Letters by company
Autozone INC
12 letters discussing AZO. Everything written about it on this site is on its ticker page.
- Appalaches Capital For the Quarter Ended June 30, 2026 Appalaches Core LO increased AutoZone, CME Group and Progressive, initiated McKesson, and remained nearly fully invested despite lagging major indices amid enthusiasm for AI-linked equities. The portfolio argues that AutoZone’s distribution buildout, CME’s institutional liquidity moat and McKesson’s generic-drug and biologics tailwinds offer durable value despite near-term concerns. 2nd quarter 2026 MCK $125BAZO $52BCME $113B
- Fenimore Asset Management Q4 2025 Quarterly Investment Commentary Fenimore’s quality-focused strategies lagged as investor enthusiasm concentrated in AI-linked and more speculative businesses. The firm added to selected existing holdings, cut or exited positions including Cass Information Systems and Pinnacle Financial Partners, and argues that durable franchises, sound balance sheets, and disciplined capital allocation should prevail over time. Q4 2025 APH $196BAZO $52BBRO $24B
- Latitude Investment Management Latitude Annual Report 2025 Latitude Investment Management argues that disciplined trading in Dollar Tree improved the portfolio while preserving exposure to its core discount-retail thesis. It replaced Heineken with Royalty Pharma, Interactive Brokers with Intercontinental Exchange and BP with Assa Abloy, seeking stronger growth with less cyclicality. The portfolio also emphasizes defensive healthcare, infrastructure and selected AI exposure through Alphabet. 2025 DLTR $27BAIQUY $136BASAZY $44B
- Castlebay Investment Partners Sins of omission and financial gravity! Castlebay attributes its divergence from the UK market to avoiding banks, Shell, BAE Systems and Rolls-Royce, arguing their recent rerating is unsupported by retained returns on equity. The fund exited AutoZone on valuation, added to London Stock Exchange Group, Diageo, Domino’s Pizza Group and Novo Nordisk, and argues that durable brands support long-term pricing power. September 2025 AZO $52BBAESY $75BBBRYF $5.1B
- Latitude Investment Management Latitude Global Fund Q325 Commentary Latitude Global Fund argues that market breadth beyond US technology creates better relative-value opportunities than AI-exposed stocks. It backs Interactive Brokers’ low-cost institutional expansion, defends the durable distribution advantages of Cencora and McKesson, and retains Ryanair and Sony on margin and capital-allocation potential. Q325 AZO $52BCOR $67BEFGSY $12B
- Latitude Investment Management Latitude Global Fund Q225 Commentary Latitude Global Fund uses AutoZone as a precedent for retaining businesses through disruption narratives, then doubled Dollar Tree after its Family Dollar sale improved the balance sheet and capital-allocation case. It continues to hold Diageo, arguing that spirits-volume weakness may reflect channel inventory reductions rather than permanently weaker consumer demand. Q225 DLTR $27BAZO $52BDEO $56B
- Latitude Investment Management Annual Report 2023 Latitude's portfolio retained its consumer-staples exposure, arguing that Tesco's strengthening market position and Diageo's inventory reset are mispriced. It added WEC Energy Group for regulated utility growth and switched Equinor into Shell on European gas concerns. The manager argues that durable earnings growth and discounted valuations should ultimately overcome the market's preference for popular technology stocks. 2023 AIQUY $136BAZO $52BDEO $56B
- Bretton Fund 2026 Q2 Shareholder Letter Bretton Fund added to UnitedHealth after its selloff and initiated SAP and Constellation Software, arguing that mission-critical enterprise and niche vertical software are more insulated from AI disruption than investors assume. The fund avoided the expensive AI data-center and memory boom, citing unsustainable capital spending and inflated semiconductor valuations. 2nd Quarter 2026 CNSWF $52BGOOGL $3.6TSAP $270B
- Castlebay Investment Partners Quarterly investor letter December 2025 Castlebay UK Equity Fund frames durable competitive advantages as cornered resources, citing British American Tobacco, Diageo and Compass Group. The fund cut Admiral after its valuation recovery, opened Greggs and AJ Bell, reduced NEXT and Compass Group, and exited AutoZone while arguing that portfolio companies retain stronger profitability and lower debt than the market. 2025 AMIGF $15BBTI $131BCMPGF $56B
- Value Line Funds Portfolio Manager Q&A: Value Line Mid Cap Focused Fund (VLIFX/VLMIX) The Value Line Mid Cap Focused Fund added Woodward, RBC Bearings and AutoZone while exiting Watsco, CDW, AptarGroup and Chemed. Fair Isaac, Monolithic Power Systems, Comfort Systems and CACI supported results, while Pool and insurance holdings weighed on the portfolio. 4th Quarter 2025 —
- Castlebay Investment Partners Quarterly Investor Letter March 2025 Castlebay Investments argues that tariff uncertainty exposes the cyclicality behind recent strength in banks, miners and oil producers. It reduced AutoZone after valuation became extended, while retaining higher-quality businesses with durable cash generation, strong balance sheets and lower cyclicality. Q1 2025 HSBC $308B
- Latitude Investment Management Latitude Q3 2023 Investor Letter Latitude Investment Management argues that concentrated enthusiasm for the Magnificent Seven has created better relative value elsewhere. The portfolio retains selected growth names including Alphabet, Visa, Air Liquide and Diageo, alongside McKesson, AutoZone, Sony and JPMorgan, while initiating an unnamed defensive AI infrastructure position. Q3 2023 AAPL $5.2TAMZN $2.9TGOOGL $3.6T
