Appalaches Capital

What they bought and sold · 4 moves

• AddedProgressive Corporation

  June 2026

  “We increased our stakes in AutoZone, CME Group, and Progressive.”

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• AddedCME Group Inc.

  June 2026

  “We increased our stakes in AutoZone, CME Group, and Progressive.”

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• New positionMcKesson Corporation

  June 2026

  “We also made a new investment in McKesson Corporation and had other smaller purchases.”

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• AddedAutoZone, Inc.

  June 2026

  “We increased our stakes in AutoZone, CME Group, and Progressive.”

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Companies held · 4

Every company Appalaches Capital has disclosed a position in across our archive, with the letter that last mentioned it.

• AutoZone, Inc.Jun 2026
• CME Group Inc.Jun 2026
• McKesson CorporationJun 2026
• Progressive CorporationJun 2026

Theses · 8

• McKesson Corporation

  June 2026

  McKesson benefits from its dominant drug distribution role, structural barriers to entry, improving generic and biosimilar economics, high ROIC, and an attractive valuation.

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• AutoZone, Inc.

  June 2026

  AutoZone is investing in Mega Hubs and distribution capabilities to improve availability and commercial competitiveness, with earnings growth expected to rebound as the buildout peaks.

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• Visa Inc.

  March 2026

  Visa is a scaled, low-cost global payments network with durable moats and limited long-term risk from regulation or agentic AI, and stands to benefit from innovation and international growth.

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• Mastercard Incorporated

  March 2026

  Mastercard is a scaled, low-cost global payments network with strong competitive advantages and minimal long-term risk from regulation or AI, and is positioned to benefit from innovation and international growth.

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• Progressive

  September 2025

  Progressive is a leading auto insurer that leverages data and analytics to offer competitive rates and consistently profitable underwriting, positioning itself for continued growth in the market.

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• Eagle Materials

  June 2025

  Eagle Materials defies conventional valuation models by uniquely blending upstream resource ownership with high-return cement and wallboard operations, offering rare pricing power and capital discipline that are often misunderstood by the market.

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• Arch Capital

  March 2025

  Arch Capital’s disciplined underwriting and long-term incentive model minimize agency costs—positioning it as a top-tier insurer trading cheaply despite structural tailwinds and standout profitability.

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• ASML Holding

  March 2025

  ASML Holding N.V. is a leading provider of EUV lithography tools with significant pricing power and strong growth prospects, while Lam Research Corporation offers critical etch and deposition tools with potential for recovery in the semiconductor industry.

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Letter archive · 8

Funds · 2

• Appalaches Capital7
• Appalaches Core LO1