Tom Lee, the popular Wall Street strategist who heads FundStrat Global Advisors and serves as chief investment officer at Fundstrat Capital, recently disclosed the stocks his firm bought and sold across its actively managed ETFs. Lee, known for his bullish market calls, has built a large following among retail investors who track his trades closely.
Intuit
The Fundstrat Granny Shots US Large Cap ETF (NYSE:GRNY) and Fundstrat Granny Shots US Large Cap & Income ETF (NYSE:GRNI) bought Intuit (NASDAQ:INTU), which owns popular companies like TurboTax, CreditKarma, QuickBooks, and MailChimp.
Intuit has become a beaten-down company because of the SaaS-pocalypse fears, with its stock being 55% below its all-time high. Therefore, Lee likely believes that fears that AI tools will disrupt its business are overblown. Instead, it is likely that AI features will help to improve its services and even cut operation costs.
Intuit’s valuation has also become highly friendly, with the forward price-to-earnings ratio moving to 14.7, lower than the sector median of 22.7. This multiple is also much lower than the five-year average of 32. As a result, the management has continued to repurchase its shares. It repurchased $5.5 billion in FY’26, up by 96% from a year earlier. It also $7.9 billion remaining in this authorization.
The most recent results showed that Intuit’s revenue rose by 14% in the fourth quarter to $4.4 billion, bringing its full-year figure to $21.4 billion. Analysts expect its next results will show that its revenue to come in at $4.31 billion. Paul Tudor Jones also recently bought Intuit shares.
SpaceX
FundStrat has also bought SpaceX (NASDAQ:SPCX) shares, which remain substantially lower than the all-time high of $225. SpaceX has several important catalysts, including its robust growth.
Analysts expect the company’s revenue will jump from $18 billion last year to $44 billion this year. They also see the revenue soaring to $72 billion next year.
SpaceX has leading market shares in key industries like artificial intelligence, connectivity, and satellite launches. Its AI business has become so successful that Anthropic is paying it over $1 billion a month, while Google is paying it over $900 million.
Analysts are highly bullish on the company, with the average SPCX forecast among analysts being $220, up sharply from the current $141.
Lockheed Martin
Tom Lee also invested in Lockheed Martin (NYSE:LMT), the biggest defense contractor in the US. Its stock has slumped by 18% from the year-to-date high.
A Lockheed Martin investment is a bet that its revenue growth will continue growing as US defense spending surges. President Donald Trump has requested Congress for $1.5 trillion in annual defense spending.
Its last results showed that revenue jumped to $18 billion in the first quarter, with analysts predicting that the second quarter figure will jump to $20 billion. Lockheed Martin is also relatively undervalued, trading with a forward P/E ratio of 18.50.
Tom Lee also bought other companies like Micron, Vertiv, and Freeport-McMoran. By making these purchases, he sold companies like Meta Platforms, Broadcom, PNC Financial, and Air Products & Chemicals.
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