AXP

AXP

AXP

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 15, 2025	GreensKeeper Value Fund	-	-3.6%	AXP, BRK/A, CFR SW, FI, GOOG, NVO	capital preservation, Discipline, risk taking, Speculation, valuation excess	The letter warns of rising speculative behavior marked by frothy valuations, renewed risk-taking, and investor complacency. Management stresses that such environments historically reward patience and discipline rather than momentum chasing. The fund positions itself to protect capital and deploy aggressively when fear eventually returns.	CFR SW GOOGL AXP	View
2025 Q2	Jun 30, 2025	The Gabelli Equity Income Fund	5.3%	-	AXP, CR	asset value, catalysts, dividends, equity income, valuation	The commentary highlights equity income opportunities created by valuation dispersion and corporate actions. Management focuses on businesses with sustainable dividends, asset value support, and catalysts such as spin-offs or balance sheet repair. Income and capital appreciation are pursued simultaneously.	CR AXP	View
2025 Q1	Apr 8, 2025	GreensKeeper Value Fund	3.0%	3.0%	AXP, BRK/B, CHKP. ELV, GOOG, ICLR, VRTX	-			View
2024 Q1	Apr 25, 2024	GreensKeeper Value Fund	4.7%	16.7%	AXP, BRK/A, MRK, SPGI	-			View
2024 Q1	Apr 2, 2024	WestEnd Capital	18.2%	18.2%	AXP, BA, NVDA, TSM	Artificial Intelligence, Data centers, earnings momentum, quality growth, Semiconductor Growth	The quarter review highlights continued leadership from profitable technology companies, especially Nvidia and semiconductor-related beneficiaries of AI infrastructure expansion. WestEnd stresses that earnings acceleration, free cash flow strength, and disciplined capital allocation differentiate the current AI cycle from prior speculative bubbles. Portfolio positioning remains concentrated in companies driving cloud, data center, and semiconductor growth while actively managing risk through selective trimming and exits.	BA AXP TSM NVDA	View
2023 Q1	Apr 18, 2023	Kovitz Core Equity Strategy	9.1%	9.1%	ANET, AXP, GOOG, J, KEYS, LVS, META, PM, PPG, PWR	-			View
2024 Q4	Feb 6, 2025	Bretton Fund	-1.0%	20.3%	AXP, AZO, GOOG, MSFT, NVR, TJX	-			View
2025 Q4	Feb 20, 2026	Aquamarine Fund	0.0%	0.0%	1211.HK, AXP, BAC, BRK-A, EXO.MI, IEX.NS, MA, MC.PA, MCO, NESN.SW, RACE	Compounding, global, Health, large cap, liquidation, Quality, value	The manager emphasizes shifting toward durable, time-friendly compounders where time is our friend and the range of outcomes runs from decent to superb with very low chance of permanent loss. He focuses on companies that can rinse, repeat, and grind through, moving away from binary outcomes toward inevitable businesses. The portfolio review demonstrates a value-oriented approach, learning from masters like Warren Buffett and Charlie Munger. The manager reverse-engineered thinking from successful value investors and applied similar principles to find undervalued companies with strong fundamentals across various markets.		View
2025 Q4	Feb 12, 2026	Bretton Fund	1.4%	11.6%	AXP, AZO, BAC, BRK-B, DFH, EXP, GOOGL, JPM, MA, MCO, MSFT, NVR, PGR, ROST, RVTY, SPGI, TJX, UNH, UNP, V	AI, Banking, consumer, financials, Housing, technology, value	The fund views the overall market as fairly elevated but not in bubble territory regarding AI, though some parts of the AI craze appear bubble-like. Alphabet's AI chatbot Gemini exceeded expectations and was on par with leading AI models, contributing significantly to performance. The managers are comfortable missing out on highly speculative AI investments while focusing on long-term value. Banks had a strong year due to increased lending, reduced regulation, and moderately high interest rates. American Express cardholders continue spending with high payment rates, while the Platinum Card remains desirable despite competition. Credit and banking environment remained strong throughout the period. Off-price retailers TJX and Ross returned to form after struggling during post-Covid inflation, with strong stock performance. AutoZone faced challenges navigating tariff impacts on earnings, though the consolidated auto parts retail market historically passes through price increases. Consumer spending patterns showed resilience in certain segments. Housing investments had a weak year as high interest rates and hopes for lower rates left potential buyers on the sidelines. Home builders initially held up well when rates first rose in 2022, but continued high rates eventually impacted demand. The managers expect pent-up housing demand to eventually drive performance once the market unfreezes.	RVTY GOOG UNH	View
2024 Q4	Feb 11, 2025	Artemis Global Select Fund (converted to Artemis SmartGARP Global Smaller Companies Fund on October 6, 2025)	2.7%	10.1%	6861 JP, AXP, FI, NVO CN, TSM, WFC	-			View
2023 Q4	Dec 31, 2023	Aquamarine Fund	-	18.7%	1211 HK, AAPL, AMZN, AXP, BABA, BAC, BARK/A, CRISIL IN, GOOG, MA, META, MSFT, RACE IM, SRG	-			View
2022 Q4	Dec 31, 2022	Aquamarine Fund	-	-21.0%	1211 HK, AXP, BAC, BRK/A, CDLX, CVNA, GOOG, IEX IN, MKL, NESN SW, OXY, RACE IM, ROKU, SNOW, SQ, TSLA	-			View
2021 Q4	Dec 31, 2021	Aquamarine Fund	-	23.8%	1211 HK, AAPL, AMZN, AXP, BAC, BRK/A, FDJ FP, GOOG, IEX IN, MA, MSFT, NESN SW, NET, TSLA, WE, ZM	-			View
2020 Q4	Dec 31, 2020	Aquamarine Fund	-	11.3%	1211 HK, AMZN, AVB, AXP, BAC, BRK/A, GME, MA, NESN SW, NGLX, RACE IM, SRG, STLA	-			View
2018 Q4	Dec 31, 2018	Aquamarine Fund	-	-13.3%	AAPL, AMZN, AXP, BAC, BRK/A, COST, DUFF, GM, GOOG, JPM, RACE IM, TSLA	-			View
2014 Q4	Dec 31, 2014	Aquamarine Fund	-	5.5%	AXP, BRK/A, C, ENLC, GOOG, META, NTRS, UBSG SW	-			View
2024 Q3	Oct 28, 2024	Parnassus Value Equity Fund	7.3%	13.7%	AMZN, AXP, BIIB, BK, CBRE, CHTR, DHI, GOOG, INTC, MU, ORCL, PGR, SCHW, UNH	-			View
2022 Q3	Oct 21, 2022	Bretton Fund	10.0%	0.0%	AMNF, AXP, AZO, BRK/A, DFH, GOOG, JPM, MA, MCO, MSFT, NVR, PGR, PKI, PRK, ROST, SPGI, TJX, UNH, UNP, V	-			View
2023 Q3	Oct 20, 2023	Bretton Fund	10.0%	0.0%	AXP, GOOG	-			View
2024 Q3	Oct 17, 2024	Kovitz Core Equity Strategy	6.9%	28.7%	AAPL, ADI, AMAT, AXP, BRK/A, DLTR, FI, GM, HAS, J, JPM, KEYS, MSI, PCAR, SCHW, SPOT, UNH	-			View
2023 Q3	Oct 17, 2023	Kovitz Core Equity Strategy	-3.0%	14.8%	AXP, BX, DGE LN, DIS, EXPE, HAS, KEYS, KMX, PM	-			View
2024 Q3	Oct 10, 2024	GreensKeeper Value Fund	4.7%	16.7%	AXP, BRK/A, FI, GOOG, MRK	-			View
2025 Q4	Jan 30, 2026	Unison Asset Management	0.0%	0.0%	AAPL, AMAT, AXP, BAC, BRK-B, CDW, DE, ELV, GOOGL, JPM, LMT, META, NOC, NU, NVDA, ONON, TSLA, TSM, UNH, WFC	AI, Cloud, Long Term, semiconductors, technology, value	AI continues to assert itself across markets and the real economy in ways that demand to be addressed. The race is for AGI, with wealth accruing to whoever reaches it first. Big Tech's AI spending accounts for roughly 90% of corporate capex and contributes an estimated half of total U.S. GDP growth in 2025. TSMC represents a durable bottleneck in the infrastructure layer—the point of least slack in the global silicon supply chain. All roads lead to TSMC, with approximately 67% share of global foundry revenue and roughly 90% share of leading-edge nodes. Alphabet's cloud business made meaningful progress with revenue expected to reach approximately $57 billion (+32% YoY), while operating profit is projected to nearly double. Revenue backlog is growing faster than reported revenue, underscoring the persistent supply-demand imbalance. By designing proprietary silicon and committing to capital outlays for data centers on a financial scale attainable by only a handful of nation-states, these firms have constructed a physical moat that is, for all practical purposes, unreplicable. On Holding represents a play on the growing scarcity of the real. As digital marketing becomes commoditized and AI floods the world with generic content, value migrates toward physical community and technical prestige. On is selling membership in a curated, physical ecosystem that AI cannot replicate.	AMRZ HOLN SW NU ONON BRK.B TSM GOOGL	View
2025 Q4	Jan 26, 2026	Davis Financial Fund	0.0%	29.3%	AXP, BAER.SW, BK, BRK-A, CB, COF, D05.SI, DIS, FI, FITB, JPM, MKL, PNC, RE, RKT, RNR, USB, WFC	Banking, capital, financials, insurance, regulation, returns, value	Banks continue to represent the majority of holdings with strong tailwinds across credit, spreads, expenses, and regulation. Interest spreads have begun widening as fixed rate assets roll over at higher yields, revealing attractive economics of low-cost deposit franchises. Many banks are generating returns on tangible equity in the mid-to-high teens with management targets suggesting sustainability in the medium term. Capital markets firms were among the drivers of S&P Financials Index performance and contributed to fund outperformance. The regulatory environment has been moving in a favorable direction with capital rules being finalized that are far less onerous than under the prior administration. Regulators are more willing to consider M&A transactions with relief on certain supervisory limitations. Property & casualty reinsurers were added to the portfolio as capital was redeployed from trimmed bank positions. Pricing trends in insurance markets have been strong in recent years. Chubb has consistently generated returns on equity comfortably ahead of the industry owing to advantaged lines of business with disciplined underwriting and operating culture. Payments and consumer lending companies were the biggest contributors to relative performance including Capital One, American Express and Rocket Companies. Capital One's transformational acquisition of Discover Financial closed with anticipated annual cost synergies of $1.5 billion and network synergies of $1.2 billion from transitioning card volumes into Discover's networks. Financial stock valuations have begun to reset higher with price-to-tangible book value multiples expanding by over 70% on average in the past three years. The portfolio in aggregate is valued at approximately 13x this year's earnings, representing a significant discount to both the broader S&P 500 Index and S&P Financials Index.	CB WFC COF	View
2025 Q4	Jan 23, 2026	GreensKeeper Value Fund	0.0%	0.0%	ADBE, AXP, BRK-B, CBOE, CFRUY, CHKP, ELV, FISV, GOOG, ICE, ICLR, LULU, MRK, NVO, SPGI, V, VRTX	AI, Concentration, Discipline, financials, Luxury, technology, value	The dominant narrative of 2025 was the market's evolving view of Alphabet's search business in an AI-first world. Alphabet aggressively transformed its research into consumer-ready products, deployed Gemini 3 which led key performance benchmarks, and launched AI Overviews within search. The company's proprietary Tensor Processing Units allowed efficient scaling while avoiding the Nvidia Tax. The fund maintains a disciplined value approach, refusing to abandon discipline simply because the market has become expensive. They deliberately prioritized capital preservation by trimming positions that reached price targets. The manager emphasizes that even wonderful businesses are not worth infinite prices and allocates capital elsewhere when valuations become stretched. Richemont's Jewelry Maisons continued to outperform the broader luxury market with stabilization of the Chinese consumer. The company maintained pricing integrity and brand stewardship, avoiding aggressive price hikes that peers used. This long-term thinking proved superior as luxury peers eroded brand value through discounting while Richemont maintained prestige.	ADBE ICLR NVO LULU FISV CFRUY AXP GOOG	View
2025 Q4	Jan 21, 2026	Smead Value Fund	0.3%	5.1%	AMGN, APA, AXP, CVE, DHI, EBAY, FANG, HD, LEN, MAC, MRK, OXY, SPG, UHAL	contrarian, energy, healthcare, Homebuilders, long-term, Market Extremes, S&P 500, value	The fund maintains a concentrated value approach designed to maximize long-term returns. The managers position themselves as contrarians, being greedy when others are fearful and fearful when others are greedy. They believe deeply out of favor parts of the index like healthcare, energy and homebuilders could receive money coming out of growth stocks. Higher rates have continued to weigh on the homebuilder space as well as an increase in inventory. The fund regards homebuilders' capacity to maintain construction activity throughout the cycle as a key competitive strength, with less resilient competitors likely to exit the market during prolonged cyclical downturns.		View
2024 Q3	Sep 30, 2024	Bronte Capital Amalthea Fund	-3.7%	0.0%	AXP, COF, REGN, SMMT, V	-			View
2024 Q3	Sep 30, 2024	The Gabelli Dividend Growth Fund	5.0%	0.0%	AXP, C, CARR, NXPI, SLB	-			View
2023 Q4	Sep 2, 2024	Bretton Fund	10.0%	0.0%	AMNF, AXP, AZO, BRK/A, DFH, GOOG, MA, MSFT, NVR, PGR, RVTY, RXMD, UNH, UNP, V	-			View
2023 Q4	Aug 1, 2024	Oakmark Select Fund	8.1%	0.0%	AXP, PAYC, PSX	-			View
2022 Q4	Feb 14, 2023	Bretton Fund	10.0%	0.0%	AXP, BRK/A, GOOG, JPM, MSFT, TJX, UNH	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	George Bolton	American Express Company	Financials	Consumer Finance	Bull	New York Stock Exchange	consumer, Credit, Employment, gdp, Payments	View Pitch
Jan 27, 2026	Fund Letters	Michael McCloskey	American Express Co.	Financials	Consumer Finance	Bull	New York Stock Exchange	Brand, consumer spending, Credit, Margins, Payments	View Pitch
Jan 8, 2026	Fund Letters	Mario J. Gabelli	American Express Company	Financials	Consumer Finance	Bull	New York Stock Exchange	Deposits, Emerging, Lending, Millennials, network, Payments, resilience, spending	View Pitch
Dec 6, 2025	Fund Letters	Michael McCloskey	American Express Company	Financials	Credit Services	Bull	NYSE	Cards, consumer, network effect, Payments, spending	View Pitch
Oct 27, 2025	Substack	Rijnberk Invest Insights	American Express	Financials	Credit Services	Bull		American Express, closed-loop payments network, credit performance, fee-based products, financial services, Long-term compounder, Millennials and Gen Z, Platinum card refresh, premium cards, Revenue Growth	View Pitch
Aug 7, 2025	Seeking Alpha	Daniel Urbina	American Express	Financials	Credit Services	Bull	NYSE	—	View Pitch

BSD Shareholders of AXP

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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