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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.
Explore professional investment ideas sourced from institutional letters, short theses, and premium research channels, distilled into concise summaries.
| Pitch Type | Author | Industry | Pitch Thesis & Key Summary | Bull/Bear | Action | ||
|---|---|---|---|---|---|---|---|
| Sep 2, 2026 | Fund Letter | Mohnish PabraiPabrai Wagons Fund | -- | Pabrai Wagons Fund - TOI.AS Topicus is a European vertical market software (VMS) spin-off from Constellation Software. Pabrai maintains that... | NEUTRAL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | ASML Holding N.V. $ASML• NASDAQ | Semiconductors & Semiconductor EquipmentSemiconductors & Semiconductor Equipment | The Bristlemoon Global Fund - ASML We believe semiconductor capital equipment (semicap) is currently the most attractive subsector within semiconductors because the tremendous demand for compute and memory will drive a much higher-for-longer wafer fab equipment (WFE) capex cycle. Our preferred semicap... | BULL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Haicheng Li, CFAThe Baird Chautauqua International Growth Fund | Application SoftwareSoftware | The Baird Chautauqua International Growth Fund - ADYEN.AS We took the opportunities afforded by the strong market to trim holdings that appreciated the most, led by our semiconductor and automation names, and to redirect the proceeds into a small number of higher conviction positions that lagged. For example, we... | NEUTRAL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Steve JohnsonForager International Shares Fund | BanksBanks | Forager International Shares Fund - INGA.AS Dutch international bank ING Groep. The Fund acquired... | NEUTRAL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | John W. RogersAriel Appreciation Fund | Masco Corporation $MAS• NYSE | Building ProductsBuilding Products | Ariel Appreciation Fund - MAS We added Masco Corporation (MAS), the world's largest manufacturer of plumbing fixtures and a leading provider of paint in the United States. The company benefits... | BULL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Matt Burdett, Christian Hoffmann, Brian McMahonThornburg Equity Income Builder Fund | Multi-line InsuranceInsurance | Thornburg Equity Income Builder Fund - NN.AS Netherlands based life and casualty insurer, with market leading positions in Netherlands. +13.4% in 1H... | BULL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Ariel Investments, LLCAriel Small Cap Value Strategy | Masco Corporation $MAS• NYSE | Building ProductsBuilding Products | Ariel Small Cap Value Strategy - MAS We added Masco Corporation (MAS), the world's largest manufacturer of plumbing fixtures and a leading provider of paint in the United States. The company benefits... | BULL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Waystone Management Company (IE) LimitedContrarius Global Equity Fund | Movies & EntertainmentEntertainment | Contrarius Global Equity Fund - UMG.AS In recorded music it is the oldest name in the business, tracing its roots to Columbia Records in 1887, and is one of three global majors alongside Universal Music and Warner Music Group (a prior holding of the Fund). We believe these... | NEUTRAL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Benjamin Allen, Todd Ahlsten, Andrew ChoiParnassus Core Equity Fund | Broadline RetailBroadline Retail | Parnassus Core Equity Fund - DASH DoorDash, the food delivery platform, is a new position initiated during the quarter. We bought the... | NEUTRAL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Larry and DavidEquity Management Associates | ASM International $ASM• NYSE | Metals & MiningMetals & Mining | Equity Management Associates - ASM Avino Silver and Gold is a mid-tier producer of mostly silver with some gold and copper credits. They operate two... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Jay WarnerArtisan Partners Small Cap Fund | Ascendis Pharma A/S $ASND• NASDAQ | BiotechnologyBiotechnology | Artisan Partners Small Cap Fund - ASND Ascendis Pharma is a biotechnology company leveraging its proprietary TransCon platform to develop differentiated therapies for patients with significant unmet medical needs. Recent results were... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Matthew BerryAoris International Fund | Cintas Corp $CTAS• NASDAQ | Commercial Services & SuppliesCommercial Services & Supplies | Aoris International Fund - CTAS Cintas is America's largest uniform rental company. It earns 40%... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Lawrence Burns / Paulina McPaddenBaillie Gifford -International Concentrated Growth | ASML Holding N.V. $ASML• NASDAQ | Semiconductors & Semiconductor EquipmentSemiconductors & Semiconductor Equipment | Baillie Gifford International Concentrated Growth - ASML Those exposed to growing AI capital expenditure have performed strongly, and our large semiconductor holdings in TSMC and ASML have continued to benefit. ASML is the... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Zack BuckleyBuckley Capital | Hotels, Restaurants & LeisureHotels, Restaurants & Leisure | Buckley Capital - BFIT.AS We wrote about Basic-Fit in July 2025, when the market was penalizing the company for one-time expenses relating to the conversion of its gyms in France to staffless and 24/7 operations. The stock is... | NEUTRAL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Roderick van ZuylenNight Watch Investment Management | Application SoftwareSoftware | Night Watch Investment Management - ADYEN.AS Naturally, we are buyers of such businesses. If we can... | NEUTRAL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Nick, Erwin and DonnyLakehouse Global Growth Fund | Application SoftwareSoftware | Lakehouse Global Growth Fund - ADYEN.AS Adyen was our second largest detractor this year as revenue growth slipped below the long-expected 20% mark and the stock was punished for it. Fears of intensifying... | NEUTRAL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Stuart Pearce, Alexis DelloyeAlluvium Global Fund | Movies & EntertainmentEntertainment | Alluvium Global Fund - UMG.AS Universal Music, the music owner and producer, returned 11.7%. As we wrote... | BULL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | David E. Levanson, CFA and Danielle J. Menichella, CFASands Capital International Growth Fund | ASML Holding N.V. $ASML• NASDAQ | Semiconductors & Semiconductor EquipmentSemiconductors & Semiconductor Equipment | Sands Capital International Growth Fund - ASML ASML is a Dutch semiconductor equipment company specializing in lithography systems, which chipmakers use to print patterns on silicon wafers. ASML's investment results... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Brian A. Christiansen, David E. Levanson, Daniel PillingSands Capital Global Growth Fund | ASML Holding N.V. $ASML• NASDAQ | Semiconductors & Semiconductor EquipmentSemiconductors & Semiconductor Equipment | Sands Capital Global Growth Fund - ASML ASML is a Dutch semiconductor equipment company specializing in lithography systems, which chipmakers use to print patterns on silicon wafers. ASML's investment results... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Ryan O'ConnorCrossroads Capital | AST SpaceMobile, Inc. $ASTS• NASDAQ | Communications EquipmentCommunications Equipment | Crossroads Capital - ASTS On AST SpaceMobile, we wrote calls against the position early in the quarter (following Blue Origin's failure to launch BB7) and closed them at a profit. We then sold... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Norbury Capital | Fertilizers & Agricultural ChemicalsChemicals | Norbury Capital - OCI.AS Late last year, our investment in OCI Global turned from a very small and opportunistic bet into a larger position in which we became heavily involved. This marked Norbury... | NEUTRAL | View Pitch → | |
| Sep 1, 2026 | Fund Letter | Christopher R. PaveseBroyhill Asset Management | Masco Corporation $MAS• NYSE | Building ProductsBuilding Products | Long MAS (Masco Corporation) Masco Corporation ($MAS) is a leading designer and manufacturer of branded home improvement and building products, most notably plumbing fixtures (Delta, Hansgrohe) and architectural coatings (Behr). Broyhill initiated its... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Pratyush RastogiFarrer 36 Asset Management | Sendas Distribuidora S.A. $ASAI• NASDAQ | -- | Short ASAI (Sendas Distribuidora S.A. (Assaí)) Although the fund originally liked Assaí due to its cheap valuation and deleveraging profile, the stock was completely sold this quarter. The exit was... | BEAR | View Pitch → |
| Aug 21, 2026 | Fund Letter | Samer HakouraAlphyn Capital Management | Broadline RetailBroadline Retail | Long PRX.AS (Prosus NV) Prosus is shifting from a passive holding entity into a global tech operator, with its consolidated ecommerce business recently reaching free cash flow positivity independent of Tencent. Backed by disciplined... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Damian Bird | Air Freight & LogisticsAir Freight & Logistics | Long INPST.AS (InPost S.A.) InPost, a dominant Polish automated parcel machine operator, recently saw near-term earnings headwind due to an acquisition integration in the UK. However, the manager... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Larry and DavidEquity Management Associates | ASM International $ASM• NYSE | Metals & MiningMetals & Mining | Long ASM (Avino Silver & Gold Mines Ltd.) One of EMA's favorite holdings in early 2025 and a very large position. EMA sold a... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Norbury Capital | -- | Long AZEL.AS (Azelis) Azelis and IMCD are high-quality businesses in the specialty chemicals distribution market, which grows faster than GDP due to outsourcing by chemical producers. | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Alan BreedEdgewood Management | ASML Holding N.V. $ASML• NASDAQ | Semiconductors & Semiconductor EquipmentSemiconductors & Semiconductor Equipment | Long ASML (ASML Holding NV) Boasting a near-monopoly in crucial photolithography technology, the company is an essential beneficiary of secular semi-conductor growth. Short-term stock declines... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Alex Gunz | Broadline RetailBroadline Retail | Short DASH (DoorDash, Inc.) DoorDash was the fund's largest detractor during the quarter following disappointing forward guidance. Due to the... | BEAR | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Steve JohnsonForager Australian Shares Fund | BanksBanks | Long INGA.AS (ING Groep NV) ING Groep is benefiting from higher interest rate margins, solid credit quality, and robust capital return programs through dividends and buybacks. | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Christopher E. HillaryProsper Stars & Stripes | Application SoftwareSoftware | Short ASAN (Asana) Asana (ASAN) was the second-largest contributor in our short book in the quarter. | BEAR | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Christopher E. HillaryProsper Stars & Stripes | nLIGHT Inc. $LASR• NASDAQ | Semiconductors & Semiconductor EquipmentSemiconductors & Semiconductor Equipment | Long LASR (nLIGHT Inc.) nLIGHT (LASR) was the second-largest contributor in our long book in the quarter. | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Travis CockeVoss Value Offshore Fund | Other Specialty RetailSpecialty Retail | Long ASO (Academy Sports and Outdoors, Inc.) Academy Sports and Outdoors is a highly profitable sports retailer positioned in high-growth Southern states. The company possesses... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Cooper Investors Pty LimitedCooper Investors Global Equities Fund (Unhedged) | Movies & EntertainmentEntertainment | Long UMG.AS (Universal Music Group) The manager initiated a position in Universal Music Group after a 25% share price pullback driven by streaming growth fears, which they viewed as a catalyst for industry-wide monetization focus. UMG holds strong... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Spyglass Capital | Ascendis Pharma A/S $ASND• NASDAQ | BiotechnologyBiotechnology | Long ASND (Ascendis Pharma A/S) The manager re-entered Ascendis Pharma following the incredibly successful US commercial launch of Yorvipath for hypoparathyroidism. Yorvipath enjoys monopoly... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | BNY Mellon Investment Adviser, Inc.BNY Mellon Global Equity Income Fund | Movies & EntertainmentEntertainment | Long UMG.AS (Universal Music Group) Universal Music Group detracted from short-term performance due to negative market sentiment surrounding companies feared to be AI losers. The manager views... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Pontus DackmoProtean Small Cap | -- | Long ASMOD.ST (Asmodee) The manager expanded the fund's position in Asmodee, anticipating strong sales momentum from its distributed card games. The stock is... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Christian RytherCurreen Capital | IndustrialsIndustrials | Long HAVAS.AS (Havas) A recent spinoff from Vivendi, Havas is an advertising and public relations firm trading at a highly discounted valuation of less than 7x trailing cash earnings. The manager highlights... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Yoav ZelikovicZelikovic Investments | IndustrialsIndustrials | Long TASE.TA (The Tel Aviv Stock Exchange Clearing House Ltd) The manager opportunistically purchased shares of the Tel Aviv Stock Exchange when political events temporarily depressed its stock price. TASE features near-monopolistic... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | -- | Long ASTOR.IS (Astor Enerji AS) A newly acquired Turkish grid component supplier that experienced short-term price pressure due to chip sector volatility. The company's long-term... | BULL | View Pitch → | ||
| Aug 21, 2026 | Fund Letter | Bob SharpeVela International Fund | Movies & EntertainmentEntertainment | Long UMG.AS (Universal Music) We added Universal Music Group, the Dutch based entertainment company which produces and distributes music content globally. | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Roderick van ZuylenNight Watch Investment Management | Application SoftwareSoftware | Long ADYEN.AS (Adyen N.V.) Adyen was added to the portfolio due to its high-quality compounding profile, attractive valuation, and structural advantage of minimal stock-based compensation dilution arising from Dutch tax policies. | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Antipodes Partners LimitedAntipodes Global Fund | SemiconductorsSemiconductors & Semiconductor Equipment | Long ASX (ASE Technology Holding Co.) The company's key position in advanced packaging and testing for high-performance computing and AI chips is driving robust demand. This structural trend... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Jake BarfieldAsheville Capital Management | Air Freight & LogisticsAir Freight & Logistics | Long INPST.AS (InPost S.A.) InPost has delivered robust financial growth over a two-year holding period, supported by its dominant Polish cash cow segment and rapidly scaling international automated parcel machines. The company has... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Sean KirkwoodSRK Capital | Vaso Corporation $VASO• NASDAQ | Health Care TechnologyHealth Care Technology | Long VASO (Vaso Corporation) Vaso Corporation is executing an unusual SPAC merger to uplist from OTCQX to Nasdaq, implying a pro forma value of $0.93 per share compared to its recent $0.28 market price. The structural transaction... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | ASML Holding N.V. $ASML• NASDAQ | Semiconductors & Semiconductor EquipmentSemiconductors & Semiconductor Equipment | Long ASML (ASML Holding N.V.) In an otherwise dismal quarter for growth equities, shares of ASML and Micron delivered strong returns gaining +24% and +18% respectively during the first quarter. | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Lydia So, Paul Espinosa, Andrew FosterSeafarer Capital Partners | IndustrialsIndustrials | Long ADNOCGAS.AE (Adnoc Gas PLC) ADNOC Gas faced share price pressure alongside other regional holdings due to geopolitical conflicts, although its physical operations remain unaffected. The manager is... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Silas Myers and Brian MasseyMar Vista Global Equity Fund | ASML Holding N.V. $ASML• NASDAQ | Semiconductors & Semiconductor EquipmentSemiconductors & Semiconductor Equipment | Long ASML (ASML Holding N.V.) Mar Vista established a new position in ASML following market weakness over temporary 2025 guidance cuts. ASML holds a... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Joost van der MandeleVan Der Mandele Arar Fund | Hotels, Restaurants & LeisureHotels, Restaurants & Leisure | Long BFIT.AS (Basic-Fit) Basic-Fit experienced a post-earnings decline that the manager views as unjustified, caused primarily by large institutional sellers. Although margins have... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Travis CockeVoss Value Fund | Other Specialty RetailSpecialty Retail | Long ASO (Academy Sports and Outdoors) Academy Sports and Outdoors is a premier retail business situated in high-migration southern states with superior store economics, where even underperforming locations match the competitor average. ASO's robust expansion... | BULL | View Pitch → |
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Investment pitches and theses displayed on Buyside Digest are summaries of opinions expressed in publicly available investor letters, research reports, or other commentary. These summaries are generated for informational and research purposes only and do not constitute investment recommendations, financial advice, or an endorsement of any particular security or strategy by Buyside Digest. Users should conduct their own independent due diligence and consult with professional advisors before making any investment decisions.