What smart money is saying about American Express
8 funds in our archive have pitched American Express, most recently Jensen Quality Growth Equity Composite in September 2026.
Operating globally, American Express Company and its affiliated entities deliver a comprehensive suite of charge and credit payment card solutions, alongside a variety of travel-related offerings. Its business structure is organized into three primary divisions: the Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services. Among its core offerings are diverse payment and financing instruments, robust network infrastructure services, tools for managing accounts payable expenses, and comprehensive travel and lifestyle support. Furthermore, it facilitates merchant services such as acquisition, transaction processing, settlement, and point-of-sale marketing, providing vital information and assistance to businesses. The company also specializes in fraud mitigation and developing and managing customer loyalty initiatives. These products and services are made available to a broad clientele, encompassing individual consumers, small and mid-sized enterprises, and large corporate entities. Distribution channels include digital platforms (mobile and online applications), collaborations with third-party vendors and partners, direct communication methods like mail and telephone, dedicated internal sales forces, and direct response advertising campaigns. Established in 1850, American Express Company maintains its corporate headquarters in New York, New York.
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Fund signal · last 12 months
18 lettersMore funds are buying than selling
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q4 2024 and Q3 2026, 21 fund letters reported a position in American Express, with 4 buys (opened or added) and 2 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 9 | 2 | 0 | 4 |
| Q2 2026 | 6 | 1 | 0 | 1 |
| Q1 2026 | 2 | 1 | 1 | 2 |
| Q4 2025 | 1 | 0 | 0 | 0 |
| Q3 2025 | 2 | 0 | 1 | 0 |
| Q2 2025 | 1 | 0 | 0 | 0 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 21 positions · 6 moves
- HoldsGFI Investment Counsel Good Opportunities FundSeptember 2026
“On page 2, we discuss American Express Company, and why we continue to hold the business even though the stock is down 16% year-to-date.”
American Express - September 2026
“Our top detractors for the quarter were Intel, American Express, Trane Technologies, Cisco, and General Dynamics.”
American Express - New positionJensen Quality Growth Equity CompositeSeptember 2026
“We initiated positions in Intuitive Surgical Opinions expressed are those of Jensen Investment Management and are subject to change, not guaranteed and should not be considered investment advice. 4 | Jensen Quality Growth Equity Composite Fact Sheet 3Q 2026 Commentary jenseninvestment.com (ISRG), a global leader in robotic-assisted surgery, and American Express (AXP), a premium global brand with a differentiated customer rewards ecosystem.”
American Express - September 2026
Listed in WS Lindsell Train North American Equity Fund’s reported holdings.
American Express - September 2026
“* As of September 30, 2026. The Value Fund's holdings are subject to change and are not recommendations to buy or sell any security.Top 10 Holdings * Sector Alphabet Inc. Technology American Express Company Financial Services Automatic Bank Services Limited Technology Berkshire Hathaway Inc. Insurance Compagnie Financière Richemont SA Consumer & Retail Elevance Health, Inc.”
American Express - New positionHarris Associates U.S. Large Value StrategySeptember 2026
“We initiated the following position(s) during the pe- riod: • American Express is a leading global payments franchise with a differentiated closed-loop model that combines both card issuing and network ownership.”
American Express - HoldsBretton FundSeptember 2026
Listed in Bretton Fund’s reported holdings.
American Express - July 2026
Listed in WS Lindsell Train North American Equity Fund’s reported holdings.
American Express - HoldsLorne Steinberg Wealth Management Steinberg Equity StrategiesJuly 2026
“Management has remained committed to returning excess capital to shareholders via steady dividend growth and continuing share repurchases. AMEX’s 10 - year annualized return is 20%.”
American Express - June 2026
“American Express Company Financial Services”
American Express - AddedBaron Financials ETFJune 2026
Listed in Baron Financials ETF’s reported holdings.
American Express - HoldsBretton FundJune 2026
“Our other significant positive contributor was American Express, which added 0.7%.”
American Express Listed in Sustainable Growth Advisers U.S. Large Cap Growth Strategy’s reported holdings.
American Express- HoldsBretton FundJune 2026
“The stock added 2.5% to performance in the quarter. That’s the good news. The bad news is that the boom in spending for artificial intelligence data centers has made our overall performance lag the broader market. We are believers in AI and its capabilities, and our largest holding continues to be Alphabet, arguably the leading beneficiary of AI. The stock added 3% to performance this quarter. But we are wary of the size and sustainability of the industry’s data center buildout. The amount being spent on chips, memory, and facilities is staggering and cannot be maintained. Computer memory in particular, a notoriously crummy industry with poor returns, is seeing nearly insatiable demand as AI companies undertake an expensive landgrab for computing power. Stock prices have surged to absurd levels over the past year—Micron by 600%, SK Hynix 500%, Sandisk over 3,000%—and along with the broader semiconductor space, they have driven much of the return of the market. The short-term surge in spending by AI providers like Google, Microsoft, OpenAI, et al., is rational behavior given first-mover advantages and the market’s potential, but this buildout phase won’t last forever. The amount of computing power required to power AI is dropping dramatically—often 50% in a few months—and the need to spend as much on semiconductors will dissipate. Nothing fundamental has changed about the memory business, and the sector will see a painful downturn at some point. We will appear out of step until that happens, but we are not going to jump into valuations that make no sense to us just to keep up with this trend. Our other significant positive contributor was American Express, which added 0.7%.”
American Express - June 2026
Listed in Weitz Investments Partners III Opportunity Fund’s reported holdings.
American Express - March 2026
“We also trimmed our positions in Kimberly-Clark, Applied Materials, Omnicom, Merck, Ameriprise Financial, Gen Digital, American Express, Carlyle Group, Chubb.”
American Express - March 2026
“we used most of our Ametek proceeds to establish a new position in American Express in March, at a price of $294.”
American Express - December 2025
“Our overweight allocation to and strong stock selection within the Financials sector made it the largest contributor to relative performance for the quarter. Citigroup (+15.6%) has had a string of positive earnings releases this year, and 3Q’25 continued the trend. ROTCE reached 9.7% in the quarter, putting management’s 10-11% target for 2026 well within reach. The biggest changes from the company’s restructuring plan are now complete and the focus is shifting toward growing market share. In December, the OCC lifted one amended consent order, putting Citi on a path to removing its regulatory overhang, which could be a major catalyst for 2026. Morgan Stanley (+12.4%) continued to deliver strong results that reinforced confidence in the firm’s shift towards a more stable, fee-based earnings mix. Wealth management is a core driver, benefitting from solid net new assets, resilient fee-based flows, and expanding margins. All of the big banks, including Citigroup and Morgan Stanley, are likely to continue to benefit from an improving regulatory environment. American Express (+11.7%) outperformed on continued strength in premium cardmember spending and solid earnings growth.”
American Express - September 2025
“Transactions We initiated a new position in Applied Materials Inc. during the quarter. The company is a major supplier of semiconductor capital equipment and has market-leading and well-entrenched positions across several segments. The semiconductor capital (semi-cap) equipment sector represents a collection of oligopoly-type sub-markets that have high barriers to entry. There is secular demand growth for semiconductor content across applications, coupled with dramatically increasing chip complexity. We believe that the company’s Service & Parts business (~one-quarter of total revenues currently) is likely to expand, which could dampen the effects of industry cyclicality over the long term. Sales into Chinese semiconductor fabrication plants (fabs) and balancing AI demand with weakness in other areas are near-term headwinds for the company, but we do not believe this will materially impact its long-term fundamentals. We added to the portfolio’s existing positions in Chubb Ltd, PPG Industries Inc. and Amgen Inc. We trimmed our positions in American Express Co. and SEI Investments Co. and completed a process-driven one-third trim of eBay Inc. and Cummins Inc. as they reached our target prices.”
American Express - August 2025
“The top three absolute contributors to the Fund’s performance in August were TKO, Alphabet and American Express, and the top three absolute detractors were Oracle, Intuit and CME Group.”
American Express - HoldsBA Beutel Goodman US Value FundJune 2025
“Contributors on an absolute-return basis included NetApp Inc., American Express Co. and Westinghouse Air Brake Technologies Corp. (Wabtec).”
American Express
Also mentioned · 8
These funds discuss American Express as a competitor, benchmark or comparable, without disclosing a position in it.
- July 2026
“• Agentic commerce. Whilst we have our various doubts as to why agentic commerce will not be adopted quite as fast as its leading proponents suggest, the networks are not passive bystanders.5 Visa has launched its Intelligent Commerce Platform and Trusted Agent Protocol; Mastercard has Agent Pay. Authentication, delegated consent, fraud liability, and dispute resolution are precisely the problems card networks have spent decades solving. Money movement is a commodity, but globally networked acceptance, governance and security are not. The Apple Pay experience is instructive here. When Apple launched its own payments layer twelve years ago, many feared commoditisation and disintermediation. Instead, Apple used the networks – Visa, Mastercard and American Express – as a distribution and settlement layer thereby accelerating card adoption.”
American Express - MentionedFundsmith Equity FundJune 2026
“In particular, we will be much less willing to deploy the time-honoured technique of buying quality companies when they hit a glitch. This was used to good effect, for example, by Warren Buffett to buy Berkshire Hathaway’s stake in American Express during the salad oil scandal (look it up)”
American Express - June 2026
““We will take more account of momentum - both fundamental and share price — in our investment decisions. In particular, we will be much less willing to deploy the time-honoured technique of buying quality companies when they hit a glitch. This was used to good effect, for example, by Warren Buffett to buy Berkshire Hathaway's stake in American Express during the salad oil scandal”
American Express - MentionedArtisan Partners Global Value FundJune 2026
“The reason the direct model worked for auto and home policies is that these policies are essentially commodities. They have standard limits, coverage levels that are, in many cases, mandated by state regulations, and they are easily comparable. A basic liability policy for a 2026 Toyota Camry in San Francisco, California, purchased from Progressive or through your State Farm agent, is going to look pretty much the same. The biggest difference is the price of the policy. Progressive can generally offer a better one because it doesn’t have a large brokerage infrastructure to support. Direct retail auto and home insurance is not a good analog for commercial insurance. The global property and casualty insurance needs of businesses such as Coca-Cola or American Express or Meta are not as simple as underwriting a state-mandated liability policy for a Toyota Camry.”
American Express - June 2026
“The global property and casualty insurance needs of businesses such as Coca-Cola or American Express or Meta are not as simple as underwriting a state-mandated liability policy for a Toyota Camry.”
American Express - June 2026
“the direct model worked for auto and home policies is that these policies are essentially commodities. They have standard limits, coverage levels that are, in many cases, mandated by state regulations, and they are easily comparable. A basic liability policy for a 2026 Toyota Camry in San Francisco, California, purchased from Progressive or through your State Farm agent, is going to look pretty much the same. The biggest difference is the price of the policy. Progressive can generally offer a better one because it doesn’t have a large brokerage infrastructure to support. Direct retail auto and home insurance is not a good analog for commercial insurance. The global property and casualty insurance needs of businesses such as Coca-Cola or American Express or Meta are not as simple as underwriting a state-mandated liability policy for a Toyota Camry.”
American Express - MentionedPeterson Investment Fund IJune 2026
“Matthew Peterson is the Managing Partner of Peterson Capital Management, LLC. He is cofounder of Talas Turkey Value Fund and Titan Strategic Income Fund. Matthew has launched an AI investment research platform available to partners. Matthew has been working as a financial professional for over two decades. His experience includes working with global financial services firms, including Goldman Sachs, Morgan Stanley, Merrill Lynch, American Express, and Ameriprise Financial.”
American Express - MentionedManole CapitalDecember 2025
“Payments & Stablecoins: Payments have traditionally been an area that prefers to move slowly. We often say that payments are more evolutionary than revolutionary, but that pattern is beginning to change. The gradual removal of paper checks and the decision to stop minting pennies illustrate how the system is finally moving away from outdated processes. At the same time, real-time payment networks continue to expand, and online and mobile transactions are gaining share across all demographics. Stablecoins are becoming a meaningful part of this evolution. They offer faster settlement, improved efficiency, and lower operational friction for businesses that move significant volumes of money each day. Major payment companies and financial institutions are actively exploring stablecoin pilots that enable instant payouts and real-time funding, particularly for cross- border and high-frequency transactions. The enduring appeal of card payments is their universality. Consumers trust that Visa and Mastercard will be accepted globally, allowing transactions to occur quickly and seamlessly, particularly on mobile devices. Card payments are fast, convenient, and offer meaningful consumer protections. Merchants have benefited from higher spending per visit, reduced cash-handling risks, and the growth of e-commerce and contactless transactions. These advantages are often taken for granted in today’s payments ecosystem. After more than 20 years of litigation, Visa and Mastercard agreed to yet another settlement that gives merchants greater flexibility, including the ability to surcharge and to opt out of “honor all cards” rules. While this may not meaningfully alter daily behavior at first, it could become frustrating for consumers who are told by clerks that certain Visa or Mastercard products are not accepted. We expect some retailers to prohibit the use of premium consumer cards while continuing to accept commercial or lower-tier cards. Increasingly, some merchants are choosing to dictate how customers pay. The old mantra that “the customer is always right” appears to be giving way to policies that restrict card choice. Being told that a Platinum American Express card, a Chase Sapphire Reserve Visa, or a World Elite Mastercard is not permitted, despite carrying the same network logo, feels counterintuitive.”
American Express
Fund coverage · 8 theses
- Jensen Quality Growth Equity CompositeSeptember 2026
American Express is a structurally advantaged payments franchise with a premium brand, closed-loop network, and attractive long-term compounding potential.
Read the full thesis - Harris Associates U.S. Large Value StrategySeptember 2026
American Express has a durable closed-loop advantage, premium brand strength, high returns, and attractive valuation relative to its growth profile.
Read the full thesis - GFI Investment Counsel Good Opportunities FundSeptember 2026
American Express benefits from a premium payments ecosystem, strong pricing power, high retention, and attractive long-term compounding potential at a discount valuation.
Read the full thesis - Lorne Steinberg Wealth Management Steinberg Equity StrategiesJuly 2026
American Express is a premium payments and financial services franchise with strong brand equity, affluent customers, low credit risk, and high returns on equity.
Read the full thesis - Baron Financials ETFJune 2026
American Express is an industry leader serving affluent customers and businesses with strong returns on equity, trusted brand strength, and attractive valuation.
Read the full thesis - Giverny CapitalMarch 2026
American Express is a premium payments and card franchise with strong brand power, rising spend, and attractive earnings growth at a fair valuation.
Read the full thesis American Express has a premium brand, a virtuous rewards ecosystem, strong card spending growth, rapid premium cardholder additions, and attractive valuation after a 25% drop.
Read the full thesis- Artemis Funds Leading Consumer Brands fundDecember 2024
American Express is positioned for growth due to its strong brand, rewarding partnerships, increasing card fees, and a robust ecosystem enhancing its network value.
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