What smart money is saying about Walmart
1 fund in our archive has pitched Walmart, most recently Bristolgate US Equity Strategy in March 2026.
Walmart Inc., established in 1945 and based in Bentonville, Arkansas, operates as a global retail powerhouse, having officially adopted its current name in February 2018, formerly Wal-Mart Stores, Inc. The company's diverse operations, encompassing retail, wholesale, and e-commerce, are managed across three primary divisions: Walmart U.S., Walmart International, and Sam's Club. Its extensive physical presence includes a variety of store formats such as supercenters, supermarkets, hypermarkets, membership-only warehouse clubs (like Sam's Club), cash-and-carry outlets, and discount stores, primarily operating under the Walmart and Walmart Neighborhood Market banners. Digitally, the company engages customers through numerous e-commerce platforms, including walmart.com.mx, walmart.ca, flipkart.com, and PhonePe, as well as via dedicated mobile applications. Walmart offers an exceptionally broad range of products and services. Its inventory covers groceries and daily consumables, such as dairy, meats, baked goods, deli items, fresh produce, various packaged foods (dry, chilled, or frozen), alcoholic and non-alcoholic beverages, floral items, snacks, candies, health and beauty aids, paper products, laundry and home care essentials, baby care, and pet supplies, alongside fuel and tobacco. Furthermore, it features a comprehensive health and wellness segment, providing pharmacy, optical, and hearing services, over-the-counter medications, and other medical products. For home and personal needs, shoppers can find items ranging from home improvement goods, outdoor living products, gardening supplies, furniture, apparel, and jewelry, to tools, power equipment, housewares, toys, seasonal items, mattresses, and automotive services like tire and battery centers. The electronics department includes consumer electronics, accessories, software, video games, office supplies, appliances, and third-party gift cards. Beyond merchandise, Walmart provides a suite of financial services. These include digital payment platforms, money transfer options, bill payment services, money orders, check cashing, prepaid access solutions, co-branded credit cards, installment lending, and earned wage access programs. The company also markets several proprietary brands, notably Allswell, Athletic Works, Equate, and Free Assembly.
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Fund signal · last 12 months
8 lettersToo few moves on Walmart yet for a clear signal
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 2025 and Q3 2026, 8 fund letters reported a position in Walmart, with 3 buys (opened or added) and 1 sell (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 1 | 0 |
| Q2 2026 | 5 | 2 | 0 | 0 |
| Q1 2026 | 1 | 0 | 0 | 1 |
| Q4 2025 | 1 | 1 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 8 positions · 6 moves
- September 2026
“Company Sector Bloom Energy Industrials Intel Information Technology Walmart Consumer Staples XPO Industrials Astera Labs Information Technology Bloom Energy (BE) is an onsite power provider. We exited our position as relative strength continued to deteriorate and as the company could face challenges in scaling production given limitations on the supply of scandium. Intel (INTC) is one of the world’s leading semiconductor companies. We divested our position following significant outperformance as the upside potential is limited due to elevated expectations, in our view. Walmart (WMT) is the leading US retailer. We liquidated our position after the company delivered weaker-than- expected forward guidance in their most recent earnings report, which makes us less confident in the short/intermediate term outlook for the shares.”
Walmart - New positionLiontrust Global Innovation FundJune 2026
Listed in Liontrust Global Innovation Fund’s reported holdings.
Walmart - New positionLiontrust Global Dividend FundJune 2026
Listed in Liontrust Global Dividend Fund’s reported holdings.
Walmart - New positionLiontrust GF Global Innovation FundJune 2026
Listed in Liontrust GF Global Innovation Fund’s reported holdings.
Walmart - New positionLiontrust GF Global Dividend FundJune 2026
Listed in Liontrust GF Global Dividend Fund’s reported holdings.
Walmart - June 2026
Listed in Homestead Advisers Funds’s reported holdings.
Walmart - March 2026
“When Everything Becomes AI As flows into the AI complex decelerated—or reversed in some cases—share price movements and valuations increasingly reflected AI narratives well beyond the obvious beneficiaries. When the market determines that a company stands to benefit from AI, capital follows quickly. Two holdings in our portfolio that benefited from this dynamic in the first quarter were Walmart and General Electric.”
Walmart - New positionClearbridge Global Growth StrategyDecember 2025
“In addition to the transactions mentioned above, we added positions in Walmart and PT Unilever in consumer staples, MTU Aero Engines, Ferguson, Eaton and Sandvik in industrials, Ulta Beauty in consumer discretionary, Johnson & Johnson and CG Oncology in health care, Nu Holdings in financials and Amphenol in IT.”
Walmart
Also mentioned · 11
These funds discuss Walmart as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedArtisan Emerging Markets FundSeptember 2026
“Shares declined after management lowered its guidance for the remainder of the year, citing higher memory costs. We view this as a near-term headwind affecting the consumer electronics industry more broadly rather than a change in our long-term investment case. Demand for ESL remains healthy, with Walmart completing its rollout and other retailers increasingly adopting the technology.”
Walmart - MentionedBristlemoon Global FundSeptember 2026
“The genesis of the Fund’s CPB short stemmed from us reading the Walmart (WMT) Q2 2027 earnings call transcript.”
Walmart - September 2026
“E Ink is a Taiwan-based producer of e-paper technology used in e-readers, electronic shelf labels (ESL) and digital signage. Shares declined after management lowered its guidance for the remainder of the year, citing higher memory costs. We view this as a near-term headwind affecting the consumer electronics industry more broadly rather than a change in our long-term investment case. Demand for ESL remains healthy, with Walmart completing its rollout and other retailers increasingly adopting the technology.”
Walmart - June 2026
“On an individual stock basis, the biggest contributors to relative returns were Micron Technology, CVS Health and Taiwan Semiconductor Manufacturing, as well as not owning Exxon Mobil and Walmart.”
Walmart - MentionedBaron SMID Cap StrategyJune 2026
“The rotation into perceived “AI winners” from the first quarter continued. These include companies that supply chips, power generation equipment, electrical and air conditioning equipment, engineering services and infrastructure, and financing geared toward AI data center construction. The PHLX Semiconductor Sector Index (known as the “SOX”) had its best quarter ever! While there is no doubt that AI is revolutionary, we believe that the indiscriminate momentum driving the price performance in the AI Annualized performance (%) for period ended June 30, 2026 (figures in USD)1 Strategy (net)2 Strategy (gross)2 Russell 2500 Growth Index2 Russell 3000 Index2 QTD3 15.62 15.84 24.02 15.44 YTD3 3.41 3.80 19.66 10.88 1 Year 6.11 6.51 32.94 22.82 Since Inception (12/31/2024)4 7.70 7.96 20.33 19.04 For Strategy reporting purposes, the Firm is defined as all accounts managed by Baron Capital Management, Inc. ("BCM") and BAMCO, Inc. ("BAMCO"), registered investment advisers wholly owned by Baron Capital Group, Inc. As of 6/30/2026, total Firm assets under management were approximately $69.7 billion.* The Strategy is a time-weighted, total return composite of all small- and mid-cap accounts managed on a fully discretionary basis using our standard investment process. Since 2010, accounts in the Strategy are market-value weighted and are included on the first day of the month following one full month under management. Prior to 2010, accounts were included on the first day of the quarter after one full quarter under management. Gross performance figures do not reflect the deduction of investment advisory fees and any other expenses incurred in the management of the investment advisory account. Actual client returns will be reduced by the advisory fees and any other expenses incurred in the management of the investment advisory account. A full description of investment advisory fees is supplied in the Firm's Form ADV Part 2A. Valuations and returns are computed and stated in U.S. dollars. Performance figures reflect the reinvestment of dividends and other earnings. Baron SMID Cap Strategy is currently composed of one ETF managed by BAMCO. * Includes client and proprietary accounts. BAMCO and BCM claim compliance with the Global Investment Performance Standards (GIPS®). To receive a complete list and description of the Firm’s strategies or a GIPS Report please contact us at 1-800-99-BARON. GIPS® is a registered trademark owned by CFA Institute. CFA Institute does not endorse, promote or warrant the accuracy or quality of the report. The performance data quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. QUARTERLY LETTER | JUNE 30, 2026 Baron SMID Cap Strategy Calendar year performance (%) (figures in USD) Strategy (net)2 Strategy (gross)2 Russell 2500 Growth Index2 Russell 3000 Index2 2025 8.08 8.08 10.31 17.15 Randy Gwirtzman Laird Bieger Portfolio Manager Portfolio Manager 2 FOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR USE WITH THE PUBLIC.SMALL/MID CAP winners bucket has a number of headwinds that by the end of the second quarter were beginning to show. These include: 1. Concerns regarding the pushback on unbridled usage of AI tokens (which measure the amount of work and thereby cost of usage) by customers of large language models (LLMs) including OpenAI and Anthropic. There are numerous reports of so-called “tokenmaxxing” being curtailed by companies such as Tesla, Meta, Accenture, and Walmart.”
Walmart - MentionedBaron SMID Cap ETFJune 2026
“There are numerous reports of so-called “tokenmaxxing” being curtailed by companies such as Tesla, Meta, Accenture, and Walmart.”
Walmart - June 2026
“Based on comparable transactions and public-market valuations, we estimate Smadex alone could be worth $15–20 per share, with additional upside if the business continues to diversify its customer base. Walmart just bought a competitor, Vibe, for over $1B, which was doing less than a third of the revenue of Smadex.”
Walmart - MentionedKingdom Capital AdvisorsMarch 2026
“• Energous (WATT): A historically awful consumer products business, WATT has pivoted to supply chain tracking solutions. We initiated a position when the company’s market capitalization approximated its cash balance, reflecting minimal expectations for the business. As the company secured meaningful contracts (including Walmart), the stock rerated significantly, rising from our ~$8 entry to over $20 at its peak.”
Walmart - MentionedBoyar Value GroupMarch 2026
“We see signs of a similar dynamic today in certain parts of the market. Some of the most respected businesses in America continue to trade at valuations that leave little room for error. Costco, Walmart, and Cintas are all outstanding businesses, but history has shown that even outstanding businesses can become mediocre investments when bought at overly optimistic valuations.”
Walmart - MentionedGeneration Investment ManagementMarch 2026
“Walmart, for instance, is now trading at over 40 times earnings. We do not cover the company, and while it is widely considered a high-quality business, the valuation appears excessive, making it difficult to see a compelling opportunity for excess returns.”
Walmart - MentionedSignia Small Micro Cap ValueDecember 2025
“Encouragingly, Interim CEO Bill Jacobs was able to fortify the GDOT business by renewing a large contract with Wal-Mart which extended the term from 2027 to 2033, removing a large overhang on the stock.”
Walmart
Fund coverage · 1 thesis
- Bristolgate US Equity StrategyMarch 2026
Walmart is a leading global retailer with omnichannel growth, AI-enabled efficiency gains, and structural margin expansion.
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