Shares of AutoZone (AZO) are up five percent thus far in 2016, outpacing the S&P 500 by a healthy six percentage points. Nevertheless, shares of the auto parts distributor are still not overvalued at 17 times Wall Street's next year's estimated earnings because the company continues to grow, said Ernesto Ramos, head of equities for BMO Global Asset Management. 'They are penetrating not just the consumer fixing his or her at home, but they are also selling to repair shops, so that is how they are growing their business,' said Ramos. Ramos' BMO Low Volatility Equity Fund (BLVAX) is up 3.8% thus far in 2016, according to fund-tracker Morningstar.