What smart money is saying about Amazon
AMZN · Consumer Cyclical · Specialty Retail · Market cap $2794.37B
35 funds in our archive have pitched Amazon — most recently Pender US Small/Mid Cap Equity 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.
Get an email when a fund writes about it
103
Reported positions
22
Bought
11
Sold
184
Letters
Position history
Between Q4 2024 and Q3 2026, 103 fund letters reported a position in Amazon — 22 opened or added to the position, 11 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 20 | 1 | 0 | 2 |
| Q2 2026 | 73 | 20 | 11 | 13 |
| Q1 2026 | 9 | 1 | 0 | 3 |
| Q4 2025 | 1 | 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 · 103 positions · 33 moves
- August 2026
“Amazon lifted its 2026 capex outlook to roughly $210bn, Alphabet raised guidance to $195bn–$205bn, and Meta is moving toward the upper end of its $130bn–$145bn range.”
Amazon - HoldsRuffer Investment Company LimitedAugust 2026
Listed in Ruffer Investment Company Limited’s reported holdings.
Amazon - August 2026
“Top 10 Holdings Company Sector Geography Weight NVIDIA Corporation Information Technology US ).9% Microsoft Corporation Information Technology US 5.$% Alphabet Inc. Communication Services US 5.$% Amazon.com, Inc. Consumer Discretionary US 3.4% Broadcom Inc. Information Technology US 2.9%”
Amazon - HoldsRuffer Total Return InternationalAugust 2026
Listed in Ruffer Total Return International’s reported holdings.
Amazon - HoldsRuffer Charity Assets TrustAugust 2026
Listed in Ruffer Charity Assets Trust’s reported holdings.
Amazon - HoldsTM Ruffer Portfolio FundAugust 2026
“TM Ruffer Portfolio Fund 31 Aug 26 5 LARGEST EQUITY HOLDINGS Stock % of fund BP 1.5 Microsoft 1.0 Amazon 0.7 Prosus 0.6 Prudential 0.6 ASSET ALLOCATION CURRENCY ALLOCATION Inflation % Long-dated non-UK inflation-linked bonds 14.6 Short-dated non-UK inflation-linked bonds 5.0 Gold and precious metals exposure 4.5 Protection Long-dated nominal bonds 17.8 Short-dated nominal bonds 9.7 Credit and derivative strategies 7.1 Cash 2.5 Growth Consumer discretionary equities 8.4 Industrials equities 6.0 Financials equities 4.6 Energy equities 4.6 Other equities 13.0 Commodity exposure 2.3 Currency allocation % Sterling 68.8 US dollar 12.4 Yen 10.0 Other 6.1 Euro 2.6 Geographical equity allocation UK equities 12.9 North America equities 10.3 Europe equities 6.6 Asia ex-Japan equities 3.2 Japan equities 3.1 Other equities 0.4 FUND SIZE £2,796.1M FUND INFORMATION Annual management charge % 1.17 Maximum annual management charge % 1.2 Minimum investment (or equivalent in other currency) £100,000 Ongoing Charges Figure % 1.24 Dealing frequency Weekly, every Wednesday where this is a business day plus the final business day of the month Valuation point 12.00 each dealing day Pay dates 31 May, 31 Aug, 30 Nov, 28 Feb Record dates 31 Mar, 30 Jun, 30 Sep, 31 Dec Investment manager Ruffer LLP Depositary Bank of New York Mellon (International) Limited Authorised Corporate Director Thesis Unit Trust Management Limited Auditors Ernst & Young LLP Structure Non-UCITS Retail Scheme Investment Funds (OEIC) Share class ISIN SEDOL C GBP acc GB00BP4DCZ86 BP4DCZ8 C GBP inc GB00BP4DJF75 BP4DJF7 The credit and derivatives strategies allocation is calculated using market value. In some cases, this allocation might be negative due to the nature of how the instruments, in particular credit default swaps, are priced. Largest equity holdings exclude Ruffer funds | Source: Ruffer LLP | Totals may not equal 100 due to rounding RUFFER LLP”
Amazon - HoldsWS Ruffer Diversified Return FundAugust 2026
“WS Ruffer Diversified Return Fund 31 Aug 26 5 LARGEST EQUITY HOLDINGS Stock % of fund BP 1.0 Microsoft 0.9 Amazon 0.9 Solventum 0.8 Prosus 0.8 ASSET ALLOCATION CURRENCY ALLOCATION Inflation % Long-dated non-UK inflation-linked bonds 14.0 Short-dated non-UK inflation-linked bonds 5.0 Gold and precious metals exposure 3.5 Protection Short-dated nominal bonds 20.2 Long-dated nominal bonds 17.4 Cash 2.2 Credit and derivative strategies 0.6 Growth Consumer discretionary equities 8.7 Energy equities 4.8 Industrials equities 4.4 Financials equities 4.4 Other equities 12.7 Commodity exposure 2.2 Currency allocation % Sterling 68.3 US dollar 12.6 Yen 10.1 Euro 5.0 Other 4.0 Geographical equity allocation North America equities 13.1 UK equities 8.5 Europe equities 6.8 Japan equities 3.7 Asia ex-Japan equities 2.9 FUND SIZE £1,479.1M FUND INFORMATION Annual management charge % 0.9 Minimum investment (or equivalent in other currency) £50m Ongoing Charges Figure % 0.93 Dealing frequency Daily Valuation point 12:00 Pay dates 15 May, 15 Nov Record dates 15 Mar, 15 Sep Investment manager Ruffer LLP Depositary The Bank of New York Mellon (International) Limited Authorised Corporate Director Waystone Management (UK) Limited Auditors Ernst & Young LLP Structure Sub-fund of WS Ruffer Managed Funds (OEIC) UK domiciled UCITS Eligible for ISAs Share class ISIN SEDOL I GBP acc GB00BMWLQW82 BMWLQW8 I GBP inc GB00BMWLQV75 BMWLQV7 The credit and derivatives strategies allocation is calculated using market value. In some cases, this allocation might be negative due to the nature of how the instruments, in particular credit default swaps, are priced. Largest equity holdings exclude Ruffer funds | Source: Ruffer LLP | Totals may not equal 100 due to rounding”
Amazon - August 2026
Listed in Harding Loevner Global Developed Markets Equity’s reported holdings.
Amazon - July 2026
“Hyperscaler capex The current capex cycle is clearly intertwined with a sharp increase in semiconductor demand, and we believe continued hyperscaler spending is a key indicator that the AI infrastructure build-out is still underway. This spending is effectively funding the next phase of the data centre build-out. As hyperscalers scale both training and, increasingly, inference workloads, their willingness to keep lifting capex expectations supports the view that this semiconductor cycle could prove longer lasting and more structurally driven than previous upcycles. In each earnings cycle, the major hyperscalers have generally revised capex guidance higher and the direction of travel is striking. 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.”
Amazon - July 2026
Listed in Harding Loevner Global Equity ADR’s reported holdings.
Amazon - July 2026
Listed in Harding Loevner Global Equity model portfolio’s reported holdings.
Amazon - July 2026
Listed in Bell Global Equities Fund Wholesale Class’s reported holdings.
Amazon - July 2026
“In July, Amalthea gained 6.54% net whilst the MSCI ACWI (in $A) fell by 1.55%. Performance in the long book was led by Regeneron, with DSM Firmenich, Amazon, Visa and Philip Morris also providing meaningful contributions.”
Amazon - July 2026
“Global equities fell in sterling terms in July. Market performance was marked by a mid-month AI sell-off due to concerns over capex sustainability, followed by a sharp rebound as hyperscaler earnings validated ongoing AI investment. The sterling credit market fell in July, as gilt yields rose amid a volatile macro backdrop and UK fiscal uncertainty. The Trust delivered a negative absolute return in July. Negative contributors included ASML, a Dutch semiconductor equipment manufacturer, and Nextpower, a US company that manufactures solar infrastructure. Top contributors included Microsoft, after strong earnings showing continued growth in its cloud business. We added to AI-infrastructure companies with strong fundamentals amid weakness during the month. Sustainable Royal London Sustainable Growth Fund Global equities fell in sterling terms in July. Market performance was marked by a mid-month AI sell-off due to concerns over capex sustainability, followed by a sharp rebound as hyperscaler earnings validated ongoing AI investment. The sterling credit market fell in July, as gilt yields rose amid a volatile macro backdrop and UK fiscal uncertainty. The Fund delivered a negative absolute return in July. Negative contributors included ASML, a Dutch semiconductor equipment manufacturer, and TSMC, a leading manufacturer of semi-conductor chips. Top contributors included Amazon, driven by stronger-than-expected earnings for its cloud services.”
Amazon - July 2026
“As we worked through the earnings releases, one company that stood out was Amazon.”
Amazon - HoldsWS Ruffer Diversified Return FundJuly 2026
Listed in WS Ruffer Diversified Return Fund’s reported holdings.
Amazon - HoldsRuffer Diversified Return FundJuly 2026
Listed in Ruffer Diversified Return Fund’s reported holdings.
Amazon - HoldsRuffer Portfolio FundJuly 2026
Listed in Ruffer Portfolio Fund’s reported holdings.
Amazon - HoldsRuffer Charity Assets TrustJuly 2026
Listed in Ruffer Charity Assets Trust’s reported holdings.
Amazon - July 2026
“WHAT THIS MEANS FOR OUR PORTFOLIO Our Fund has been invested in TSMC and Meta since 2023, and Nvidia since 2025. I invested in semiconductor equipment supplier KLA Corp earlier this year and reinvested in Amazon, too.”
Amazon - June 2026
“During the quarter, we initiated new investments in ASML Holding (ASML) and we exited our position in Intuit (INTU). 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).”
Amazon - AddedNexus Investment Management ULCJune 2026
“We modestly extended our average duration during the quarter as we deployed cash into slightly longer-term bonds. These purchases included Amazon’s new maple bonds.”
Amazon - June 2026
Listed in Harding Loevner Global Equity’s reported holdings.
Amazon - June 2026
“we substantially trimmed exposure to Amazon.com and Microsoft.”
Amazon - June 2026
“We added to our holdings in Netflix (NFLX) and trimmed Alphabet (GOOG), Amazon (AMZN), Analog Devices (ADI), and TransDigm (TDG).”
Amazon - June 2026
Listed in Guinness Global Innovators Fund’s reported holdings.
Amazon - June 2026
“Top 10 holdings Weighting (%) NVIDIA Corporation 5.84 Alphabet Inc. Class A 5.31 Apple Inc. 5.06 Microsoft Corporation 3.34 Amazon.com, Inc. 2.94 Micron Technology, Inc. 2.25 JPMorgan Chase & Co. 1.87 Eli Lilly and Company 1.60”
Amazon - June 2026
Listed in Artisan Partners Value Equity Strategy’s reported holdings.
Amazon - 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.”
Amazon - June 2026
“The top 5 positions in the portfolio are Precious Metals royalty companies, Nu Holdings, Unity Software, NFI Group and Amazon.”
Amazon - June 2026
“Amazon (a holding in the Opportunity Fund).”
Amazon - June 2026
Listed in Alluvium AM Conventum’s reported holdings.
Amazon - June 2026
Listed in Montaka Global (Montaka Global Fund’s reported holdings.
Amazon - HoldsMD SASS Concentrated ValueJune 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.”
Amazon - June 2026
Listed in Royal London AM Global Equity Enhanced Fund’s reported holdings.
Amazon - New positionEdgewood Large Cap Growth CompositeJune 2026
“During the quarter we initiated new positions in Linde, Tesla, Amazon, and Reddit, extending our Physical AI investment theme.”
Amazon - June 2026
“Amazon.com, Inc. 2.75”
Amazon - June 2026
Listed in Royal London AM Royal London US Equity Trust’s reported holdings.
Amazon - June 2026
“Notable votes Amazon.com Inc. Elect Jonathan J. Rubinstein - against: We voted against as the nominee serves as incumbent Chair of the E&S Committee. Our primary concern this year relates to Amazon's oversight of human rights risks associated with AWS, particularly in higher risk government and defence contexts. 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.”
Amazon - June 2026
“Top 10 Holdings (% of portfolio) Amazon.com Inc 6.8”
Amazon “The second group comprises technology and AI beneficiaries and includes Alphabet, Microsoft (MSFT), Amazon (AMZN), NVIDIA (NVDA), KLA Corp, and Broadcom (AVGO).”
Amazon- June 2026
“Shares of NVIDIA Corporation contributed to performance during the quarter.”
Amazon - June 2026
“In June, the Amalthea Fund generated a net return of 6.49%, bringing our total quarterly performance to 5.12% (compared to 3.17% and 14.48% for the globally diverse MSCI ACWI in ($A), respectively). Our June outperformance was primarily driven by alpha generated in our short book, specifically through successful positioning in the materials and energy sectors, though short exposure in healthcare proved to be a modest headwind. 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.”
Amazon - AddedScharf Investments Quality Value StrategyJune 2026
“earlier this year we added Amazon to the Scharf equity portfolio.”
Amazon - TrimmedBaron Technology ETFJune 2026
“We trimmed our position in Amazon.com, Inc. to add to Alphabet Inc. , where we see a more compelling near-term risk/reward.”
Amazon - June 2026
“The quarter still included several good outcomes as Alphabet , Monolithic Power Systems , NVIDIA , Broadcom , Amazon , and our largest addition during the first quarter, Lam Research , each added more than 100bps.”
Amazon - June 2026
“This quarter’s portfolio update covers our position in Amazon.com, Inc. common stock (NASDAQ: AMZN), a compounder investment. Hinde Group has had a position in AMZN since inception. We have added to and trimmed that position at various points along the way. At times it has been our largest position; at other times it has been among our smallest. It began 2026 as one of our smallest positions at just under 1.0% of the portfolio's value. We significantly increased our position in February at an average price of $203.37 after the shares sold-off sharply due to (misplaced) concerns about the magnitude of — and prospective returns on — Amazon's planned investments in AI infrastructure related to Amazon Web Services.”
Amazon - TrimmedBuffalo Funds Growth FundJune 2026
“In the first half of the year, the hyperscalers significantly underperformed the broader technology company landscape. We believe that the Capex outlay in the first half of the year, combined with very reasonable valuations, offers a great setup for Meta, Microsoft, Amazon and Google into the back-half of the year. Although we have trimmed shares back a bit, the fund remains significantly overweight those four positions.”
Amazon - June 2026
“FUND MANAGEMENT TOP 10 HOLDINGS (%)* NVIDIA Corporation 12.66 Apple, Inc. 9.05 Microsoft Corporation 7.94 Alphabet, Inc. 6.34 Amazon.com, Inc. 5.16 Broadcom, Inc. 4.03 Meta Platforms, Inc. 3.23 Eli Lilly and Company 2.44 Mastercard, Inc.”
Amazon - June 2026
Listed in Baron Opportunity Strategy’s reported holdings.
Amazon - June 2026
Listed in EdgePoint Global Portfolio’s reported holdings.
Amazon - HoldsOakmark FundJune 2026
Listed in Oakmark Fund’s reported holdings.
Amazon - June 2026
“Our largest additions included the following names: CME Group, TSMC, Amazon, NVIDIA, Alphabet, Visa, ASML, S&P Global, Stevanato Group, and Brookfield.”
Amazon - June 2026
“We did not purchase any new positions during the quarter. We sold one position during the quarter: UnitedHealth Group Inc. There were six material contributors to performance: UnitedHealth Group Inc., Amazon.com Inc., Ryan Specialty Holdings Inc., Everest Group Ltd., Alphabet Inc., and TransDigm Group Inc. There was one material detractor to performance: SAP SE.”
Amazon - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
Amazon - HoldsPershing SquareJune 2026
“When taken together with our existing holdings in dominant, fast-growing companies such as Microsoft, Amazon, Meta, Uber, Brookfield, and Restaurant Brands, we believe our current portfolio is highly attractive”
Amazon - June 2026
“Recent Activity During the second quarter, we initiated five new positions: the leading search and AI company, Alphabet, one of the leading memory providers, Samsung Electronics, a fast-inferencing AI chip provider, Cerebras, a supplier of critical parts used in aerospace engines and industrial gas turbines, DPC Holdings, and an engine provider for power generation, INNIO. We also took advantage of stock price volatility and significant inflows into the Fund to add to many existing positions including Shopify, Nu, NVIDIA, Amazon, GDS, ASML, TSMC, MercadoLibre, Tesla, ServiceTitan, and others.”
Amazon - June 2026
“We also took advantage of stock price volatility and significant inflows into the Strategy to add to many existing positions including Shopify, Nu, NVIDIA, Amazon, GDS, ASML, TSMC, MercadoLibre, Tesla, ServiceTitan, and others.”
Amazon - HoldsJAG Capital Management Corporate Fixed IncomeJune 2026
“Highlighted Detractors Meta Platforms Inc (META) 3.85% due 8/15/2032 (Aa3/AA-) underperformed despite strong operating growth and cash generation. Management raised its capital-spending outlook and completed a large multi- tranche debt offering during the quarter to support expanding AI infrastructure, creating a technical headwind for outstanding Meta issues. Amazon.com Inc (AMZN) 3.60% due 4/13/2032 (A1/AA) lagged despite broad operating strength, including continued momentum at AWS and improved profitability across its retail businesses.”
Amazon - AddedBCV Asset Management Antares Total Return StrategiesJune 2026
“We redeployed the proceeds into long-term compounders penalized by market anxiety—including adding to our existing positions of Amazon and Thermo Fisher Scientific.”
Amazon - HoldsJAG Capital Management Enhanced Core Fixed IncomeJune 2026
“Highlighted Detractors Meta Platforms Inc (META) 3.85% due 8/15/2032 (Aa3/AA-) underperformed despite strong operating growth and cash generation. Management raised its capital-spending outlook and completed a large multi- tranche debt offering during the quarter to support expanding AI infrastructure, creating a technical headwind for outstanding Meta issues. Amazon.com Inc (AMZN) 3.60% due 4/13/2032 (A1/AA) lagged despite broad operating strength, including continued momentum at AWS and improved profitability across its retail businesses.”
Amazon - June 2026
“We have been underweight Consumer Discretionary for some time, and we were pleased to establish a position in Amazon (AMZN) during the second quarter.”
Amazon - June 2026
“We had many big gainers in the quarter with 16 of our investments generating over 50bps each, as CrowdStrike, Alphabet, Amazon, and ASML added over 100bps each, Taiwan Semiconductor (TSMC), Datadog, and NVIDIA added”
Amazon - June 2026
“Consumer Discretionary also contributed positively during the quarter, supported by Amazon.com Inc (AMZN). Amazon reported strong results across AWS, advertising, and its core retail business, with expanding operating margins and continued strength in AI-related cloud demand. We continue to believe Amazon remains well positioned given its scale advantages across e-commerce and cloud infrastructure, as well as its growing role supporting next-generation AI workloads.”
Amazon - New positionBrown Advisory U.S. Value FundJune 2026
“We have been underweight Consumer Discretionary for some time, and we were pleased to establish a position in Amazon (AMZN) during the second quarter.”
Amazon - TrimmedBaron Technology StrategyJune 2026
“Top net sales for the quarter Net Amount Sold ($M) NVIDIA Corporation 7.5 Solaris Energy Infrastructure, Inc. 3.0 Amazon.com, Inc. 2.8 Datadog, Inc. 2.2 Lumentum Holdings Inc. 2.0 We trimmed our position in NVIDIA Corporation, which had grown to represent an outsized share of the Strategy. The trim was a function of portfolio construction discipline rather than any change in our fundamental view — we remain strong believers in NVIDIA's long-term positioning as the dominant platform for AI compute. A portion of the proceeds was redeployed to add exposure to AMD and to memory semiconductor names, where we viewed as compelling risk/reward. We exited our position in Solaris Energy Infrastructure, Inc., which we discussed as a new position in our first quarter letter. The position accreted faster than we expected following our purchase, and after the stock's move, we concluded the remaining upside was more limited relative to other opportunities in the portfolio. We sold the position during the quarter and redeployed the proceeds elsewhere. We trimmed our position in Amazon.com, Inc. to add to Alphabet Inc., where we see a more compelling near-term risk/reward.”
Amazon - AddedScharf Investments Quality Value (Equity) StrategyJune 2026
“earlier this year we added Amazon to the Scharf equity portfolio.”
Amazon - June 2026
“Only Amazon would generate a positive return under these generous assumptions.”
Amazon - June 2026
“Portfolio Changes We initiated new positions in Equinix and Arista Networks and exited our positions in Aon and Intuit. Positions in Microsoft, Waste Management, Netflix, Ecolab, and Yum! Brands were added to on weakness while also adding to our positions in Alphabet, Apple, Nvidia, and ServiceNow given their strong long-term growth prospects. Positions in Arm Holdings, Amazon, Broadcom, and Grainger were trimmed on strength while we trimmed our position in CPKC given headline risk from USMCA negotiations.”
Amazon - HoldsMontaka Global FundJune 2026
Listed in Montaka Global Fund’s reported holdings.
Amazon - TrimmedNightview Capital NITE ETFJune 2026
“Finally, the trims. We cut our AMD position by roughly half after a powerful run left it a much larger dollar position than the share count suggested. We lightened Axon , Goldman , Morgan Stanley , and Brookfield Renewable , and we made small adjustments to Nvidia , Tesla , and Amazon , which remain among our largest holdings.”
Amazon - June 2026
Listed in Coronation Global Equity Strategy’s reported holdings.
Amazon - June 2026
“Amazon Position As detailed in my February ’26 letter, "Amazon - Its the Time to Buy," we have established a significant position in Amazon, making it the second-largest holding in our portfolio.”
Amazon - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
Amazon - HoldsMayTech Global Investments Global Growth StrategyJune 2026
“Amazon delivered accelerating growth in its AWS cloud business, reaching its fastest growth rate in nearly four years as demand for AI services continued to surge.”
Amazon - New positionLiontrust Global Technology FundJune 2026
Listed in Liontrust Global Technology Fund’s reported holdings.
Amazon - June 2026
“Positions in Amazon, Arm Holdings, Fast Retailing, and Nvidia were trimmed on strength.”
Amazon - June 2026
Listed in Liontrust Global Innovation Fund’s reported holdings.
Amazon - June 2026
“Portfolio Changes We added exposure to hardware and compute through purchases of Amazon, TSMC and STMicro, with the latter two also increasing regional exposure to Taiwan and Europe respectively.”
Amazon - New positionLiontrust GF Global Technology FundJune 2026
“It is why we own Amazon and Alphabet, the hyperscalers controlling both custom silicon and a frontier model, and none of Microsoft, a zero weight that added over three percentage points this quarter.”
Amazon - June 2026
Listed in Liontrust GF Global Innovation Fund’s reported holdings.
Amazon - June 2026
“Magnificent 7: Our targeted positioning in Alphabet, Amazon and Apple saw positive attribution.”
Amazon - HoldsBaron CapitalJune 2026
Listed in Baron Capital’s reported holdings.
Amazon - June 2026
“We see a similar widening gap between narrative and fundamentals in Amazon, which was trading in the second quarter at an all-time low P/E multiple of about 25 times.”
Amazon - June 2026
“We added materially to existing holdings on the same logic: Apple’s share count rose c.90% (now the Fund’s largest position at 5.4%), Danaher, Thermo Fisher, L’Oréal and Ferrari were all more than doubled, and Lilly, Amazon, Alphabet and Meta increased.”
Amazon - June 2026
“We added materially to existing holdings on the same logic: Apple’s share count rose c.90% (now the Fund’s largest position at 5.4%), Danaher, Thermo Fisher, L’Oréal and Ferrari were all more than doubled, and Lilly, Amazon, Alphabet and Meta increased.”
Amazon - HoldsHomestead Advisers Value FundJune 2026
“Amazon.com, Inc. detracted from performance despite continuing to deliver strong operating results, driven by healthy growth in Amazon Web Services (AWS) and advertising, as well as improving retail profitability.”
Amazon - June 2026
“Portfolio activity beyond the entries and exits above was more muted and tilted toward trims. Beyond the exits of Accenture and Salesforce, we also trimmed our holdings of Alphabet, Amazon, Bio-Techne, SiriusXM and Thermo Fisher, partially offset by additions to Danaher and Global Payments.”
Amazon - June 2026
“Amazon.com reported strong results during the first quarter.”
Amazon - HoldsMatthew 25 FundJune 2026
“The following table shows our portfolio holdings for the first six months of this year.”
Amazon - June 2026
“At the end of the quarter the Russell reconstitution took place. The biggest shifts were decreased weight to Consumer Discretionary (largely driven by Amazon) and increased weight to Communication Services (largely driven by Alphabet).”
Amazon - ExitedCDTMay 2026
“Firstly, following early insider signals, parts of our return this year are related to the conventional strategy by investing in AI related stocks that did not yet reflect their potential. 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.”
Amazon - May 2026
“Companies Held 16 Benchmark MSCI All Country World Index Net Total Returns (AUD) LAKEHOUSE GLOBAL GROWTH FUND MONTHLY LETTER 31 May 2026 Company Headquarters Strategic Advantage MercadoLibre Argentina Networks, Loyalty, IP Sansan Japan Loyalty, Networks ServiceNow USA Loyalty Adyen Netherlands Loyalty, IP Kinaxis Canada IP, Loyalty Microsoft USA Loyalty, Networks, IP Alphabet USA IP, Networks Workiva USA Loyalty, IP Workday USA Loyalty Amazon USA Networks, Loyalty, IP”
Amazon - March 2026
“Consumer Discret ionary 5.2 Amazon.com, Inc. United States 2.5 Broadline Retail”
Amazon - 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.”
Amazon - HoldsFlexible Equity FundMarch 2026
“TOP 10 HOLDINGS % OF PORTFOLIO Alphabet, Inc* 8.1 Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR 6.5 Microsoft Corporation 5.6 Meta Platforms Inc Class A 5.1 Amazon.com, Inc. 4.6”
Amazon - HoldsBuffalo Growth FundMarch 2026
“FUND MANAGEMENT TOP 10 HOLDINGS (%)* NVIDIA Corporation 12.20 Alphabet, Inc. 11.82 Microsoft Corporation 11.22 Amazon.com, Inc. 8.79 Apple, Inc.”
Amazon - March 2026
Listed in Buffalo Blue Chip Growth Fund’s reported holdings.
Amazon - March 2026
Listed in HL Global Carbon Transition Equity’s reported holdings.
Amazon - Added1578 Partners, LPMarch 2026
“Additionally, we exited the de minimis, residual position we held in Sleep Number Corporation common stock (NASDAQ: SNBR). Finally, we increased our positions in Amazon.com, Inc. common stock (NASDAQ: AMZN) and Netflix, Inc. common stock (NASDAQ: NFLX).”
Amazon - March 2026
Listed in Riverparks funds RiverPark funds RiverPark Large Growth Fund’s reported holdings.
Amazon - March 2026
“There were seven material detractors to performance: Ares Management Corporation, Ryan Specialty Holdings, Inc., Microsoft Corporation, Salesforce, Inc., UnitedHealth Group Incorporated, Amazon.com, Inc., and SAP SE.”
Amazon - HoldsClipper FundDecember 2025
“So too is Amazon in a different way—it is an enormous provider of compute, a beneficiary of the shift to agentic AI and one of the best managed and most durable companies in this sector.”
Amazon
Also mentioned · 60
These funds discuss Amazon — as a competitor, benchmark or comparable — without disclosing a position in it.
- MentionedGuinness Global Quality Mid Cap FundAugust 2026
“Amazon lifted its 2026 capex outlook to roughly $210bn, Alphabet raised guidance to $195–$205bn, and Meta is moving toward the upper end of its $130–$145bn range.”
Amazon - MentionedSaga PartnersAugust 2026
“Amazon provides a useful contrast.”
Amazon - MentionedCDT CapitalAugust 2026
“while back in July Nikkei research suggested that $1.65T of debt is now sitting on and off the books of Meta, Oracle, Amazon, Microsoft and Alphabet (Google).”
Amazon - MentionedCDT Capital Investment StrategyAugust 2026
“Another option is to sell out to a bigger benefactor like Microsoft or Amazon.”
Amazon - July 2026
“Two global themes stood out. 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.”
Amazon - July 2026
“Sous cette volatilité entraînée par l’effet de levier, les fondamentaux des entreprises demeurent cependant stables. Sur les deux tiers des entreprises du S&P 500 ayant publié leurs résultats à la fin du mois, 87 % ont surpassé les attentes de 14 % en moyenne, et les profits ont augmenté de 22 % d’une année sur l’autre. Microsoft et Amazon ont toutes deux progressé de +16 % grâce à leurs activités infonuagiques.”
Amazon - July 2026
“Troy Global Equity Strategy Half Year Letter to Investors July 2026 2 taml.co.uk Hello from the dark side of the moon SpaceX’s listing on public stock markets is a symbolic and revealing moment. Alongside Anthropic and OpenAI, it is the first of the ‘Big 3’ inital public offerings (IPOs) expected to come to an equity bull market for which new share issues have hitherto been conspicuous by their absence. The contrast with the dot com era is hard to ignore. Rather than thousands of tiddly companies with nascent financial results, this generation of IPOs are ginormous companies with large and growing revenues. The inflation-adjusted value of these three companies is expected to be substantially greater than the total value of all the ~2,600 IPOs that took place between 1995 and 2000. 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.”
Amazon - MentionedGuinness Global Equity Income FundJuly 2026
“Hyperscaler capex The current capex cycle is clearly intertwined with a sharp increase in semiconductor demand, and we believe continued hyperscaler spending is a key indicator that the AI infrastructure build-out is still underway. This spending is effectively funding the next phase of the data centre build-out. As hyperscalers scale both training and, increasingly, inference workloads, their willingness to keep lifting capex expectations supports the view that this semiconductor cycle could prove longer lasting and more structurally driven than previous upcycles. In each earnings cycle, the major hyperscalers have generally revised capex guidance higher and the direction of travel is striking. 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.”
Amazon - July 2026
“It has worked with data centre developer EcoDataCenter since 2017, contracting on eight of its facilities, and serves a large undisclosed customer we believe to be Amazon.”
Amazon - MentionedGeneration IM Global Equity StrategyJuly 2026
“Climate leadership in the age of AI 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.”
Amazon - MentionedCDT Capital VNAV StrategyJuly 2026
“Add to the story that obscure sources of funding (mostly off-balance sheet complex debt securities) are financing the construction of data centers around the country and we have the ingredients in place for the potential for a severe credit event. To underscore this point, 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.”
Amazon - MentionedBrandes IP Global Equity StrategyJuly 2026
“For example, had you been an early investor in Amazon, you would have made outsized returns.”
Amazon - July 2026
“Amazon, Meta, Nvidia, Google, Oracle, and SpaceX have issued approximately $182 billion in investment-grade bonds in 2026, roughly 15% of all US corporate debt issuance3.”
Amazon - July 2026
“However, the rebound that followed was substantial, with Samsung and SK Hynix each gaining over 20%. Underneath the leverage-driven volatility, though, corporate fundamentals remained steady. With two-thirds of S&P 500 companies having reported by month end, 87% had beaten expectations by an average of 14%, and earnings grew 22% year-over-year. Microsoft and Amazon both rose +16% on cloud strength.”
Amazon - MentionedBeck Mack & Oliver PortfolioJuly 2026
“The “land grab” phase has led to enormous increases in capital expenditures—and corresponding pressure on free cash flow—at the public cloud providers, such as Microsoft’s Azure, Amazon Web Services, and Google Cloud.”
Amazon - June 2026
“Combined AI capex: Microsoft, Alphabet, Meta, Amazon, Oracle.”
Amazon - MentionedBrasada CM Brasada Private AccountsJune 2026
“cash flow flush hyperscalers like Amazon, Microsoft, Alphabet, and Meta.”
Amazon - MentionedDistillate CapitalJune 2026
“Letter Summary Artificial Intelligence enthusiasm and uncertainty whipsawed markets and pushed valuations to extraordinary levels during the last quarter. 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.”
Amazon - MentionedIronvine Capital Partners Quarterly Investor LetterJune 2026
“One unnamed Ironviner visits Instagram specifically for curated clothing, gear, and gift ideas—he checks in for the ads, not in spite of them, because he is often introduced 1 Amazon, Microsoft, Google, Meta, & Oracle 2 As of June 30, 2026”
Amazon - MentionedHarding Loevner International EquityJune 2026
“Both TSMC’s steadily growing profitability and memory makers’ rapidly surging profitability depend on demand from a handful of key customers: the companies building and operating AI data centers. Hyperscalers such as Alphabet and Amazon are widely expected to invest sums of $400 billion or more annually for the foreseeable future.”
Amazon - MentionedNinepoint Partners Mid‑Year OutlookJune 2026
“Credit Markets: New Issue Activity Off the Charts Turning to credit markets, 2026 has so far played out as we expected. Spreads are at multi-decade lows, while new issue activity, led by AI hyperscalers’ massive funding needs, has driven a gradual repricing wider across the U.S. investment grade corporate bond market. With the Canadian market still relatively cheap, we have seen a wave of “maple issuers” (non-domestic issuers). 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.”
Amazon - MentionedNinepoint Partners Mid‑Year OutlookJune 2026
“The AI Boom: From Buildout to Monetization The AI spending cycle continued to accelerate in the first half of 2026. Hyperscaler cloud capital expenditure has been growing at roughly 90% year-over-year, and the aggregate run rate is now approaching figures that dwarf every comparable infrastructure buildout in American economic history.1,2 What distinguishes this period from earlier phases of AI enthusiasm is evidence that the spending is generating revenue. 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.”
Amazon - MentionedGuinness Global Equity Income FundJune 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.”
Amazon - MentionedFirst Eagle Investments 2Q26 Market Overview: The Cost of CredibilityJune 2026
“The magnitude of capital expenditures by hyperscalers—companies like Amazon, Apple, Meta, Microsoft and Oracle that operate massive data centers supporting cloud computing—has been another source of support for investor sentiment.”
Amazon - June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Amazon - June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Amazon - June 2026
“Hyperscalers such as Alphabet and Amazon are widely expected to invest sums of $400 billion or more annually for the foreseeable future.”
Amazon - June 2026
“Both TSMC’s steadily growing profitability and memory makers’ rapidly surging profitability depends on demand from a handful of key customers: the companies building and operating AI data centers. Hyperscalers such as Alphabet and Amazon are widely expected to invest sums of $400 billion or more annually for the foreseeable future.”
Amazon - MentionedHorizon KineticsJune 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). These 2026 forecasts have been revised upward by more than 25% in just five months.”
Amazon - MentionedWarden Capital War CapJune 2026
“Google is going to spend $185 billion this year . How hard would it be for Google to spin up a memory division? Or Amazon.”
Amazon - MentionedCDT CapitalJune 2026
“The Meta Investment Reckoning: Meta is at it again. After squandering approximately -$80B on the metaverse, the firm is parlaying that failure by once again squandering money on AI. This time the stakes are reaching new highs. In 2026, AI related capital expenditures are expected to reach approximately $125– 145 billion, yet there is no verifiable evidence that any of this spend is yielding results. In fact, there is mounting and damning evidence to the contrary. Meta’s Llama frontier AI models are not at the frontier of the AI race (AI Leaderboard) and external adoption has been extremely disappointing for shareholders fronting the multi hundred-billion-dollar bill. Even Meta’s own employees do not use the models that they create! In a somewhat confusing and embarrassing sign, Meta, which is supposedly creating the best AI models in the world, was recently told by Google that it would be restricting its prolific use of its AI model, Gemini (Article). This must be the most damning evidence for a corporate failure possibly in American history, even Meta does not use its own models. That said if you need more to chew on look at the never- ending reports of internal turmoil coming out of the company (Article). It is clear that there is a fuzzy vision for an AI strategy at Meta, but the lack of leadership and execution has left it permanently behind in the race. That is likely why the firm is starting to pivot from its position as AI developer to hyperscaler. In yet another indirect omission of failure, rumors this week that Meta is exploring building a cloud business to rival the likes of Microsoft, Oracle and Amazon (Article).”
Amazon - MentionedHotchkis & Wiley Value OpportunitiesJune 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Amazon - MentionedVlatava fund Vltava Fund SICAV, plcJune 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.”
Amazon - June 2026
“Not surprisingly, we’re seeing huge fundraising efforts by tech giants to take advantage of the optimism of investors. 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.”
Amazon - MentionedPacker & Co Investigator TrustJune 2026
“AI Capital Expenditure Boom (Google, Microsoft, Amazon, Meta & Oracle) Investors are on board, paying handsome prices for America’s tech giants.”
Amazon - MentionedCDT Capital (CDT)June 2026
“It is clear that there is a fuzzy vision for an AI strategy at Meta, but the lack of leadership and execution has left it permanently behind in the race. That is likely why the firm is starting to pivot from its position as AI developer to hyperscaler. In yet another indirect omission of failure, rumors this week that Meta is exploring building a cloud business to rival the likes of Microsoft, Oracle and Amazon (Article).”
Amazon - MentionedHorizon Kinetics Market CommentaryJune 2026
“A Math Model of Compounding – From a Water Glass to a Snowball, to Amazon and Bitcoin”
Amazon - MentionedSaltLight Capital Co‑Investor LetterJune 2026
“Take NVIDIA’s CUDA software moat first. We have argued in earlier letters that CUDA has held a fifteen-year advantage, with millions of developers trained and organised around it, and we are obliged to report that we hold this view rather less firmly than we once did. The painful work of porting away has begun in earnest. 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.”
Amazon - 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.”
Amazon - MentionedAntipodes Global SMID Active ETFJune 2026
Named in a table in Antipodes Global SMID Active ETF’s letter.
Amazon - MentionedCambiar Investors Small Cap FundJune 2026
“The combined weight of the Technology sector and related AI stocks such as Amazon and Alphabet now comprise nearly 50% of the S&P 500 – a supposed diversified equity index.”
Amazon - June 2026
“Lastly, several of the world’s largest companies are whipsawing between the growth and value benchmarks, with Apple Inc (AAPL), Microsoft Corp (MSFT), Alphabet Inc Class C (GOOG) and Amazon.com Inc (AMZN) all seeing more than 400 bps change to weight in the Russell 1000® Growth Index during the late June reconstitution and technically those weights could shift meaningfully once again in six months.”
Amazon - MentionedHayden CapitalJune 2026
“Alphabet is guiding to as much as $205 billion of capex this year (LINK). Amazon, $220 billion. Meta, $130 – 145 billion. Microsoft, roughly $190 billion.”
Amazon - MentionedAegis Value FundJune 2026
“Earnings gains were driven almost entirely by the hyperscalers - Amazon, Alphabet, Microsoft and Meta - and by the companies supplying the semiconductor and AI-infrastructure build-out, including Nvidia, Broad-”
Amazon - MentionedFirst Eagle Investments Small Cap Market OverviewJune 2026
“companies like Amazon, Apple, Meta, Microsoft and Oracle that operate massive data centers supporting cloud computing”
Amazon - MentionedHennessy Midstream FundJune 2026
“Regarding power generation project development, midstream companies are taking a solutions- oriented approach to addressing rising AI power consumption needs. Hyperscalers such as Amazon, Google, and Microsoft are speeding up power generation solutions by partnering with several midstream companies to build lateral pipelines, co- located natural gas turbines, and dedicated behind- the-meter generation facilities directly at data center sites.”
Amazon - MentionedO'Keefe Stevens AdvisoryJune 2026
“In June, Amazon signed a multiyear, multibillion-dollar agreement for Corning to supply the optical fiber, cable, and connectivity for its expanding U.S. data centers.”
Amazon - June 2026
“• Amazon, an e-commerce and cloud computing solutions company, saw its shares rise as Amazon Web Services (AWS), the company’s cloud computing business, accelerated revenue growth.”
Amazon - June 2026
“First, debt is increasingly funding the build-out. In the early innings, companies like Microsoft and Amazon could finance their investments entirely out of free cash flow.”
Amazon - MentionedBurke Wealth Management Focused Growth StrategyJune 2026
“In early June, Google announced plans to raise $80 billion in an equity offering. In mid-June, SpaceX raised $84 billion in equity capital through its IPO and shortly thereafter announced plans for a $25 billion debt issuance. In late June, Nvidia announced a $25 billion debt offering. This is $200 billion of capital raised in short-order by some of the largest and in the case of Google and Nvidia, most cash rich companies in the world. In the background, the $40 trillion Private Credit market is showing some signs of stress in recent months with rising redemption requests that have been met with gates being enforced on some prominent funds. What is going on here and what does it mean? The honest answer is that I’m not quite sure. Of these three announcements, I understand why SpaceX is raising as much capital as possible, I have no idea what Nvidia is doing given its balance sheet, lack of CAPEX spend and massive free cash flow outlook, but it was the Google announcement that was the most eyebrow raising. I realize that Google announced plans to spend $200B in CAPEX this year, but this is also a company that has about $50B of net cash on the balance sheet and is going to generate close to $200B in operating cash flow this year. Google is a better credit risk than the US government. Why are they raising expensive equity capital? The obvious answer is that AI-related CAPEX spending is going to continue to grow. Ok, but we already figured that. Why not just fund the expansion with cheap debt? What if there isn’t an endless supply of demand for high quality debt? Our trillion dollar plus government deficits are clearly an issue, but what does this mean for Corporate America’s ability to raise new debt capital and refinance existing debt? The one certainty I have is that AI related debt issuance from companies like Google, Meta, Amazon and Microsoft are going to be first in line for any investor fixed income demand.”
Amazon - MentionedDistillate Capital Multi-StrategyJune 2026
“Artificial Intelligence enthusiasm and uncertainty whipsawed markets and pushed valuations to extraordinary levels during the last quarter. 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.”
Amazon - MentionedGreenfield Seitz Capital ManagementJune 2026
“Magnificent 7 Underperforms We warned about the tech darlings swelling AI spending in our January letter, noting they were once asset light companies that are beginning to look more like industrials with heavy capex spending on semiconductors. The Magnificent 7 (Alphabet/Google, Amazon, Apple, Meta/Facebook, Microsoft, Nvidia, and Tesla) stocks are flat for 1H26, while the market is up 10%.”
Amazon - MentionedArgent Capital ManagementJune 2026
“In addition, the gargantuan “spend” that the hyper-scalers (such as Alphabet, Amazon, Meta and Microsoft) are willing to invest in data centers will likely negatively impact their earnings for years to come.”
Amazon - MentionedJAG Capital ManagementJune 2026
“Figure 3. Big Five hyperscaler US bond issuance: the 2020–2024 average versus 2025 actual versus the 2026 forecast. Sources: BofA Securities via Reuters and Mellon Investments (Dec 2025); BofA Global Research 2026 forecast (Mar 2026). Big Five = Amazon, Microsoft, Alphabet, Meta, Oracle. 2020–2024 average issuance was ~$28B per year.”
Amazon - MentionedPolen 5Perspectives Large GrowthJune 2026
“The biggest shifts were decreased weight to Consumer Discretionary (largely driven by Amazon) and increased weight to Tech (Semis now account for >1/3 of the index) and Communication Services (largely driven by Alphabet).”
Amazon - May 2026
“We guessed that executive option plans (buy backs) would take precedence over headcount and thus we expected lay-offs - tick:- see Meta, Atlassian, Oracle, Amazon amongst others.”
Amazon - MentionedHL Global EquityMay 2026
Named in a table in HL Global Equity’s letter.
Amazon - May 2026
“Scale Economy Shared models ▪ Amazon, TSMC, BYD, PDD, Next, JDW”
Amazon - MentionedEagle Equity StrategyMarch 2026
“In 2021, we had the meme stock and SPAC craze. In 2022, with the war in Europe, we had an inflationary shock, and internet giants like Amazon, Meta, and Netflix declined precipitously, while the commodity complex exploded higher amid temporary shortages.”
Amazon - MentionedSaga PortfolioMarch 2026
“Why Active Management Can Make Sense A low-cost index fund is a sensible default option. It gives investors ownership of a broad cross-section of productive businesses while helping them avoid many of the errors that plague active management. That matters because wealth creation in markets is highly uneven: a small number of companies account for a very large share of long-term returns, while most stocks underperform the market and many produce negative lifetime returns. Indexing ensures investors own the next Apple, Amazon, or Google before the market fully reflects the value those businesses will ultimately create,”
Amazon
Fund coverage · 35 theses
- Pender US Small/Mid Cap Equity FundJuly 2026
Amazon benefits from accelerating AWS growth, strong AI demand and long-lived data center economics that support future earnings compounding.
Read the full thesis - Longriver Partners FundJuly 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 - Brown Advisory U.S. Value FundJune 2026
Amazon.com is a dominant e-commerce and cloud company with scale, cost दक्षiciency, margin expansion, and an attractive valuation versus peers.
Read the full thesis - Hinde Group 1578 PartnersJune 2026
Amazon.com, Inc. is described as a compounder with global e-commerce, Prime, and AWS, supported by accelerating AWS growth, strong margins, AI-driven demand, and long-term undervaluation.
Read the full thesis - Tapasya Investment Fund IJune 2026
Amazon benefits from AWS tailwinds, highly profitable cloud economics, a competitive enterprise connectivity angle, and expanding advertising and retail profitability.
Read the full thesis Amazon.com Inc is held for high-quality exposure to AI infrastructure expansion, supported by durable market positions and strong free cash flow.
Read the full thesis- Liontrust Global Technology FundJune 2026
Amazon is owned because AWS demand is contracted and the company controls custom silicon within a hyperscaler platform with large backlog.
Read the full thesis 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- Edgewood Large Cap Growth CompositeJune 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 - Platinium AM Platinum TrustJune 2026
Amazon.com is seen as an underappreciated long-term compounder with improving ecommerce execution and a structurally attractive AWS and AI investment opportunity.
Read the full thesis - Pershing SquareJune 2026
Amazon is seeing AWS acceleration and retail share gains that could support 20%+ long-term earnings compounding.
Read the full thesis - Scharf Investments Quality Value (Equity) StrategyJune 2026
Amazon is viewed as an AI-adjacent winner with leading e-commerce and cloud franchises, recurring revenues, AI tailwinds, and a valuation that has become the cheapest since 2016.
Read the full thesis - Alluvium AM ConventumJune 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 Amazon.com, Inc. is a dominant e-commerce and cloud platform, and the fund sees margin expansion, free cash flow inflection, market share gains, and an attractive valuation.
Read the full thesis- Cambiar Investors Opportunity FundJune 2026
Amazon is investing ahead of the next AI inflection point, with AWS growth and a longer-term moat supporting high conviction.
Read the full thesis - RGAIAMarch 2026
Amazon is viewed as uniquely positioned to benefit from AI workflows through AWS, model-agnostic orchestration, and low-cost infrastructure.
Read the full thesis - Baron Technology ETFMarch 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 - TapasyaFebruary 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.
Read the full thesis - Baron Global Opportunity FundDecember 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.
Read the full thesis - Pershing SquareDecember 2025
Amazon.com, Inc. combines dominant AWS and e-commerce franchises with long-term secular growth and significant retail margin expansion potential.
Read the full thesis - Tsai CapitalDecember 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.
Read the full thesis - Jensen Quality Growth Equity CompositeDecember 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.
Read the full thesis - Wedgewood PartnersDecember 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.
Read the full thesis - Nightview CapitalDecember 2025
Amazon.com, Inc. benefits from AWS strength and AI-driven efficiencies in core ecommerce, creating operating leverage and underappreciated long-term earnings power.
Read the full thesis - Ironvine Capital PartnersDecember 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.
Read the full thesis - Clearbridge Value StrategySeptember 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.
Read the full thesis - Rothschild & Co LongRun EquitySeptember 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.
Read the full thesis - Heartland Opportunistic Value Equity StrategySeptember 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.
Read the full thesis 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.
Read the full thesis- Alphyn Capital ManagementJune 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.
Read the full thesis - Pershing SquareJune 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.
Read the full thesis - Loomis Sayles Global Growth FundMarch 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.
Read the full thesis - Alphyn Capital ManagementDecember 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.
Read the full thesis - MontakaDecember 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.
Read the full thesis - Nightview capitalDecember 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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