What smart money is saying about Amazon

AMZN · Consumer Cyclical · Specialty Retail · Market cap $2438.10B

24 funds in our archive have pitched Amazon — most recently Longriver Partners Fund in July 2026.

Company profile

Amazon.com, Inc. operates a vast global retail enterprise, distributing consumer goods and subscription services through both its extensive online platforms and a network of physical stores across North America and internationally. Its operations are structured into three primary segments: North America, International, and Amazon Web Services (AWS). The company's product offerings encompass both merchandise and content procured for direct resale, alongside items sold by third-party merchants on its platform. Furthermore, the company develops and markets its own range of electronic devices, such as Kindle e-readers, Fire tablets and TVs, Ring, Blink, eero, and Echo products. It also invests in the development and production of original media content. Amazon provides various programs designed to enable independent sellers to offer their products, and empowers authors, musicians, filmmakers, Twitch streamers, and app developers to publish and commercialize their content. Beyond this, it delivers a comprehensive suite of cloud computing solutions, including compute, storage, database, analytics, and machine learning services through AWS. The company also offers fulfillment services, advertising solutions, and digital content subscriptions. A key offering is Amazon Prime, its exclusive membership program. Amazon caters to a wide array of clientele, including individual consumers, third-party sellers, software developers, enterprise clients, content creators, and advertisers. Incorporated in 1994, Amazon.com, Inc. maintains its headquarters in Seattle, Washington.

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Reported positions

Bought

Sold

Letters

Position history

Between Q4 2024 and Q3 2026, 36 fund letters reported a position in Amazon — 4 opened or added to the position, 4 trimmed or exited.

Fund letters reporting a position in Amazon, by quarter
Quarter	Letters	Bought	Sold	Theses
Q3 2026	2	1	0	1
Q2 2026	27	2	4	3
Q1 2026	7	1	0	3
Q4 2025	0	0	0	7
Q3 2025	0	0	0	3
Q2 2025	0	0	0	3
Q1 2025	0	0	0	1
Q4 2024	0	0	0	3

Fund activity · 37 positions · 8 moves

HoldsGuinness Global Innovators Fund
July 2026
“Expected FY26 hyperscaler capex has risen from around $298bn in December 2024 to $758bn by the end of the second quarter this year, more than doubling as Amazon, Alphabet, Microsoft, Meta and Oracle continue to commit capital to AI compute capacity.”
Read the letterAmazon
AddedLongriver Partners Fund
July 2026
“I invested in semiconductor equipment supplier KLA Corp earlier this year and reinvested in Amazon, too.”
Read the letterAmazon
TrimmedClearBridge Investments Large Cap Growth Strategy
June 2026
“we substantially trimmed exposure to Amazon.com and Microsoft.”
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TrimmedMar Vista U.S. Quality Strategy
June 2026
“We added to our holdings in Netflix (NFLX) and trimmed Alphabet (GOOG), Amazon (AMZN), Analog Devices (ADI), and TransDigm (TDG).”
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HoldsGuinness Global Innovators Fund
June 2026
Listed in Guinness Global Innovators Fund’s reported holdings.
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HoldsRoyal London AM Global Equity Diversified Fund
June 2026
“Amazon.com, Inc. 2.94”
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HoldsJensen Quality Growth Fund
June 2026
Listed in Jensen Quality Growth Fund’s reported holdings.
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HoldsArtisan Partners Global Opportunities Fund
June 2026
“Top 10 Holdings (% of portfolio) Amazon.com Inc 6.8”
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TrimmedMar Vista U.S. Quality Premier Portfolio
June 2026
“During the quarter-end rebalance of the Quality Premier strategy, we also exited Ametek (AME), added to our holdings in Broadcom (AVGO) and GE Vernova (GEV), and trimmed Alphabet (GOOG), Amazon (AMZN), Danaher (DHR), and Unilever (UL).”
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HoldsHarding Loevner Global Equity
June 2026
Listed in Harding Loevner Global Equity’s reported holdings.
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HoldsRoyal London AM Global Equity Enhanced Fund
June 2026
Listed in Royal London AM Global Equity Enhanced Fund’s reported holdings.
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HoldsRoyal London AM Global Equity Diversified Fund
June 2026
“Amazon.com Inc. Elect Jonathan J. Rubinstein - against: We voted against as the nominee serves as incumbent Chair of the E&S Committee.”
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New positionEdgewood Large Cap Growth Composite
June 2026
“During the quarter we initiated new positions in Linde, Tesla, Amazon, and Reddit, extending our Physical AI investment theme.”
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HoldsRoyal London AM Global Equity Diversified Fund (IRL)
June 2026
“Amazon.com, Inc. 2.75”
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HoldsRoyal London AM Royal London US Equity Trust
June 2026
Listed in Royal London AM Royal London US Equity Trust’s reported holdings.
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HoldsRoyal London AM Global Equity Select Fund (IRL)
June 2026
“Amazon provides limited disclosure on how it monitors, enforces and escalates compliance with its AWS Acceptable Use Policy at a customer level, despite credible and ongoing concerns raised by external stakeholders, including the UN.”
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HoldsBaron Opportunity Fund
June 2026
“Shares of NVIDIA Corporation contributed to performance during the quarter.”
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HoldsBronte Capital Amalthea Fund
June 2026
“On the long side, we recognized strong contributions from DSM- Firmenich and Brambles, while our positions in Amazon and Alphabet detracted from the month's gains.”
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HoldsBell Global Equities Fund (Bell Asset Management)
June 2026
“Amazon.com, Inc. Consumer Discretionary US 3.2% Broadcom Inc. Information Technology US 2.8% Apple Inc.”
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HoldsArtisan Partners Value Equity Strategy
June 2026
Listed in Artisan Partners Value Equity Strategy’s reported holdings.
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AddedWedgewood Partners Large Cap Focused Strategy
June 2026
“During the quarter, we were unusually busy. We bought Hermès and sold Tractor Supply Company, Zoetis, and CDW. We increased positions in Chubb, Progressive, Meta, Amazon, Microsoft, and Visa. We trimmed United Rentals, Alphabet, and Taiwan Semiconductor Manufacturing.”
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HoldsWhite Falcon Capital Management Partner Strategy
June 2026
“The top 5 positions in the portfolio are Precious Metals royalty companies, Nu Holdings, Unity Software, NFI Group and Amazon.”
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HoldsAlluvium AM Conventum
June 2026
Listed in Alluvium AM Conventum’s reported holdings.
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HoldsMontaka Global (Montaka Global Fund
June 2026
Listed in Montaka Global (Montaka Global Fund’s reported holdings.
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HoldsMD SASS Concentrated Value
June 2026
“As of July 15, our five largest positions were Henry Schein (HSIC), Amazon (AMZN), AMETEK (AME), Primo Brands (PRMB), and Williams Companies (WMB), representing 32% of the total portfolio.”
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HoldsRoyal London AM Global Equity Select Fund
June 2026
“Amazon.com Inc. Elect Jonathan J. Rubinstein - against: We voted against as the nominee serves as incumbent Chair of the E&S Committee.”
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HoldsLakehouse Capital Global Growth Fund
May 2026
“USA Networks, Loyalty, IP”
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ExitedCDT
May 2026
“For example, we started a position in Amazon (AMZN) in the low 200s, increased our position in the high $100s and exited around $270 per share.”
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HoldsHL Global Equity ADR
May 2026
“Company Market Sector Alphabet US Comm Services Amazon.com US Cons Discretionary TSMC Taiwan Info Technology Microsoft US Info Technology”
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HoldsAntipodes Global Value Fund (Antipodes Partners)
May 2026
“Top 10 equity longs3 (%) Name Country Weight Amazon.com United States 3.8 Microsoft United States 3.6”
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Added1578 Partners, LP
March 2026
“Finally, we increased our positions in Amazon.com, Inc. common stock (NASDAQ: AMZN) and Netflix, Inc. common stock (NASDAQ: NFLX).”
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HoldsHardman Johnston Large Cap Equity
March 2026
“Consumer Discret ionary 5.2 Amazon.com, Inc. United States 2.5 Broadline Retail”
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HoldsBrown Advisory Large‑Cap Sustainable Growth
March 2026
“Although Amazon delivered a strong quarterly earnings report including 22% revenue growth in its key AWS segment, investors reacted negatively to the company’s significant increase in expected capital investments during 2026.”
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HoldsFlexible Equity Fund
March 2026
“Amazon.com, Inc. 4.6”
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HoldsBuffalo Growth Fund
March 2026
“Amazon.com, Inc. 8.79”
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HoldsBuffalo Blue Chip Growth Fund
March 2026
Listed in Buffalo Blue Chip Growth Fund’s reported holdings.
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HoldsHL Global Carbon Transition Equity
March 2026
“Amazon.com US Cons Discretionary 3.8”
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Also mentioned · 31

These funds discuss Amazon — as a competitor, benchmark or comparable — without disclosing a position in it.

MentionedCDT Capital VNAV Strategy
July 2026
“earlier in the month the Nikkei reported that they estimate that Meta, Oracle, Amazon, Microsoft and Alphabet (Google) collectively have $1.65T of debt that they have not yet reported on their financials.”
Read the letterAmazon
MentionedGuinness Pan-European Equity Income Fund
July 2026
“First, the big four hyperscalers (Amazon, Microsoft, Alphabet and Meta) issued guidance that their combined 2026 capital expenditure would be $650-725bn, up 60-77% year-on-year.”
Read the letterAmazon
MentionedGuinness Global Equity Income Fund
July 2026
“more than doubling as Amazon, Alphabet, Microsoft, Meta and Oracle continue to commit capital to AI compute capacity.”
Read the letterAmazon
MentionedGeneration IM Global Equity Strategy
July 2026
“Much of our climate dialogue now focuses on execution, particularly among the hyperscalers – Alphabet, Amazon and Microsoft – whose targets are under pressure from AI-driven growth in power and water demand.”
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MentionedTroy Asset Management Global Equity Strategy
July 2026
“In its first week of trading, SpaceX’s market value reached similar levels to Amazon and Microsoft, despite its operating losses and far smaller revenue base.”
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MentionedHarding Loevner International Equity
June 2026
“Hyperscalers such as Alphabet and Amazon are widely expected to invest sums of $400 billion or more annually for the foreseeable future.”
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MentionedNinepoint Partners Mid‑Year Outlook
June 2026
“In May, Canada saw two hyperscalers deal with Google printing the largest corporate bond offering in Canadian history, at $8.5bn, closely followed by Amazon with another record at $14bn.”
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MentionedNinepoint Partners Mid‑Year Outlook
June 2026
“The cloud RPO — remaining performance obligation, essentially the contracted future revenue backlog — for AWS, Microsoft Azure, Google Cloud, and Oracle crossed $2 trillion in the first quarter of 2026, up approximately 175% year-over-year.”
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MentionedGuinness Global Equity Income Fund
June 2026
“Expected FY26 hyperscaler capex has risen from around $298bn in December 2024 to $737bn by May of this year, more than doubling as Amazon, Alphabet, Microsoft, Meta and Oracle continue to commit capital to AI compute capacity.”
Read the letterAmazon
MentionedGoodhart Partners Global Smaller Companies Fund
June 2026
“Combined AI capex: Microsoft, Alphabet, Meta, Amazon, Oracle.”
Read the letterAmazon
MentionedBrasada CM Brasada Private Accounts
June 2026
“cash flow flush hyperscalers like Amazon, Microsoft, Alphabet, and Meta.”
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MentionedDistillate Capital
June 2026
“Hyperscalers (Alphabet, Amazon, Meta, Microsoft, & Oracle) lagged amid concerns about returns on their enormous investments, while semiconductor and tech equipment companies benefiting from this spending surged.”
Read the letterAmazon
MentionedIronvine Capital Partners Quarterly Investor Letter
June 2026
“1 Amazon, Microsoft, Google, Meta, & Oracle 2 As of June 30, 2026”
Read the letterAmazon
MentionedPacker & Co Investigator Trust
June 2026
“AI Capital Expenditure Boom (Google, Microsoft, Amazon, Meta & Oracle) Investors are on board, paying handsome prices for America’s tech giants.”
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MentionedCDT Capital (CDT)
June 2026
“to rival the likes of Microsoft, Oracle and Amazon (Article).”
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MentionedHorizon Kinetics Market Commentary
June 2026
“A Math Model of Compounding – From a Water Glass to a Snowball, to Amazon and Bitcoin”
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MentionedSaltLight Capital Co‑Investor Letter
June 2026
“Google's TPUs and Amazon's Trainium chips now run inference for Anthropic at scale, and AMD has been signed for gigawatts more from next year.”
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MentionedHorizon Kinetics
June 2026
“Five companies have announced plans to spend a combined $720 billion on such expansion— Amazon ($198 billion); Microsoft ($146 billion), Alphabet ($186 billion); Meta ($132 billion); and Oracle ($56 billion).”
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MentionedHood River CM International Opportunity Fund
June 2026
“That relationship became even more notable after Amazon announced an agreement to acquire Globalstar and partner with Apple to support satellite-enabled services such as Emergency SOS and direct-to-device connectivity.”
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MentionedHotchkis & Wiley Large Cap Fundamental Value
June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Read the letterAmazon
MentionedHotchkis & Wiley Large Cap Disciplined Value
June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
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MentionedHarding Loevner International Developed Markets Equity
June 2026
“Hyperscalers such as Alphabet and Amazon are widely expected to invest sums of $400 billion or more annually for the foreseeable future.”
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MentionedHarding Loevner International Equity ADR
June 2026
“Hyperscalers such as Alphabet and Amazon are widely expected to invest sums of $400 billion or more annually for the foreseeable future.”
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MentionedWarden Capital War Cap
June 2026
“Or Amazon.”
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MentionedCDT Capital
June 2026
“to rival the likes of Microsoft, Oracle and Amazon (Article).”
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MentionedHotchkis & Wiley Value Opportunities
June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
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MentionedVlatava fund Vltava Fund SICAV, plc
June 2026
“From a business perspective, it is a comprehensive, data-driven platform combining elements of Visa, PayPal, Amazon, Shopify, a bank, a BNPL (buy now, pay later) provider, and digital public infrastructure.”
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MentionedGiverny Capital Asset Management Model Portfolio
June 2026
“Massive IPOs either completed or on tap from AI darlings like Space Exploration Technologies, Open AI and Anthropic, plus chunky secondary stock and/or debt offerings from Alphabet, Amazon, Nvidia, Oracle and others may eventually drain what has been a very deep pool of investor liquidity.”
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MentionedHolland Advisors VT Holland Advisors Equity Fund
May 2026
“Scale Economy Shared models ▪ Amazon, TSMC, BYD, PDD, Next, JDW”
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MentionedTAMIM Fund: Global High Conviction Unit Class
May 2026
“we expected lay-offs - tick:- see Meta, Atlassian, Oracle, Amazon amongst others.”
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MentionedHL Global Equity
May 2026
“Company Market Sector Alphabet US Comm Services Amazon.com US Cons Discretionary TSMC Taiwan Info Technology NVIDIA US Info Technology Samsung Electronics South Korea Info Technology Microsoft US Info Technology Schneider Electric France Industrials Meta Platforms US Comm Services ASML Netherlands Info Technology Netflix US Comm Services”
Read the letterAmazon

Fund coverage · 24 theses

Longriver Partners Fund
July 2026
Amazon is becoming a neutral AI platform with Bedrock and Trainium, while benefiting from large profit pools and underappreciated earnings durability.
Read the full thesis
Edgewood Large Cap Growth Composite
June 2026
Amazon.com, Inc. is included in the Physical AI theme as AI adoption extends from digital applications into large physical-world markets.
Read the full thesis
Wedgewood Partners Large Cap Focused Strategy
June 2026
Amazon is growing revenue and operating income strongly, reinvesting capital rationally at attractive returns, and trades at depressed multiples despite long-term upside.
Read the full thesis
Alluvium AM Conventum
June 2026
Amazon is a large AI scaler with strong legacy cash flows, fast-growing cloud services, and new AI-related initiatives.
Read the full thesis
Baron Technology ETF
March 2026
Amazon.com, Inc. is scaling an AI business across AWS and custom chips with strong customer commitments while its retail platform deepens its moat and margins.
Read the full thesis
RGAIA
March 2026
Amazon is viewed as uniquely positioned to benefit from AI workflows through AWS, model-agnostic orchestration, and low-cost infrastructure.
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Tapasya
February 2026
Amazon is a diversified retail, cloud, and advertising leader with depressed valuation, accelerating AWS demand and backlog, high-margin ads, custom silicon advantages, and a proven invest-harvest cycle underpinning long-term value creation.
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Baron Global Opportunity Fund
December 2025
Amazon.com, Inc. is positioned to benefit from AI via AWS’s full-stack and retail productivity, supporting faster growth, margin expansion, and attractive valuation.
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Tsai Capital
December 2025
Amazon.com is a dominant e-commerce and cloud leader using a scale-economies-shared model and AWS profitability to drive durable growth with EPS expected to more than double.
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Nightview Capital
December 2025
Amazon.com, Inc. benefits from AWS strength and AI-driven efficiencies in core ecommerce, creating operating leverage and underappreciated long-term earnings power.
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Ironvine Capital Partners
December 2025
Amazon.com is a dominant e-commerce and cloud infrastructure provider with scale advantages, rising high-margin services, and long-term cash flow growth potential.
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Pershing Square
December 2025
Amazon.com, Inc. combines dominant AWS and e-commerce franchises with long-term secular growth and significant retail margin expansion potential.
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Wedgewood Partners
December 2025
Amazon.com combines improving retail productivity and high-margin advertising with AWS leadership and proprietary hardware to drive double-digit growth at depressed valuation multiples.
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Jensen Quality Growth Equity Composite
December 2025
Amazon is a dominant platform across e-commerce, AWS, and retail advertising with a deep moat, strong FCF growth and improving margins at a more attractive valuation.
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Rothschild & Co LongRun Equity
September 2025
Amazon is an undervalued quality company with untapped potential in generative AI and attractive growth prospects in retail driven by logistics investments and an expanding Prime membership.
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Clearbridge Value Strategy
September 2025
Amazon.com is an attractively valued opportunity due to its potential as an AI beneficiary, strong balance sheet, and expected growth in free cash flow.
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Heartland Opportunistic Value Equity Strategy
September 2025
Amazon.com is currently undervalued given its dominant e-commerce business and high-margin investments in areas like AWS and advertising, trading at a discount to the S&P 500 and Walmart despite strong cash flow potential.
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Harris Oakmark US Large Value Strategy
June 2025
Amazon is a dominant online retailer and cloud services provider with a strong competitive advantage, poised for long-term growth, and currently available at a discount due to recent stock price declines.
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Alphyn Capital Management
June 2025
Amazon.com Inc is a self-funded compounding machine with a growing structural edge, driven by AWS growth and an expanding advertising business, while generating significant free cash flow to support investments in AI and connectivity.
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Pershing Square
June 2025
Amazon is well-positioned for long-term growth with its dominant AWS cloud business and expansive e-commerce operations, supported by strong customer focus and significant margin expansion potential despite current valuation concerns.
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Loomis Sayles Global Growth Fund
March 2025
Amazon is well-positioned for significant long-term growth in e-commerce and cloud services, presenting a compelling investment opportunity as it remains undervalued relative to its intrinsic worth.
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Alphyn Capital Management
December 2024
Amazon.com Inc is leveraging its robust balance sheet and commitment to customer satisfaction to drive sustainable cash flow growth through improved logistics, profitable international operations, and expanding high-margin revenue streams, particularly in advertising and AI.
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Nightview capital
December 2024
Amazon is poised for growth and profitability through retail margin expansion, a rapidly growing advertising business, and the continued dominance of Amazon Web Services (AWS).
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Montaka
December 2024
Amazon’s relentless automation strategy in logistics and AWS is accelerating its cost advantage, enhancing customer loyalty, and reinforcing a self-sustaining growth flywheel—positioning the company for long-term dominance.
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