What smart money is saying about BJ’s Wholesale Club
BJ
No fund has written a full thesis on BJ’s Wholesale Club in our archive, but 15 fund letters report a position in it — most recently ClearBridge Investments SMID Cap Growth Strategy in September 2026.
Get an email when a fund buys, sells or pitches it
Fund signal · last 12 months
8 lettersToo few moves on BJ’s Wholesale Club yet for a clear signal
−4
Net flow
0 buys · 0%4 sells · 2 full exits
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 Q1 2025 and Q3 2026, 15 fund letters reported a position in BJ’s Wholesale Club, with 5 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 1 | 0 |
| Q2 2026 | 6 | 0 | 2 | 0 |
| Q4 2025 | 1 | 0 | 1 | 0 |
| Q3 2025 | 2 | 0 | 1 | 0 |
| Q2 2025 | 4 | 0 | 0 | 0 |
| Q1 2025 | 1 | 0 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 15 positions · 8 moves
- September 2026
“Bloom Energy and Credo Technology saw their market caps eclipse what we believed to be an appropriate level for a SMID strategy, and we subsequently exited the positions. We also exited BJ’s Wholesale Club, Shift4 Payments, SentinelOne and Viking Therapeutics as part of our ongoing effort to reallocate capital toward higher-conviction opportunities or to manage portfolio construction considerations.”
BJ’s Wholesale Club - June 2026
“Funding for these purchases came from several lower-conviction holdings including Flutter Entertainment, Comcast, Church & Dwight, BJ's Wholesale Club and Tyson Foods, where we believe capital can be allocated more effectively elsewhere.”
BJ’s Wholesale Club - June 2026
“We added to Cisco Systems and Lumentum Holdings, reflecting our improving conviction in their respective wealth creation outlooks and attractive valuations. We also initiated a position in QXO, taking advantage of share price weakness to gain exposure to what we believe could become a leading consolidator in the highly fragmented building products distribution market. We increased the portfolio's exposure to specific parts of the AI infrastructure theme through purchases of Nebius Group and Arm Holdings. Nebius is emerging as a compelling beneficiary of growing AI infrastructure demand through its neocloud platform and is increasingly moving from concept to commercial reality. Arm, meanwhile, remains a high-quality accelerator within our framework, with an expanding addressable market in data centre and AI workloads that we believe is not fully reflected in current consensus expectations. Funding for these purchases came from several lower-conviction holdings including Flutter Entertainment, Comcast, Church & Dwight, BJ's Wholesale Club and Tyson Foods, where we believe capital can be allocated more effectively elsewhere.”
BJ’s Wholesale Club - June 2026
“Funding for these purchases came from several lower-conviction holdings including Flutter Entertainment, Comcast, Church & Dwight, and BJ's Wholesale Club where we believe capital can be allocated more effectively elsewhere.”
BJ’s Wholesale Club - June 2026
“We continued to upgrade the portfolio, increasing exposure to areas where we see stronger long-term wealth creation opportunities and more attractive risk-reward characteristics. We added to Cisco Systems, Lumentum Holdings and Hannover Re, reflecting improving conviction in their respective wealth creation outlooks and attractive valuation support. We also initiated a position in QXO, taking advantage of share price weakness to gain exposure to what we believe could become a leading consolidator in the highly fragmented building products distribution market. Within industrials, we switched part of our position from Volvo into Daimler Truck. While both companies score similarly within our framework, we believe Daimler Truck offers the more attractive valuation opportunity. The company is executing a significant operational turnaround, and current earnings expectations appear overly conservative given improving freight market conditions and the potential benefits from ongoing cost reduction initiatives. We increased the portfolio's exposure to specific parts of the AI infrastructure theme through purchases of Nebius Group and Arm Holdings. Nebius is emerging as a compelling beneficiary of growing AI infrastructure demand through its neocloud platform and is increasingly moving from concept to commercial reality. Arm, meanwhile, remains a high-quality accelerator within our framework, with an expanding addressable market in data centre and AI workloads that we believe is not fully reflected in current consensus expectations. Funding for these purchases came from several lower-conviction holdings including Flutter Entertainment, Comcast, Church & Dwight, BJ's Wholesale Club and Tyson Foods, where we believe capital can be allocated more effectively elsewhere.”
BJ’s Wholesale Club - June 2026
“Conversely, we reduced our position in BJ's Wholesale Club, which operates membership warehouse clubs in the eastern half of the U.S.”
BJ’s Wholesale Club - April 2026
“Other detractors included the likes of Tractor Supply (Consumer Discretionary), Veeva Systems (Health Care) and BJ’s Wholesale Club (Consumer Staples).”
BJ’s Wholesale Club - December 2025
“We exited positions in PTC in the IT sector, Pinterest in the communication services sector, BJ’s Wholesale Club in the consumer staples sector and Everest in the financials sector.”
BJ’s Wholesale Club - September 2025
“As its shares pulled back by -14% we also reduced our holdings.”
BJ’s Wholesale Club - September 2025
“Membership warehouse operator BJ’s Wholesale Club Holdings Inc. dropped by -14%.”
BJ’s Wholesale Club - June 2025
“The largest positive contributor this quarter was BJ’s Wholesale Club Holdings Inc. (BJ), a warehouse club operator with 250 locations across 21 U.S. states, serving over 7.5 million members with a value- driven assortment of groceries, general merchandise, and fuel.”
BJ’s Wholesale Club - June 2025
“We continue to hold the position.”
BJ’s Wholesale Club - June 2025
“The holding with the highest contribution to active return in the portfolio during Q1 was BJ’s Wholesale Club Holdings Inc. (BJ), a warehouse club operator with 250 clubs and 186 gas stations across 21 states.”
BJ’s Wholesale Club - June 2025
“What worked... The holding with the highest contribution to active return in the portfolio during Q1 was BJ’s Wholesale Club Holdings Inc. (BJ), a warehouse club operator with 250 clubs and 186 gas stations across 21 states on the U.S. East Coast.”
BJ’s Wholesale Club - March 2025
“Membership warehouse club operator BJ’s Wholesale Club Holdings rose 28%.”
BJ’s Wholesale Club
Also mentioned · 3
These funds discuss BJ’s Wholesale Club — as a competitor, benchmark or comparable — without disclosing a position in it.
- MentionedTimesSquare U.S. Mid Cap GrowthJune 2026
“BJ’s Wholesale Club Holdings Inc. operates membership warehouse clubs in the eastern half of the U.S.”
BJ’s Wholesale Club - March 2026
“BJ’s Wholesale Club Holdings Inc. operates membership warehouse clubs in the eastern half of the U.S.”
BJ’s Wholesale Club - March 2026
“BJ’s Wholesale Club Holdings Inc. operates membership warehouse clubs in the eastern half of the U.S.”
BJ’s Wholesale Club
Read the letters behind these BJ’s Wholesale Club positions
Every quote above comes from a fund letter in our archive. Get unlimited access to the letters themselves — and to Warren AI, which reads all of them for you.
View plans→Share this ledger