2026-03-31 Filed 2026-05-15
Major increase Shares 71.5% 13F value change +$7.4M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 0 Last 3 periods +99,907 (New) Total shares 99,907 Value $20.8M
Baupost Group Seth Klarman 2 filing periods
13F 2025-12-31 Filed 2026-02-13
New Shares - 13F value change +$489,659
13F 2026-03-31 Filed 2026-05-14
Major increase Shares 47.0% 13F value change +$159,884
Settlement As of 13F 2026-03-31 · Filed 2026-05-14
Base shares 0 Last 3 periods +3,118,754 (New) Total shares 3,118,754 Value $649,543
Polen Capital Management 3 filing periods
13F 2025-09-30 Filed 2025-11-12
Major reduction Shares -19.2% 13F value change -$584.9M
13F 2025-12-31 Filed 2026-02-12
Major reduction Shares -23.1% 13F value change -$471.9M
13F 2026-03-31 Filed 2026-05-14
Major reduction Shares -55.0% 13F value change -$1.2B
Settlement As of 13F 2026-03-31 · Filed 2026-05-14
Base shares 13,921,840 Last 3 periods -10,025,101 (-72.0%) Total shares 3,896,739 Value $811.6M
Weitz Investment Management Wallace Weitz 3 filing periods
13F 2025-09-30 Filed 2025-11-10
Unchanged Shares 0.0% 13F value change $0
13F 2025-12-31 Filed 2026-02-12
Unchanged Shares 0.0% 13F value change $0
13F 2026-03-31 Filed 2026-05-14
Unchanged Shares 0.0% 13F value change $0
Settlement As of 13F 2026-03-31 · Filed 2026-05-14
Base shares 222,500 Last 3 periods +0 (0.0%) Total shares 222,500 Value $46.3M
Mar Vista Investment Partners 3 filing periods
13F 2025-09-30 Filed 2025-11-12
Minor reduction Shares -12.3% 13F value change -$7.6M
13F 2025-12-31 Filed 2026-02-17
Minor increase Shares 9.5% 13F value change +$8.2M
13F 2026-03-31 Filed 2026-05-13
Minor reduction Shares -0.6% 13F value change -$6.5M
Settlement As of 13F 2026-03-31 · Filed 2026-05-13
Base shares 282,743 Last 3 periods -12,804 (-4.5%) Total shares 269,939 Value $56.2M
Vulcan Value Partners C.T. Fitzpatrick 3 filing periods
13F 2025-09-30 Filed 2025-11-10
Minor reduction Shares -3.1% 13F value change -$26.3M
13F 2025-12-31 Filed 2026-02-09
Minor reduction Shares -6.4% 13F value change -$6.8M
13F 2026-03-31 Filed 2026-05-11
Minor reduction Shares -9.3% 13F value change -$73.8M
Settlement As of 13F 2026-03-31 · Filed 2026-05-11
Base shares 1,939,874 Last 3 periods -344,006 (-17.7%) Total shares 1,595,868 Value $332.4M
Greenwoods / Jinglin George Jiang 1 filing periods
13F 2026-03-31 Filed 2026-05-08
New Shares - 13F value change +$209.2M
Settlement As of 13F 2026-03-31 · Filed 2026-05-08
Base shares 0 Last 3 periods +1,004,700 (New) Total shares 1,004,700 Value $209.2M
Baillie Gifford legacy James Anderson 3 filing periods
13F 2025-09-30 Filed 2025-10-31
Minor reduction Shares -4.9% 13F value change -$353.1M
13F 2025-12-31 Filed 2026-01-23
Minor reduction Shares -7.2% 13F value change -$168.3M
13F 2026-03-31 Filed 2026-05-08
Minor reduction Shares -4.4% 13F value change -$932.4M
Settlement As of 13F 2026-03-31 · Filed 2026-05-08
Base shares 33,294,360 Last 3 periods -5,202,161 (-15.6%) Total shares 28,092,199 Value $5.9B
Sands Capital Management Frank Sands 3 filing periods
13F 2025-09-30 Filed 2025-11-13
Minor reduction Shares -8.8% 13F value change -$177.5M
13F 2025-12-31 Filed 2026-02-13
Minor reduction Shares -11.6% 13F value change -$130.2M
13F 2026-03-31 Filed 2026-05-08
Minor reduction Shares -9.7% 13F value change -$317.9M
Settlement As of 13F 2026-03-31 · Filed 2026-05-08
Base shares 9,230,023 Last 3 periods -2,510,968 (-27.2%) Total shares 6,719,055 Value $1.4B
Davis Advisors Chris Davis 3 filing periods
13F 2025-09-30 Filed 2025-11-12
Minor reduction Shares -4.0% 13F value change -$28.2M
13F 2025-12-31 Filed 2026-02-02
Minor increase Shares 9.3% 13F value change +$102.5M
13F 2026-03-31 Filed 2026-05-07
Minor reduction Shares -0.1% 13F value change -$78.2M
Settlement As of 13F 2026-03-31 · Filed 2026-05-07
Base shares 3,269,161 Last 3 periods +156,091 (+4.8%) Total shares 3,425,252 Value $713.4M
Markel Group Tom Gayner 3 filing periods
13F 2025-09-30 Filed 2025-10-31
Unchanged Shares 0.0% 13F value change $0
13F 2025-12-31 Filed 2026-02-06
Unchanged Shares 0.0% 13F value change $0
13F 2026-03-31 Filed 2026-05-01
Unchanged Shares 0.0% 13F value change $0
Settlement As of 13F 2026-03-31 · Filed 2026-05-01
Base shares 2,030,760 Last 3 periods +0 (0.0%) Total shares 2,030,760 Value $422.9M
GQG Partners Rajiv Jain 3 filing periods
13F 2025-03-31 Filed 2025-05-13
New Shares - 13F value change +$494.1M
13F 2025-06-30 Filed 2025-08-13
Major reduction Shares -55.9% 13F value change -$242.9M
13F 2025-09-30 Filed 2025-11-13
Major reduction Shares -99.6% 13F value change -$250.1M
Settlement As of 13F 2025-09-30 · Filed 2025-11-13
Base shares 0 Last 3 periods +4,857 (New) Total shares 4,857 Value $1.1M

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Fundsmith Equity Fund 2024 Annual Letter

Fundsmith · Terry Smith

The 2024 letter revolves around AI, Nvidia, index concentration and passive funds, explaining why Fundsmith owns some large tech companies but is unwilling to turn the portfolio into a Magnificent Seven weight replication.

Shareholder letter / fund letter

Third Point Q2 2024 Investor Letter

Third Point · Dan Loeb

Third Point Q2 2024 Investor Letter, discussing AI-related positions, new Apple positions, Corpay, Intercontinental Exchange, real world assets and the credit/M&A environment.

Shareholder letter / fund letter

Third Point Q1 2024 Investor Letter

Third Point · Dan Loeb

Third Point Q1 2024 investor letter, the fund rose 7.8% in the first quarter, with positive contributions from Meta, Vistra, Amazon, Bath & Body Works, Microsoft, and discusses macro noise and stock volatility.

Shareholder letter / fund letter

Giverny Capital Annual Letter 2023

Giverny Capital · Francois Rochon

Giverny's 2023 annual letter discusses market rebounds, portfolio company operations, long-term investment principles and individual stock cases, reflecting Rochon's focus on growth in the intrinsic value of companies.

Shareholder letter / fund letter

Fundsmith Equity Fund 2023 Semi-Annual Letter

Fundsmith · Terry Smith

2023 semi-annual letter explains portfolio valuation, low turnover, selling Amazon, and why Fundsmith still prioritizes long-term free cash flow compounding.

Shareholder letter / fund letter

Fundsmith Equity Fund 2022 Annual Letter

Fundsmith · Terry Smith

The 2022 annual letter puts Fundsmith's pullback into the context of inflation, rising interest rates, the end of easy money, and the revaluation of highly valued growth stocks.

Shareholder letter / fund letter

Mentioned by firms

Polen Capital Management Pershing Square Capital Management Bill Ackman Tiger Global Management Chase Coleman Miller Value Partners Bill Miller Third Point Dan Loeb Fundsmith Terry Smith Giverny Capital Francois Rochon