The family behind the $238 billion Walmart fortune just revealed their stock picks

walmart sign
Walmart.

  • The team managing the $238 billion Walmart family fortune disclosed its holdings, according to a report from Bloomberg.
  • The Walton Investment Team held $5 billion in the stock market at the end of June, a 32% gain from $3.8 billion six months prior.
  • Stock picks ranged widely from Pinduoduo to Apollo Global Management and Snowflake.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

The investment team managing the $238 billion Walmart family fortune revealed its stock picks in newly released disclosures, according to a report from Bloomberg.

The Walton Investment Team held $5 billion in the stock market at the end of June, up from $3.8 billion six months prior. That 32% gain came on the back of several low-cost exchange-traded funds as well as a few choice stocks.

The Waltons’ largest holding was a $2.2 billion stake in VWO, Vanguard’s emerging markets ETF, which rose 8.4% between December 2020 and June of this year. Other ETF holdings included various Vanguard and iShares funds in emerging markets and Treasury bonds.

Stock picks ranged widely from Chinese e-commerce platform Pinduoduo to private equity giant Apollo Global Management and cloud computing firm Snowflake.

The three stocks have had divergent performances between December and June. Pinduoduo fell steadily from the start of the year, while Snowflake seesawed and Apollo climbed 27%. Walmart stock was slightly down during the period.

The Walton family is the richest family in the world, and their massive $238 billion fortune has continued to add tens of billions per year. Half of their fortune is tied to Walmart, though the family has sold almost $7 billion in the company’s stock since 2020, according to Bloomberg.

The Walton Investment Team was launched in 2020 and is an “affiliate” of the main office that manages the Walton family fortune, a representative told Bloomberg.

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BANK OF AMERICA: Buy these 34 high-returning but lesser-known stocks because economic trends show they’re the best bet for outperformance

Launch of the Soyuz rocket will send Ford, Novitskiy and Tarelkin on a five-month mission aboard the International Space Station
Launch of the Soyuz rocket will send Ford, Novitskiy and Tarelkin on a five-month mission aboard the International Space Station

  • Bank of America says the economy might already be entering the last stage of the post-COVID cycle.
  • Strategist Jill Carey Hall says “quality” small- and mid-cap stocks thrive in late-cycle conditions.
  • Since 1990, they’ve outperformed 100% of the time during the last phase of an expansion, she says.
  • See more stories on Insider’s business page.

There’s something of a consensus forming on Wall Street that says investors should take a good, long look at “quality” stocks.

The market seems to have shaken off its fear that Chinese real estate lender Evergrande was going to be the start of a global debt crisis. But even so, there’s been a rising sense of nervousness in the market in recent weeks as experts note how long it’s been since stocks sold off in a major way – even though time alone doesn’t make those sales happen.

Investors’ worries about a downturn have prompted them to buy companies that have a history of low debt, financial health, steady earnings, and stable profits on the theory that company performance and stock performance will hold up better if things go south.

Goldman Sachs recently pointed out some of its large-cap quality picks, and now Bank of America is doing the same for smaller- and medium-size companies. Equity and quant strategist Jill Carey Hall writes that that call makes sense because of economic conditions as well as that undercurrent of investor nerves.

“Our team’s US Regime Indicator – which has continued advancing through “Mid-Cycle” throughout 2021 – ticked down in August,” she wrote on Wednesday. “If it declines again in Sept., this would suggest a shift to Late Cycle.”

Among those small- and mid-cap companies, Carey Hall says that investing based on quality has an incredible track record.

“High Quality stocks have outperformed the equal-weighted Russell 2000 index 100% of the time in Late Cycle regimes since 1990,” she wrote. The two best quality factors are return on capital and free cash flow return on assets.

The stocks below all have “Buy” ratings from Bank of America’s analysts, and they’re among the top 20% of Russell 2000 stocks in one of those two categories, which suggests they’ll do well in the late-cycle environment Carey Hall identified.

A select few stocks rank in the top quintile in both factors. Those are Rent-A-Center, RH, Cactus, HealthEquity, TTEC, and Enphase.

Fox Factory

Fox Factory
Fox Factory

Ticker: FOXF

Sector: Consumer discretionary

Industry: Auto components

Market cap: $6.3 billion

Source: Bank of America

Funko

Funko
Funko

Ticker: FNKO

Sector: Consumer discretionary

Industry: Distributors

Market cap: $715 million

Source: Bank of America

Churchill Downs

Churchill Downs
Churchill Downs

Ticker: CHDN

Sector: Consumer discretionary

Industry: Hotels, restaurants, & leisure

Market cap: $9.0 billion

Source: Bank of America

Sonos

Sonos
Sonos

Ticker: SONO

Sector: Consumer discretionary

Industry: Household durables

Market cap: $4.6 billion

Source: Bank of America

Shutterstock

Shutterstock
Shutterstock

Ticker: SSTK

Sector: Consumer discretionary

Industry: Internet & direct marketing retail

Market cap: $4.3 billion

Source: Bank of America

PROG Holdings

PROG Holdings
PROG Holdings

Ticker: PRG

Sector: Consumer discretionary

Industry: Specialty retail

Market cap: $2.8 billion

Source: Bank of America

America’s Car-Mart

America's Car-Mart
America’s Car-Mart

Ticker: CRMT

Sector: Consumer discretionary

Industry: Specialty retail

Market cap: $793 million

Source: Bank of America

Asbury Automotive Group

Asbury Automotive
Asbury Automotive

Ticker: ABG

Sector: Consumer discretionary

Industry: Specialty retail

Market cap: $3.6 billion

Source: Bank of America

Bed Bath & Beyond

Bed Bath & Beyond
Bed Bath & Beyond

Ticker: BBBY

Sector: Consumer discretionary

Industry: Specialty retail

Market cap: $2.5 billion

Source: Bank of America

Hibbett

Hibbett Sports
Hibbett Sports

Ticker: HIBB

Sector: Consumer discretionary

Industry: Specialty retail

Market cap: $1.2 billion

Source: Bank of America

Lithia Motors

Lithia Motors
Lithia Motors

Ticker: LAD

Sector: Consumer discretionary

Industry: Specialty retail 

Market cap: $10.2 billion

Source: Bank of America

Rent-A-Center

Rent-A-Center
Rent-A-Center

Ticker: RCII

Sector: Consumer discretionary

Industry: Specialty retail

Market cap: $4.1 billion

Source: Bank of America

RH

RH
RH

Ticker: RH

Sector: Consumer discretionary

Industry: Specialty retail

Market cap: $14.4 billion

Source: Bank of America

BJ’s Wholesale Club Holdings

BJ's Wholesale Club
BJ’s Wholesale Club

Ticker: BJ

Sector: Consumer staples

Industry: Food & staples retailing

Market cap:

Source: Bank of America

Cactus

Cactus
Cactus

Ticker: WHD

Sector: Energy

Industry: Energy equipment & services

Market cap: $1.9 billion

Source: Bank of America

Northern Oil and Gas

Northern Oil & Gas
Northern Oil & Gas

Ticker: NOG

Sector: Energy

Industry: Oil, gas, & consumable fuels

Market cap: $1.2 billion

Source: Bank of America

Arena Pharmaceuticals

Arena Pharma
Arena Pharma

Ticker: ARNA

Sector: Healthcare

Industry: Biotechnology

Market cap: $3.7 billion

Source: Bank of America

MeiraGTx Holdings

MeiraGTX
MeiraGTX

Ticker: MGTX

Sector: Healthcare

Industry: Biotechnology

Market cap: $592 million

Source: Bank of America

Vanda Pharmaceuticals

Vanda Pharma
Vanda Pharma

Ticker: VNDA

Sector: Healthcare

Industry: Biotechnology

Market cap: $932 million

Source: Bank of America

AMN Healthcare Services

AMN Healthcare
AMN Healthcare

Ticker: AMN

Sector: Healthcare

Industry: Healthcare providers & services

Market cap: $5.4 billion

Source: Bank of America

HealthEquity

HealthEquity
HealthEquity

Ticker: HQY

Sector: Healthcare

Industry: Healthcare providers & services

Market cap: $5.2 billion

Source: Bank of America

R1 RCM

R1 RCM
R1 RCM

Ticker: RCM

Sector: Healthcare

Industry: Healthcare providers & services

Market cap: $6.0 billion

Source: Bank of America

Allegiant Travel

Allegiant Travel
Allegiant Travel

Ticker: AGLT

Sector: Industrials

Industry: Airlines

Market cap: $3.6 billion

Source: Bank of America

Construction Partners

Construction Partners
Construction Partners

Ticker: ROAD

Sector: Industrials

Industry: Construction & engineering

Market cap: $1.7 billion

Source: Bank of America

Generac Holdings

Generac
Generac

Ticker: GNRC

Sector: Industrials

Industry: Electrical equipment

Market cap: $27.9 billion

Source: Bank of America

Meritor

Meritor
Meritor

Ticker: MTOR

Sector: Industrials

Industry: Machinery

Market cap: $1.5 billion

Source: Bank of America

ASGN

ASGN
ASGN

Ticker: ASGN

Sector: Industrials

Industry: Professional services

Market cap: $6.0 billion

Source: Bank of America

ArcBest

ArcBest
ArcBest

Ticker: ARCB

Sector: Industrials

Industry: Road & rail

Market cap: $1.9 billion

Source: Bank of America

Werner Enterprises

Werner Enterprises
Werner Enterprises

Ticker: WERN

Sector: Industrials

Industry: Road & rail

Market cap: $3.2 billion

Source: Bank of America

Rush Enterprises

Rush Enterprises
Rush Enterprises

Ticker: RUSHA

Sector: Industrials

Industry: Trading companies & distributors

Market cap: $2.4 billion

Source: Bank of America

TTEC Holdings

TTEC Holdings
TTEC Holdings

Ticker: TTEC

Sector: Information technology

Industry: IT services

Market cap: $4.4 billion

Source: Bank of America

Enphase Energy

Enphase
Enphase

Ticker: ENPH

Sector: Information technology

Industry: Semiconductors & semiconductor equipment

Market cap: $21.3 billion

Source: Bank of America

Louisiana-Pacific

Louisiana-Pacific
Louisiana-Pacific

Ticker: LPX

Sector: Materials

Industry: Paper & forest products

Market cap: $5.7 billion

Source: Bank of America

Newmark Group

Newmark
Newmark

Ticker: NMRK

Sector: Real estate

Industry: Real estate management & development

Market cap: $2.7 billion

Source: Bank of America

 

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Cathie Wood, CEO and chief investment officer of ARK Invest, on a purple background with the Ark Invest logos patterned behind her.

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Katie Stockton, founder and managing partner of Fairlead Strategies

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Bitcoin’s path to $250,000 by 2025

The photo shows physical imitations of cryptocurrency

Joseph Edwards is the head of research at Enigma Securities, a London-based crypto liquidity firm. He called bitcoin’s meteoric rise to $60,000 last year and predicts it could reach $250,000 by 2025. The ex-professional esports coach also shares two altcoins that could surge 20 times over the next few years.

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The head of research at a crypto firm who called bitcoin’s surge to $60,000 last year breaks down why it will reach $250,000 by 2025 – and shares 2 altcoins that could go up 20 times


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old school stock trader

Peter Brandt is a highly skilled trader profiled in Jack Schwager’s book “Unknown Market Wizards.” Over the years, Brandt has grown from a technical analysis trader to a meticulous risk-taker. He broke down how he identifies asymmetric opportunities and avoids performance-dragging trades.

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How to master house flipping

Deb Cleveland

30-year real-estate-investing veteran Deb Cleveland is a house flipper who owns 80 rentals. She got her first property for $62,000 with a five-year loan and sold it at $225,000 18 years later. Cleveland explained how she finds discounted properties, renovates on a budget, and sells for huge profits.

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Deb Cleveland is a master house flipper who maintains 80 rental properties. The 30-year real-estate-investing veteran breaks down how she picks discounted houses to buy, renovate on a budget, and successfully sell or rent for huge profits.


Stock pick central

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China stock crackdown, plus experts share their favorite crypto apps

Hello everyone! Welcome to this weekly roundup of Investing stories from deputy editor Joe Ciolli. Please subscribe here to get this newsletter in your inbox every week.

China's flag with a downward trending arrow stemming from the second small star on a black gridded background

Hello and welcome to Insider Investing. I’m Joe Ciolli, and I’m here to guide you through the current market and investing landscape. Here’s what’s on the docket:

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china chinese stock market traders investors screen

US investors hold $2 trillion in Chinese stocks, but the entire market is effectively a financial house of cards. By skillfully exploiting regulatory loopholes in both Beijing and Washington, Chinese companies have evaded oversight, keeping investors in the dark about the true state of their finances. Read our full analysis here.

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In this photo illustration, the Coinbase cryptocurrency exchange logo (C) is seen on the screen of an iPhone

Cryptocurrency trading can be incredibly challenging, with 24-hour markets and extreme volatility. Investors often use multiple apps and platforms to make sense of what’s happening in the market. We spoke to 10 crypto experts to understand what apps they use for trading, price monitoring, and news.

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We asked 10 crypto traders to show us the apps they use on their phone to trade, track prices, and read news


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This is a photo of Sean Pan on the left and Sharon Tseung on the right, sitting next to each other.

Between the two of them, real estate investors Sharon Tseung and Sean Pan own 21 rental units. In an interview with Insider, they explained their entire process, from how they decide which geographies to pursue, to how they normally finance their properties.

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A couple in their 30s breaks down how they came to own 21 rental units in affordable, high-appreciating areas across the country – and share their approach for picking top cities, realtors, and financing strategies


Stock pick central

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13 must-see charts, plus an $875 mini bitcoin-mining rig

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13 must-see charts for the 2nd half of 2021

An employee views trading screens at the offices of Panmure Gordon and Co

The first half of 2021 in the stock market has been full of once-in-a-decade events. We asked 5 strategists from leading institutions to outline the most compelling charts informing their outlooks for the second half. Here are their top 13.

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13 must-see charts for navigating markets in the second half of the year, according to strategists at 5 top investment banks and asset managers


Check out this $875 mini bitcoin-mining rig

This is a photo of Idan Abada, a crypto TikTok influencer and miner, holding a mini bitcoin mining rig. He's wearing a black t-shirt.

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Michael Sonnenshein

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Stock pick central

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How to spot short squeezes

Reddit WallStreetBets WSB

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A GameStop analyst shares how to successfully spot the short squeezes that send meme stocks to the moon – and warns of a common shorting mistake to avoid


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A collage of crypto book recommendations from experts

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99th-percentile strategy

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The Balter Invenomic Fund has beaten 99% of peers over the past year, and is in the 95th percentile over 4 years. The fund’s managers told Insider about their highly diversified approach to stocks, which includes both long and short bets.

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Stock pick central

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SIGN UP FOR INSIDER INVESTING: How to mine doge, plus a playbook for trading meme stocks

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How to mine doge

This photo is of Dason Thomas, a crypto miner. He is wearing a white hoodie standing front of the exterior of a building.

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How to mine doge: An 18-year-old TikTok influencer shares his process for earning crypto without directly buying via a $700 rig – and explains how it works for other altcoins including litecoin


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Reddit WallStreetBets WSB

Morgan Stanley strategist Boris Lerner argues that investors should look at the patterns of retail traders to gain an advantage. He says heavy retail selling is a good predictor that a stock will underperform in the next month, and lays out six popular bets for day traders.

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Morgan Stanley shares a meme-stock playbook that average investors can use to profit from the Reddit-driven market revolution – including 6 specific areas day traders love


Top 10 shorts ahead of earnings season

New York stock exchange trader

Stocks have been on a hot streak but a variety of factors could stoke volatility heading into the third quarter. Ahead of a hotly anticipated earnings season, the founder of TradeZero America lays out the 10 most-shorted stocks above $10, which could either continue to face pressure, or be squeezed higher by retail traders.

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TradeZero’s co-founder shares the top 10 stocks above $10 traders are shorting on the online brokerage ahead of a potentially volatile earnings season – and explains why they are either primed to become meme stocks or profitable shorts


Stock pick central

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Playing the commodity supercycle, plus 10 cheap, disruptive tech stocks

Hello everyone! Welcome to this weekly roundup of Investing stories from deputy editor Joe Ciolli. Please subscribe here to get this newsletter in your inbox every week.

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Playing the commodity supercycle

FILE PHOTO: Farmer Lucas Richard of LFR Grain harvests a crop of soybeans at a farm in Hickory, North Carolina, U.S. November 29, 2018. REUTERS/Charles Mostoller

Tony Greer, an ex-Goldman commodities trader, runs the independent research firm TG Macro. In an interview with Insider, Greer broke down why he believes the bull case for commodities remains intact. He also shared 5 stocks and an ETF to play his highest-conviction subsectors.

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An ex-Goldman trader breaks down why he is ‘salivating’ to buy the dip in grain stocks – and shares 5 stocks and an ETF to play the commodity supercycle


10 cheap, disruptive tech stocks

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Dave Sekera, the chief US market strategist at Morningstar, says it’s hard to find any real bargains in the market right now. But he still shared with us 10 disruptive tech stocks that also look underpriced relative to peers, as well as the top tech themes worth investing in.

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Morningstar’s chief US market strategist explains how to find tech stocks that can disrupt and triumph long-term, and shares 10 picks that are still underpriced in an increasingly expensive market


5 qualities of a great trader

trader screen

Colin Lancaster is a hedge fund manager and the former head of macro strategies for Citadel. He also authored the book “Fed Up,” which details the fictional journey of a macro trader. He laid out for us the 5 qualities that make a great trader, and provided his current market outlook.

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A former head of macro strategy at legendary hedge fund Citadel lays out the 5 key qualities he believes makes a great trader – and provides a rare outlook on the future of the industry


Stock pick central

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Trading the Fed, plus insights from a 99th-percentile fund manager

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Fed-driven portfolio adjustments

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The Federal Reserve left interest rates steady this past week while setting the stage for two hikes by year-end 2023. Traders, who took a wait-and-see approach before the Fed meeting, quickly sprung into action. Insider spoke with Wall Street and crypto investors to gauge how to position for the hawkish shift.

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The Fed has left rates steady while signaling 2 potential hikes by the end of 2023. Here is what to do with your stocks, bonds, and digital assets, according to top Wall Street and crypto investors.


99th-percentile insights and stock picks

Dave Ellison

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Dave Ellison has beaten 99% of his peers over the last year managing the Hennessy Small-Cap Financial Fund. He breaks down why he thinks financial stocks still have room to run – and shares 5 names to bet on


SPAC shorts

SPACs and hedge funds 2x1

Short interest in SPACs stood at $3.2 billion in mid-June, up from $2.7 billion. The uptick in SPAC shorts comes as the market works to recover from a weeks-long slowdown, and one ETF manager expects recently “de-SPACed” companies to see short activity surge soon. Exclusive data shows the 20 most-shorted blank-check companies right now.

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Stock pick central

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