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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.
Visa and Mastercard shares increased by 5% and 8% during the third quarter and 12% and 13%, respectively, year-to-date from our average acquisition prices. Both companies reported...
— William A. Ackman
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Other investors who've written on Mastercard Incorporated
Mastercard ($MA) operates one of the world's primary global payment rails, processing card and electronic transactions between issuing banks, merchants, and acquiring institutions worldwide. The fund maintains...
Mastercard has spent 2026 under investor pressure based on their belief in a future that hasn’t arrived. Investors fear that...
The manager exited Mastercard after a year of appreciation as its valuation became expensive once more. Additionally, the tailwinds...
More institutional theses from Pershing Square Holdings
QSR's share price declined 1% during the third quarter but remains up 7% year-to-date, as we believe investors are beginning to better appreciate the durability of its growth. While peers have...
ICE’s share price rose 2% from our average cost in the third quarter as record volumes on ICE’s futures and options exchanges and accelerating growth in its data businesses have been somewhat offset by concerns around the sustainability of recent Exchanges volumes, the perceived threat of perpetual futures, and the impact of higher rates on Mortgage Technology. We remain confident...
Meta’s share price increased 29% during the third quarter and 10% year-to-date. Its core advertising...