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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 | ||
|---|---|---|---|---|---|---|---|
| Nov 10, 2026 | Fund Letter | Alex UmanskyBaron Global Opportunity Fund | CrowdStrike Holdings, Inc. $CRWD• NASDAQ | Application SoftwareSoftware | Long CRWD (CrowdStrike Holdings, Inc.) Leading cloud-native cybersecurity platform CrowdStrike Holdings, Inc. contributed to performance with the stock increasing 38.1%. The rapid progress... | BULL | View Pitch → |
| Nov 3, 2026 | Fund Letter | Bob SharpeVela International Fund | Criteo S.A. $CRTO• NASDAQ | -- | Long CRTO (Criteo S.A.) The other lagging sector this quarter and the fiscal year was Communications, primarily due to disappointing financial results at Criteo and continued fears of AI disintermediation by the recent launch of AI agent products (i.e., “Muse” by META). Ad spending by... | BULL | View Pitch → |
| Oct 30, 2026 | Fund Letter | Western & Southern Financial Group / Touchstone InvestmentsTouchstone Balanced Fund | Salesforce, Inc. $CRM• NASDAQ | Application SoftwareSoftware | Long CRM (Salesforce Inc) Selection within Information Technology contributed most, including overweight positions in Microsoft Corp. (Information Technology sector), Meta Platforms Inc. (Communication Services sector), Salesforce Inc. (Information Technology sector) and Workday Inc. (Information Technology sector). | BULL | View Pitch → |
| Oct 29, 2026 | Fund Letter | Hrishikesh GuptaSGA - Global Growth | Salesforce, Inc. $CRM• NASDAQ | Application SoftwareSoftware | Long CRM (Salesforce, Inc.) Salesforce was a top contributor during the quarter as improving investor confidence in its growth outlook and AI strategy helped reverse some of the weakness experienced earlier in the year. Shares advanced following... | BULL | View Pitch → |
| Oct 29, 2026 | Fund Letter | Tucker BrownSGA - U.S. Large Cap Growth | Salesforce, Inc. $CRM• NASDAQ | Application SoftwareSoftware | Long CRM (Salesforce, Inc.) Salesforce was a top contributor during the quarter as improving investor confidence in its growth outlook and AI strategy helped reverse some of the weakness experienced earlier in the year. Shares advanced following... | BULL | View Pitch → |
| Oct 29, 2026 | Fund Letter | Dr Ian Mortimer, CFAGuinness Global Innovators | Salesforce, Inc. $CRM• NASDAQ | Application SoftwareSoftware | Long CRM (Salesforce, Inc.) Salesforce, the enterprise software giant, ended the quarter as the Fund's top performer. This follows a... | BULL | View Pitch → |
| Oct 15, 2026 | Fund Letter | Ariel Investments, LLCAriel Small Cap Value Strategy | Life Sciences Tools & ServicesLife Sciences Tools & Services | Long CRL (Charles River Laboratories International, Inc.) Charles River Laboratories (CRL) advanced following a strong earnings report and an increase to full-year guidance. Results reflected improving... | BULL | View Pitch → | |
| Oct 15, 2026 | Fund Letter | John W. Rogers, Jr.Ariel Fund | Life Sciences Tools & ServicesLife Sciences Tools & Services | Long CRL (Charles River Laboratories International, Inc.) Charles River Laboratories (CRL) advanced following a strong earnings report and an increase to full-year guidance. Results reflected improving... | BULL | View Pitch → | |
| Oct 15, 2026 | Fund Letter | John W. RogersAriel Appreciation Fund | Life Sciences Tools & ServicesLife Sciences Tools & Services | Long CRL (Charles River Laboratories International, Inc.) Charles River Laboratories (CRL) advanced during the quarter following a strong earnings report and an increase to full-year guidance. Results reflected improving... | BULL | View Pitch → | |
| Oct 15, 2026 | Fund Letter | Hawkins EntrekinWarden Capital | CoreWeave Inc. $CRWV• NASDAQ | Application SoftwareSoftware | Short CRWV (CoreWeave Inc.) Bellwether Coreweave is down nearly 24% from recent highs, and is retracing post Leopold blow up lows. Even wilder, its... | BEAR | View Pitch → |
| Oct 14, 2026 | Fund Letter | Focus Asset Management Ltd.Focus Wealth Management | Salesforce, Inc. $CRM• NASDAQ | Application SoftwareSoftware | Long CRM (Salesforce, Inc.) Finally, one example of a company we believe has been overly punished in the AI craze is Salesforce, the world's largest provider of customer relationship management (CRM) software. Salesforce shares were... | BULL | View Pitch → |
| Oct 13, 2026 | Fund Letter | David SteinthalL1 Capital International Fund | Construction MaterialsConstruction Materials | Long CRH (CRH plc) However, if there is a business to which it might apply, it is CRH. We have followed... | BULL | View Pitch → | |
| Oct 13, 2026 | Fund Letter | William C. Nygren, Michael A. Nicolas, Robert F. BierigOakmark Fund | Salesforce, Inc. $CRM• NASDAQ | Application SoftwareSoftware | Long CRM (Salesforce, Inc.) Salesforce was a contributor during the quarter. Shares of the... | BULL | View Pitch → |
| Oct 12, 2026 | Fund Letter | CrowdStrike Holdings, Inc. $CRWD• NASDAQ | Application SoftwareSoftware | Long CRWD (CrowdStrike Holdings, Inc.) During the second quarter of 2026, the market began the process of sorting through the carnage and companies like Crowdstrike and Snowflake were not only deemed to be survivors but potential major winners from the AI revolution. In retrospect, it... | BULL | View Pitch → | |
| Oct 12, 2026 | Fund Letter | Salesforce, Inc. $CRM• NASDAQ | Application SoftwareSoftware | Short CRM (Salesforce, Inc.) Peace with Honor. That's how we... | BEAR | View Pitch → | |
| Oct 12, 2026 | Fund Letter | Steve JohnsonForager International Shares Fund | Crocs, Inc. $CROX• NASDAQ | Textiles, Apparel & Luxury GoodsTextiles, Apparel & Luxury Goods | Short CROX (Crocs, Inc.) In contrast, American shoe brand Crocs (NASDAQ:CROX) delivered record second-quarter revenue, with the Crocs brand passing US$1bn in revenue in a quarter for the first time, and raised its full-year outlook. Underneath the headline,... | BEAR | View Pitch → |
| Oct 5, 2026 | Fund Letter | David DirankoDiranko Capital | Lifecore Biomedical, Inc. $LFCR• NASDAQ | PharmaceuticalsPharmaceuticals | Short LFCR (Lifecore Biomedical, Inc.) LFCR is a US-based contract development and manufacturing organization (CDMO). What is quite... | BEAR | View Pitch → |
| Oct 5, 2026 | Fund Letter | Dr. Hendrik LeberACATIS Investment | IndustrialsIndustrials | Short PCRFY (Panasonic Holdings Corporation) This Japanese classic is known mostly for its batteries, entertainment electronics and cameras. More recently, the... | BEAR | View Pitch → | |
| Sep 30, 2026 | Fund Letter | Richard PennyTM Oberon UK Smaller Companies Fund | -- | Long CRST.L (Crest Nicholson Holdings plc) Several new positions were initiated during the quarter. We built a... | BULL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Scott O'Gorman, Andy Colyer, Daniel WhiteIthaka US Growth Strategy | CrowdStrike Holdings, Inc. $CRWD• NASDAQ | Application SoftwareSoftware | Ithaka US Growth Strategy - CRWD CrowdStrike is a global leader in cloud-native cybersecurity, delivering its comprehensive Falcon platform, which spans endpoint protection, cloud security, identity threat detection, and next-gen Security Information and Event Management (SIEM), to tens of thousands of enterprise organizations worldwide. The company generates... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Andrew MackenMontaka Global Investments | Salesforce, Inc. $CRM• NASDAQ | Application SoftwareSoftware | Montaka Global Investments - CRM Since the start of the recent SaaS selloff – which we explored in detail in Montaka's recent whitepaper – Salesforce's share price has halved. The market is... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Emerald Wealth Partners Growth Equity Strategy | CrowdStrike Holdings, Inc. $CRWD• NASDAQ | Application SoftwareSoftware | Emerald Wealth Partners Growth Equity Strategy - CRWD We met with Michael Sentonas, President CrowdStrike, early July. The discussion centered... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Abdulaziz A. AlnaimMayar Capital | Commodity ChemicalsChemicals | Mayar Capital - CRDA.L Croda International. Founded: 1925.... | NEUTRAL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Tony ConiarisHarris Associates Concentrated Strategy | Salesforce, Inc. $CRM• NASDAQ | Application SoftwareSoftware | Harris Associates Concentrated Strategy - CRM Salesforce was a detractor during the quarter. Shares of the... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Matthew Fine, CFA and Jason Wolf, CFAThird Avenue Small Cap Value Fund | CRA International, Inc. $CRAI• NASDAQ | Research & Consulting ServicesProfessional Services | Third Avenue Small Cap Value Fund - CRAI CRA International, Inc., which operates under the brand Charles River Associates, is a global consulting firm specializing in economic, financial, and management consulting. Founded in 1965... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Brandon D. Bond, Bo Fifer, Brian M. McNamaraTCW Concentrated Large Cap Growth Fund | CrowdStrike Holdings, Inc. $CRWD• NASDAQ | Application SoftwareSoftware | TCW Concentrated Large Cap Growth Fund - CRWD Shares of CrowdStrike Holdings, Inc. (CRWD; 3.28%) also positively contributed to relative performance after posting solid quarterly results which included NNARR (Net New Annual Recurring Revenue) of $256M (+32% YoY), non-GAAP operating margin of 24% (+6% YoY), and FCF of $469M (+67% YoY). Management also raised... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Pzena Investment Management, LLCPzena International Value ADR strategy | Corebridge Financial, Inc. $CRBG• NASDAQ | Asset Management & Custody BanksCapital Markets | Pzena International Value ADR strategy - CRBG After underperforming in 2023, U.S. life insurance stocks staged a powerful rebound in 2024. In early 2026,... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Tucker BrownSGA - U.S. Large Cap Growth | Salesforce, Inc. $CRM• NASDAQ | Application SoftwareSoftware | SGA - U.S. Large Cap Growth - CRM Salesforce was a detractor from performance during the quarter as investor sentiment remained cautious following another quarter that merely met its guidance targets. Current remaining performance... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Hrishikesh GuptaSGA - Global Growth | Salesforce, Inc. $CRM• NASDAQ | Application SoftwareSoftware | SGA Global Growth - CRM Salesforce was a detractor from performance during the quarter as investor sentiment remained cautious following another quarter that merely met its guidance targets. Current remaining performance... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Wesley A. Johnston, Thomas H. Trentman, Benjamin H. BetcherSands Capital Select Growth Fund | MachineryMachinery | Sands Capital Select Growth Fund - CRS Carpenter Technology is a leading supplier of specialty nickel alloys for the aerospace industry. Fiscal third-quarter results... | NEUTRAL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Daniel S. LoebThird Point Partners | Construction MaterialsConstruction Materials | Third Point Partners - CRH Once viewed as a cyclical European cement producer, CRH has transformed itself into what we consider one of North America's leading providers of essential construction materials and infrastructure solutions. Approximately 75% of... | NEUTRAL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Alex UmanskyBaron Fifth Avenue Growth Fund | CrowdStrike Holdings, Inc. $CRWD• NASDAQ | Application SoftwareSoftware | Baron Fifth Avenue Growth Fund - CRWD The discussion evolved from 'is AI going to disrupt cybersecurity' to organizations and even the frontier AI labs relying on Falcon as their AI-powered defender for the post-Mythos era. Even more consequential... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Lifecore Biomedical, Inc. $LFCR• NASDAQ | PharmaceuticalsPharmaceuticals | Greenhaven Road Capital - LFCR Another top-five holding is Lifecore (LFCR). The entire thesis... | BULL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Harry Qelm Baabsman | Salesforce, Inc. $CRM• NASDAQ | Application SoftwareSoftware | Harry Qelm Baabsman - CRM The company pioneered cloud-based CRM systems (Customer relationship management). Its bright leadership... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Arne AlsinNightview Capital | Salesforce, Inc. $CRM• NASDAQ | Application SoftwareSoftware | Nightview Capital - CRM Salesforce is our clearest expression of the system-of-record thesis. It holds the... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Alex UmanskyBaron Global Opportunity Fund | CrowdStrike Holdings, Inc. $CRWD• NASDAQ | Application SoftwareSoftware | Baron Global Opportunity Fund - CRWD Leading cloud-native cybersecurity platform CrowdStrike Holdings, Inc. contributed to performance during the quarter with the stock up 95.6% as the market increasingly recognized the company as one of the primary beneficiaries of enterprise AI adoption. As organizations increasingly... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | ArrowMark PartnersMeridian Contrarian Fund | Oil & Gas Exploration & ProductionOil, Gas & Consumable Fuels | Meridian Contrarian Fund - CRC California Resources Corp. is an oil and gas producer in the state of California with a growing carbon management business harvesting CO2 from industrial locations and storing in spent oil caverns. We initially invested... | NEUTRAL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Samer HakouraAlphyn Capital Management | Cirata plc $CRTA.L• LSE | Application SoftwareSoftware | Short CRTA.L (Cirata Plc) I fully exited the Cirata position during the quarter. The investment thesis... | BEAR | View Pitch → |
| Aug 21, 2026 | Fund Letter | Avram FisherLong Cast Advisers | CoreCard Corp. $CCRD• NASDAQ | -- | Long CCRD (CoreCard Corporation) CoreCard benefited from its repriced and lengthened contract with Goldman, discussed in our 3Q24 letter. This amended contract... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Harvey SaxAlpha Wealth Funds - The Insiders Fund | Comstock Resources $CRK• NYSE | -- | Long CRK (Comstock Resources) ● Business: CRK is an independent oil and natural gas exploration and production company focused on unconventional resources in the Haynesville and Eagle Ford shales. They operate primarily... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Silas Myers, Brian MasseyMar Vista US Quality | Salesforce, Inc. $CRM• NASDAQ | Application SoftwareSoftware | Long CRM (Salesforce, Inc.) Salesforce's (CRM) stock came under pressure in Q1 as investors grew concerned about the potential negative impact of trade tensions and tariffs on the global economy, as well as the current lack of monetization from AI-enabled software solutions. Despite these concerns,... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Mr. FitzpatrickAristotle Core Equity Fund | CrowdStrike Holdings, Inc. $CRWD• NASDAQ | Application SoftwareSoftware | Long CRWD (CrowdStrike Holdings, Inc.) CrowdStrike provides cybersecurity products and services that offer endpoint protection and threat intelligence solutions, enabling customers to prevent damage from targeted attacks, detect advanced malware and search all endpoints. The company's open... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | John Brown, Drew JustmanMadison Dividend Income Fund | Life Sciences Tools & ServicesLife Sciences Tools & Services | Long CRL (Charles River) Our investments in drug development companies like Charles River Labs (CRL) and Medpace Holdings (MEDP) pulled back, driven by AI disruption fears. Our work suggests... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Vulcan Value Partners LLCVulcan Value Partners - Focus Plus | Salesforce, Inc. $CRM• NASDAQ | Application SoftwareSoftware | Long CRM (Salesforce, Inc.) Salesforce is the world's leading SaaS vendor for customer relationship management (CRM) and salesforce automation (SFA) software. The company offers... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Greg DeanLangdon Global Smaller Companies | -- | Short SMCRT.OL (SmartCraft ASA) The more important point for this letter is that the drawdowns in Goosehead, Hypoport, and SmartCraft appear to have been driven far more by valuation compression than by clear evidence of business deterioration. As the market... | BEAR | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Gresham House | Craneware plc $CRW.L• LSE | Health Care TechnologyHealth Care Technology | Long CRW.L (Craneware plc) Craneware is a Software-as-a-Service vendor focused on the healthcare sector. Craneware operates in... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Southeastern Asset Management, Inc.Longleaf Partners Small-Cap Fund | Oscar Health, Inc. $OSCR• NASDAQ | Health Care Providers & ServicesHealth Care Providers & Services | Long OSCR (Oscar Health) Oscar Health – Health insurance and software company Oscar was a top detractor for the quarter while remaining a top contributor for the year. The company delivered... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Abdulaziz A. AlnaimMayar Capital | Commodity ChemicalsChemicals | Long CRDA.L (Croda International Plc) In 1925, two men named Crowe and Dawe set up business at Rawcliffe Bridge, a hamlet in the flat farmland of East Yorkshire, with the aim of extracting lanolin — a waxy grease — from raw sheep's wool. They combined the... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Evan D. Fox | Corebridge Financial, Inc. $CRBG• NASDAQ | Asset Management & Custody BanksCapital Markets | Long CRBG (Corebridge Financial) As private credit concerns proliferated, two of our holdings, Corebridge Financial and Equitable Holdings, sold off in concert with alternative asset managers despite having very different business models. Shortly thereafter in... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Salesforce, Inc. $CRM• NASDAQ | Application SoftwareSoftware | Long CRM (Salesforce, Inc.) As a sector, enterprise software stocks peaked at the end of 2024, had a terrible 2025 and an even worse start to 2026. We have tried... | 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.