The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Mar 30, 2026
Alta Fox believes XPEL represents a compelling investment opportunity as a high-quality share gainer in the secularly growing Paint Protection Film market. The company dominates this niche oligopoly through software-led competitive advantages via their DAP platform and strong brand recognition, with US PPF penetration estimated at only mid-single digits providing substantial room for adoption growth. After an elevated investment period from 2022-2025, XPEL is positioned for significant operating leverage while sustaining high-single-digit revenue growth. CEO Ryan Pape has outlined a credible plan to drive EBIT margins from 13% to 26% by FY28 through vertical integration initiatives. The shares have de-rated significantly following slower 2024 growth, short reports, and macro concerns, creating an asymmetric risk/reward opportunity. Alta Fox forecasts FY28 EPS to roughly double from FY25 levels under conservative assumptions, supporting 100% upside, with management's targets implying materially higher earnings power and 250% upside potential.
XPEL is a dominant compounder in a niche oligopoly trading at an attractive price, positioned for operating leverage after emerging from a multi-year investment cycle with management targeting significant margin expansion through vertical integration.
Alta Fox expects XPEL to compound EPS at a low-20% rate through FY28 in their base case framework, with management's vertical integration plan potentially supporting materially faster EPS growth and 250% upside if targets are achieved.
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