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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 9, 2026 | Fund Letter | Ronald Baron, David Baron, Michael BaronBaron First Principles ETF | FIGS, Inc. $FIGS• NASDAQ | Textiles, Apparel & Luxury GoodsTextiles, Apparel & Luxury Goods | Long FIGS (FIGS, Inc.) FIGS, Inc., a direct-to-consumer health care apparel brand, contributed to performance following a strong second quarter. Net revenue grew... | BULL | View Pitch → |
| Nov 2, 2026 | Fund Letter | Yaron Naymark1 Main Capital | Hotels, Restaurants & LeisureHotels, Restaurants & Leisure | Long BFIT.AS (Basic-Fit N.V.) BFIT has continued to execute since we reinitiated the investment in 2024. In its most... | BULL | View Pitch → | |
| Oct 14, 2026 | Fund Letter | Andrew Choi & Shivani VohraParnassus Growth Equity Fund | Construction & EngineeringConstruction & Engineering | Long FIX (Comfort Systems USA Inc) Comfort Systems USA, a provider of electrical and plumbing systems, also found its shares pressured by the political backlash to data centers. We remain confident... | BULL | View Pitch → | |
| Oct 11, 2026 | Fund Letter | Federico TorreTorre Financial | Construction & EngineeringConstruction & Engineering | Short FIX (Comfort Systems USA, Inc.) We sold Comfort Systems (FIX), the book's best performer of the year, after a quarter in which revenue grew 50% and earnings 92%. The tailwind is... | BEAR | View Pitch → | |
| Oct 6, 2026 | Fund Letter | David BastianKingdom Capital Advisors | United Natural Foods Inc. $UNFI• NASDAQ | Consumer Staples Merchandise RetailConsumer Staples Merchandise Retail | Long UNFI (United Natural Foods, Inc.) United Natural Foods (UNFI) and Magnera (MAGN) continue to execute their business plans and trade at cheap valuations despite being the largest players in each of their niches. We expect them... | BULL | View Pitch → |
| Oct 2, 2026 | Fund Letter | Ben Pirie & Nicholas CortellucciAtrium Research | -- | Long FISH.V (Sailfish Royalty Corp.) On August 26th, Sailfish Royalty (FISH:TSXV, SROYF:OTC, BUY $7.25 Target) reported Q2 revenue of US$1.3M (+87% YoY), below our expectations due to Mako mining outside the original San Albino area and one-time bonus payments. Following the US$168M... | BULL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Steve JohnsonForager International Shares Fund | Fiserv, Inc. $FISV• NASDAQ | -- | Forager International Shares Fund - FISV Fiserv (NASDAQ:FISV) was the single largest detractor this year, costing the Fund 3.9%. A loss of... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Steve JohnsonForager International Shares Fund | Construction & EngineeringConstruction & Engineering | Forager International Shares Fund - FIX Comfort Systems appeared in last year's report as a fresh buy out of the April 2025 selloff, and it continued to deliver handsomely this year before we moved on, contributing 1.7% to returns. This mechanical, electrical... | NEUTRAL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Chip ReweyRewey Asset Management | Orthofix Medical Inc. $OFIX• NASDAQ | Health Care Equipment & SuppliesHealth Care Equipment & Supplies | Rewey Asset Management - OFIX OFIX was our weakest performer in 1Q26, as the stock declined following its May 21st announcement that CMS had lowered its reimbursement for non-invasive bone growth stimulator devices. Due to the... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Matt Kamm, Jason White, Jim Hamel, Angela Wu, Jay WarnerArtisan Mid Cap Fund | Construction & EngineeringConstruction & Engineering | Artisan Mid Cap Fund - FIX Comfort Systems is a provider of heating, ventilation and air conditioning services. Strong demand from... | NEUTRAL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Mairs & Power, Inc.Mairs & Power - Balanced Fund | Fiserv, Inc. $FISV• NASDAQ | -- | Mairs & Power - Balanced Fund - FISV Fiserv (FISV) weighed on relative performance. The company is... | 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 | Alan BreedEdgewood Management | Fair Isaac Corp. $FICO• NASDAQ | Application SoftwareSoftware | Edgewood Management - FICO Fair Isaac showed 60% year-over-year EPS growth in the most recent quarter. Portfolio weighting is... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Hrishikesh GuptaSGA - Emerging Markets Growth | Consumer FinanceConsumer Finance | SGA Emerging Markets Growth - BAJFINANCE.NS Bajaj Finance, the largest non-banking finance company in India, was a top contributor to performance during the quarter. The company reported... | BULL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | David Baron, Ron BaronBaron Focused Growth Fund | FIGS, Inc. $FIGS• NASDAQ | Textiles, Apparel & Luxury GoodsTextiles, Apparel & Luxury Goods | Baron Focused Growth Fund - FIGS FIGS, Inc. designs and sells scrubwear for health care professionals through a digitally native, direct-to-consumer strategy. The stock detracted... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Neal RosenbergBaron Generational Growth Fund | FIGS, Inc. $FIGS• NASDAQ | Textiles, Apparel & Luxury GoodsTextiles, Apparel & Luxury Goods | Baron Growth Fund - FIGS FIGS, Inc. designs and sells scrubwear for health care professionals through a digitally native, direct-to-consumer strategy. The stock detracted... | NEUTRAL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Alan BreedEdgewood Management | Fair Isaac Corp. $FICO• NASDAQ | Application SoftwareSoftware | Long FICO (Fair Isaac Corp.) Business Description: Leading provider of consumer credit analytics and scoring algorithms that is best known for the “FICO Score”—a three-digit metric used in a variety of consumer credit decisions. Thesis: FICO is... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Jeffrey G. CherkinTourlite Capital Management | Industrial ConglomeratesIndustrial Conglomerates | Long FIP (FTAI Infrastructure Inc.) We continue to believe FIP's share price remains significantly below the intrinsic value of its underlying assets. On April 30th,... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | C.T. FitzpatrickVulcan Value Partners - Large Cap | Fiserv, Inc. $FI• NYSE | -- | Long FI (Fiserv Inc.) Fiserv, a company we have owned in the past, is a global payments solutions and financial services provider. Their business consists... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Spyglass Capital | Fair Isaac Corp. $FICO• NASDAQ | Application SoftwareSoftware | Long FICO (Fair Isaac Corporation) Fair Isaac Corporation (FICO), an analytics software company, was a new position in the third quarter. We first invested... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | David BastianKingdom Capital Advisors | United Natural Foods Inc. $UNFI• NASDAQ | Consumer Staples Merchandise RetailConsumer Staples Merchandise Retail | Long UNFI (United Natural Foods, Inc.) We love the counter-cyclical exposure of United Natural Foods (UNFI) to grocery trade-down from restaurants. There are two... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Ganes Capital Management LimitedGanes Focused Value Fund | Asset Management & Custody BanksCapital Markets | Long FID.AX (Fiducian Group Limited) We added to our holding of Fiducian Group during the quarter which has led to it returning to the top 10 holdings for the first time in several years. We are no... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | David M. PoppeGiverny Capital Asset Management | Five Below $FIVE• NASDAQ | Other Specialty RetailSpecialty Retail | Short FIVE (Five Below, Inc.) On the negative side of the ledger, Five Below lost 49% of its value in the first half of the year, with most of the drop happening in the second quarter. Five Below sells... | BEAR | View Pitch → |
| Aug 21, 2026 | Fund Letter | Dominick D'AngeloO'Keefe Stevens Advisory, Inc | Donnelley Financial $DFIN• NASDAQ | Application SoftwareSoftware | Short DFIN (Donnelley Financial Solutions, Inc.) Donnelley Financial (DFIN). For ~$200, we... | BEAR | View Pitch → |
| Aug 21, 2026 | Fund Letter | Neil J. HennessyHennessy Balanced Fund | Fiserv, Inc. $FISV• NASDAQ | -- | Short FISV (Fiserv, Inc.) The Financials sector also weighed on relative performance due to an unfavorable contribution from Fiserv (FISV). The company is... | BEAR | View Pitch → |
| Aug 21, 2026 | Fund Letter | George L. Smith III, Jeffrey Omohundro, Christopher G. PearsonThe Davenport Core Leaders Fund | SoFi Technologies, Inc. $SOFI• NASDAQ | Consumer FinanceConsumer Finance | Long SOFI (SoFi Technologies, Inc.) We initiated a new position in SoFi Technologies, Inc. (SOFI) during the period. Sofi is a... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Michael A. Sansoterra, Sandeep Bhatia, Sowmdeb SenVirtus Silvant Mid-Cap Growth Fund | Fair Isaac Corp. $FICO• NASDAQ | Application SoftwareSoftware | Long FICO (Fair Isaac Corp.) Data analytics firm Fair Isaac underperformed despite higher-than-expected earnings and revenues. The key metric... | 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) Post-earnings declines in Basic Fit and Jackson Financial limited further outperformance. We believe these... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Joost van der MandeleVan Der Mandele Arar Fund | Jiayin Group $JFIN• NASDAQ | Consumer FinanceConsumer Finance | Long JFIN (Jiayin Group) This month's performance can significantly be attributed to the performance of Jiayin Group, the stock we gave the limelight in our last Investor's Letter. The stock has... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Shreekkanth "Shree" ViswanathanSVN Capital Fund | Consumer FinanceConsumer Finance | SVN Capital Fund - BAJFINANCE.NS Bajaj Finance is India's largest non-bank lender, serving over 119 million customers. It is a... | NEUTRAL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Daniel B. SmoakSmoak Capital Management | Commercial Services & SuppliesCommercial Services & Supplies | Long FILA.MI (F.I.L.A. S.p.a.) FILA is an Italian-based company that makes pencils, paper, paints, and many other products for the fine arts, school, and hobby/leisure sectors. While you have... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Aaron MonroeDiamond Hill Small Cap Fund | First Interstate BancSystem $FIBK• NASDAQ | BanksBanks | Long FIBK (First Interstate BancSystem, Inc.) Our bottom contributors in Q1 were heavily concentrated in the financials sector, including Live Oak Bancshares, First Interstate BancSystem, Bank OZK, BOK Financial Corporation, and Webster Financial Corporation. Following the failure... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Warren FisherManole Capital Management | Fiserv, Inc. $FI• NYSE | -- | Long FI (Fiserv, Inc.) Fiserv (owner of First Data) and one of the largest merchant acquirer and payment processor in the world, published a special report reviewing consumer spending growth during the 2024 holiday shopping season. From November 27th... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | David BastianKingdom Capital Advisors | United Natural Foods Inc. $UNFI• NASDAQ | Consumer Staples Merchandise RetailConsumer Staples Merchandise Retail | Long UNFI (United Natural Foods) Another significant contributor to our 2024 performance was United Natural Foods, which I highlighted last quarter. As expected, UNFI... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Christopher R. PaveseBroyhill Asset Management | Fiserv, Inc. $FISV• NASDAQ | -- | Long FISV (Fiserv, Inc.) Fiserv was our biggest detractor from performance on the year. This was a... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Mo VakilThe Bristol Gate Canadian Equity | Cargo Ground TransportationGround Transportation | Short TFII.TO (TFI International) TFI International contributed positively after reporting Q4 2025 earnings per share of CAD 1.50 vs. analyst expectations of CAD 1.17 — a 27% beat that drove meaningful positive stock reaction. Investors began to... | BEAR | View Pitch → | |
| Aug 19, 2026 | Substack | dbsilverfoxSubstack (dbsilverfox) | Health Care SuppliesHealth Care Equipment & Supplies | Portfolio update as of 11.08.2026Fielmann Group – FIE.DE Fielmann Group is in a growth phase, expanding its store network and entering the US market through strategic acquisitions. The company's focus... | BULL | View Pitch → | |
| Aug 3, 2026 | Seeking Alpha | Seeking Alpha ContributorSeeking Alpha | Application SoftwareSoftware | Figma, Inc. Figma, Inc. has experienced significant growth since its IPO, with revenues increasing from $749 million in 2024 to $1.05 billion in 2025. Despite this, the... | NEUTRAL | View Pitch → | |
| Aug 3, 2026 | Seeking Alpha | Seeking Alpha ContributorSeeking Alpha | SoFi Technologies, Inc. $SOFI• NASDAQ | Consumer FinanceConsumer Finance | SoFi Technologies, Inc. SoFi Technologies, Inc. is experiencing significant growth, with Q2 2026 results showing a 41% year-over-year revenue increase and record loan originations. Despite this, the... | BULL | View Pitch → |
| Jun 30, 2026 | Fund Letter | Ronald Baron, David Baron, Michael BaronBaron First Principles ETF | FIGS, Inc. $FIGS• NASDAQ | Textiles, Apparel & Luxury GoodsTextiles, Apparel & Luxury Goods | Long FIGS (FIGS, Inc.) FIGS, Inc. designs and sells scrubwear for health care professionals through a digitally native, direct-to-consumer strategy. The stock detracted... | BULL | View Pitch → |
| Mar 31, 2026 | Fund Letter | Ronald Baron, David Baron, Michael BaronBaron First Principles ETF | FIGS, Inc. $FIGS• NASDAQ | Textiles, Apparel & Luxury GoodsTextiles, Apparel & Luxury Goods | Long FIGS (FIGS, Inc.) FIGS, Inc. designs and sells scrubwear for health care professionals through a digitally native, direct-to-consumer strategy. Shares rose following... | BULL | View Pitch → |
| Feb 25, 2026 | Fund Letter | Alan BreedEdgewood Management | Fair Isaac Corp. $FICO• NASDAQ | Application SoftwareSoftware | Edgewood Management 2025 Q2 (FICO) FICO is the leading provider of consumer credit analytics and scoring algorithms: Best known for the “FICO Score”—a three-digit metric used in 90%+ of consumer credit decisions across the U.S. (including mortgage, auto, credit card, and personal loans). FICO generates revenue... | BULL | View Pitch → |
| Feb 25, 2026 | Fund Letter | Alan BreedEdgewood Management | Fair Isaac Corp. $FICO• NASDAQ | Application SoftwareSoftware | Edgewood Management 2025 Q3 (FICO) Leading provider of consumer credit analytics and scoring algorithms that is best known for the “FICO Score”—a three-digit metric used in a variety of consumer credit decisions. Thesis: FICO is... | BULL | View Pitch → |
| Feb 20, 2026 | Fund Letter | Christopher R. PaveseBroyhill Asset Management | Fiserv, Inc. $FISV• NASDAQ | -- | Broyhill Asset Management 2025 Q4 (FISV) Fiserv was our biggest detractor from performance on the year. This was a... | BULL | View Pitch → |
| Feb 20, 2026 | Fund Letter | Josh SaltmanBaron FinTech Fund | Fair Isaac Corp. $FICO• NASDAQ | Application SoftwareSoftware | Baron FinTech Fund 2025 Q4 (FICO) Fair Isaac Corporation (FICO), a data and analytics company focused on predicting consumer behavior, contributed to performance. FICO reported strong... | BULL | View Pitch → |
| Feb 3, 2026 | Fund Letter | Matrix Asset Advisors, Inc.Matrix Dividend Income | Fiserv, Inc. $FISV• NASDAQ | -- | Matrix Dividend Income 2025 Q4 (FISV) On the sell side, we exited our position in Fiserv following a surprising earning miss and sharply reduced earnings guidance from the company's new CEO on the third quarter call. The new CEO,... | BULL | View Pitch → |
| Feb 3, 2026 | Fund Letter | David Baron, Ron BaronBaron Focused Growth Fund | FIGS, Inc. $FIGS• NASDAQ | Textiles, Apparel & Luxury GoodsTextiles, Apparel & Luxury Goods | Baron Focused Growth Fund 2025 Q4 (FIGS) Shares of FIGS increased 69.8% in the fourth quarter and added 161 bps to performance. The company continues... | BULL | View Pitch → |
| Jan 29, 2026 | Fund Letter | David M. PoppeGiverny Capital Asset Management | Fiserv, Inc. $FISV• NASDAQ | -- | Giverny Capital Asset Management 2025 Q4 (FISV) Fiserv is a mission-critical payments and fintech infrastructure provider with deep integration across financial institutions and merchants. While organic growth... | BULL | View Pitch → |
| Jan 28, 2026 | Fund Letter | Brown Advisory LLCBrown Advisory Large-Cap Growth Strategy | Fair Isaac Corp. $FICO• NASDAQ | Application SoftwareSoftware | Brown Advisory Large-Cap Growth Strategy 2025 Q4 (FICO) Fair Isaac rebounded early in the quarter as clarity emerged around competitive risks in mortgage scoring. A softened regulatory... | BULL | View Pitch → |
| Jan 27, 2026 | Fund Letter | Michael P. McCloskeyGreensKeeper Value Fund | Fiserv, Inc. $FISV• NASDAQ | -- | GreensKeeper Value Fund 2025 Q4 (FISV) Our worst performer by far in 2025 was Fiserv Inc., which declined 67.3%. New management revealed... | BEAR | 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.