AMERICAN EXPRESS CO
Long book
$880.4M
Q1 2026
Positions
1
Top-10 weight
100%
concentration
Last quarter
+68.5%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsAMERICAN EXPRESS CO is a diversified fundamental manager, specialised in industrials (100% of the long book), running a $880.4M US long book across 1 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: GLOBAL BUSINESS TRAVEL GROUP.
Over the last 9 quarters its long book ran on average 3.9pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+9.4%
Q2 2024
+16.5%
Q3 2024
+20.7%
Q4 2024
-21.8%
Q1 2025
-13.2%
Q2 2025
+28.3%
Q3 2025
-5.3%
Q4 2025
-27.1%
Q1 2026
+68.5%
Sector allocation
Industrials 100%
Long book by quarter
What does AMERICAN EXPRESS own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GBTG GLOBAL BUSINESS TRAVEL GROUP | Industrials | 157.8M | $880.4M | 100.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 8, 2026 | 1 | $880.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 6, 2026 | 1 | $1.21B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 31, 2025 | 2 | $1.28B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 1, 2025 | 2 | $994.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 9, 2025 | 3 | $1.15B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR/ANEW HOLDINGS | May 9, 2025 | 1 | $637K | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 7, 2025 | 2 | $1.46B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR/ANEW HOLDINGS | May 9, 2025 | 1 | $308K | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 25, 2024 | 2 | $1.21B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR/ANEW HOLDINGS | May 9, 2025 | 1 | $544K | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 29, 2024 | 2 | $1.04B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR/ANEW HOLDINGS | May 9, 2025 | 1 | $528K | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 26, 2024 | 4 | $970.9M | canonical | SEC ↗ |