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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.
Vision Capital Fund's 2025 Annual Letter reviews its financial performance, showing a net return of +9.8% for 2025, underperforming the S&P 500 (+17.9%), while outperforming since inception (+21.4% net vs. +20.7%). The fund initiated...
— Eugene Ng
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Other investors who've written on Sea Limited
Sea Limited represents a compelling opportunity due to its robust revenue growth, margin expansion, and improved efficiency across its three business segments. Most notably, the...
Sea Limited has achieved EBITDA profitability across all regions for its e-commerce business, Shopee, with margins expanding due to advertising, logistics, and fintech services. The manager believes...
Since our last letter, shares in Sea Limited have dipped another -20%. Which is puzzling,...