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Equity Research Database
Institutional Investment Pitches
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
In Q2 2025, the Madison Large Cap Fund (Class Y) returned 3.12%, trailing the S&P 500 Index's 10.94%. Portfolio performance was...
— Rich Eisinger, Haruki Toyama, Joe Maginot
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Other investors who've written on CDW Corp.
CDW is undergoing a strategic shift from pure hardware sales to higher-margin software and IT services, which compressed margins temporarily but created an attractive entry point. Its unmatched scale...
The manager bought more shares of CDW, viewing it as a best-in-class IT reseller trading at an attractive 11x free cash flow. Although margin pressures...
CDW's pandemic-era growth masked a structural vulnerability caused by its heavy exposure to physical hardware sales. As customer demands...