LongKRJun 2026
The Kroger Co.
Kroger has been weak amid pressure on consumer spending from inflation, high interest rates and rising fuel costs, but Auxier sees a leadership and valuation opportunity. New CEO…
Auxier Focus Fund
Long-term, unleveraged equity investing focused on durable businesses, strong competitive advantages, attractive valuations and steady compounding across economic cycles.$330M AUM14 published ideas
Auxier Focus Fund is managed by Jeff Auxier and has operated since 1999. The fund emphasizes durable businesses, intensive fundamental research and steady compounding across economic cycles while maintaining an unleveraged portfolio.
Ideas from Auxier Focus Fund
LongGLWJun 2026
Corning Incorporated
Corning is a key beneficiary of the shift in AI spending toward physical infrastructure. The fund highlights optical bottlenecks in data centres as a source of stronger earnings…
LongGOOGLJun 2026
Alphabet Inc.
Alphabet fits Auxier’s definition of an enduring compounder with a strong underlying business. While the company benefits from AI, the fund argues that its core economics do not…
LongPMJun 2026
Philip Morris International Inc.
Auxier views Philip Morris as an enduring business capable of adapting to changing consumer behaviour. The company has been shifting toward smoke-free products, which now account…
LongBKJun 2026
The Bank of New York Mellon Corporation
Bank of New York Mellon is a behind-the-scenes financial infrastructure business with high switching costs. Auxier highlights its central role in financial markets and its…
LongMAJun 2026
Mastercard Incorporated
Mastercard is viewed as an enduring, capital-light business positioned at the centre of an increasingly digital payments system. Auxier argues that Mastercard and Visa play a…
LongUNHJun 2026
UnitedHealth Group Incorporated
UnitedHealth is an example of the type of AI user Auxier prefers: a company applying the technology to measurable operating problems rather than spending heavily on speculative…
LongGLWSep 2026
Corning
Corning is the fund's largest equity holding and has benefited from tightening supply and strong demand associated with AI infrastructure. Auxier highlights bottlenecks in…
LongPMSep 2026
Philip Morris International
Auxier views Philip Morris as an enduring business capable of adapting to changing consumer behavior. The company has successfully shifted a substantial portion of its business…
LongBKSep 2026
Bank of New York Mellon
Auxier describes Bank of New York Mellon as an important behind-the-scenes financial infrastructure business with high customer switching costs. The company is investing nearly…
LongGOOGLSep 2026
Alphabet
Auxier views Alphabet as a durable compounder whose underlying economics are not dependent solely on the success of the current AI investment cycle. Google Search and YouTube…
LongMASep 2026
Mastercard
Auxier sees Mastercard as a durable payment-network business positioned at the center of an increasingly digital economy. The company plays a critical role across a broad range…
LongUNHSep 2026
UnitedHealth Group
Auxier believes UnitedHealth is using AI in a disciplined way to improve existing operations rather than making speculative infrastructure investments. Automation in…
LongKRSep 2026
Kroger
Kroger has been weak because inflation, high interest rates and elevated fuel costs have pressured consumer spending, but Auxier sees the depressed valuation as attractive. The…
Letters covered
- Summer 2026 Market CommentaryJune 30, 2026
- Summer 2026 Market CommentarySeptember 2, 2026
Source PDFs are not republished here; only extracted ideas and quotes.