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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.
SPGI’s share price increased 3% during the third quarter and is down 1% year-to-date from our average cost as strong performance in S&P Global’s high-quality benchmark businesses has been overshadowed by concerns around the impact of AI on Market Intelligence and higher interest rates on Ratings growth. We continue to...
— William A. Ackman
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Other investors who've written on S&P Global Inc.
We liquidated our position in S&P Global during the quarter. Growth expectations for...
S&P Global, best known for its credit ratings and the S&P 500 index, also sells financial data to Wall Street. Investors worry that...
S&P Global underperformed, detracting from the overall portfolio's performance. The company remains...
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...