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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 | Joe BauernfreundAVI Global Trust | Investment Banking & BrokerageCapital Markets | AVI Global Trust - CHRY.L Chrysalis was our second largest detractor in the first half of this financial year. While this was... | NEUTRAL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | John W. Rogers, Jr.Ariel Fund | Sphere Entertainment Co. $SPHR• NASDAQ | Movies & EntertainmentEntertainment | Ariel Fund - SPHR Live entertainment, media, and technology company, Sphere Entertainment Co. (SPHR) traded higher, on solid earnings and improving operating fundamentals. Strong demand for... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Ariel Investments, LLCAriel Small Cap Value Strategy | Sphere Entertainment Co. $SPHR• NASDAQ | Movies & EntertainmentEntertainment | Ariel Small Cap Value Strategy - SPHR Live entertainment, media, and technology company, Sphere Entertainment Co. (SPHR) traded higher on solid earnings and improving operating fundamentals. Strong demand for... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Matt Kamm, Jason White, Jim Hamel, Angela Wu, Jay WarnerArtisan Mid Cap Fund | Air Freight & LogisticsAir Freight & Logistics | Artisan Mid Cap Fund - CHRW H. Robinson Worldwide is... | NEUTRAL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Zeno Equity Partners LLPZeno | Danaher Corp. $DHR• NYSE | Life Sciences Tools & ServicesLife Sciences Tools & Services | Zeno - DHR In this letter, we will argue that our largest position, Danaher, is a precise manifestation of this archetype of business, clearly demonstrating market power and a rewarding reinvestment opportunity. We will also... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Dominick D'AngeloO'Keefe Stevens Advisory, Inc | Sphere Entertainment Co. $SPHR• NASDAQ | Movies & EntertainmentEntertainment | O'Keefe Stevens Advisory, Inc - SPHR During the quarter, Sphere continued its strong performance as the market realizes the strong underlying unit economics, in the face of weaker Las Vegas Strip attendance. Continued success in... | NEUTRAL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Stuart Pearce, Alexis DelloyeAlluvium Global Fund | Diversified Consumer ServicesDiversified Consumer Services | Alluvium Global Fund - HRB Last quarter we mentioned in regard to H&R Block, the tax agents, that a 'SAASpocalypse' did not necessarily apply across the board, and that there was a mispricing opportunity so we bought more. Somewhat ironically, during... | NEUTRAL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Jason WhiteArtisan Global Discovery | Air Freight & LogisticsAir Freight & Logistics | Artisan Global Discovery - CHRW H. Robinson Worldwide is... | NEUTRAL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Howard GleicherAristotle Value Equity Fund | Danaher Corp. $DHR• NYSE | Life Sciences Tools & ServicesLife Sciences Tools & Services | Aristotle Value Equity Fund - DHR We first invested in Danaher, a company focused on biotechnology, life sciences and diagnostics, in the second quarter of 2016, attracted by its disciplined capital allocation, differentiated operating culture and consistent FREE cash flow generation. The business is... | BULL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Aristotle_Saul Global Equity Fund | Danaher Corp. $DHR• NYSE | Life Sciences Tools & ServicesLife Sciences Tools & Services | Aristotle Saul Global Equity Fund - DHR We first invested in Danaher, a company focused on biotechnology, life sciences and diagnostics, in the first quarter of 2016, attracted by its disciplined capital allocation, differentiated operating culture and consistent FREE cash flow generation. The business is... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Gary H. MillerSycamore Mid Cap Value Equity | Chord Energy Corporation $CHRD• NASDAQ | Oil, Gas & Consumable FuelsOil, Gas & Consumable Fuels | Long CHRD (Chord Energy Corp.) The company surpassed oil volume guidance while maintaining lower-than-expected capital expenditures, resulting in strong free cash flows and capital returns. Focus on ultra-long... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Steven KielArquitos Capital Management | United Therapeutics Corp. $UTHR• NASDAQ | PharmaceuticalsPharmaceuticals | Long UTHR (United Therapeutics Corporation) United Therapeutics is discussed strictly as Liquidia's key competitor and the opposing party in critical patent litigation. Its market multiple... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Christopher E. HillaryProsper Stars & Stripes | Aehr Test Systems $AEHR• NASDAQ | Semiconductors & Semiconductor EquipmentSemiconductors & Semiconductor Equipment | Long AEHR (Aehr Test Systems) Aehr Test Systems (AEHR) was the largest detractor in our short book in the quarter. The company provides... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Dominick D'AngeloO'Keefe Stevens Advisory, Inc | Sphere Entertainment Co. $SPHR• NASDAQ | Movies & EntertainmentEntertainment | Long SPHR (Sphere Entertainment Co.) Sphere's operating results continue to surprise us to the upside. | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | David M. PoppeGiverny Capital Asset Management | Coherent Corp. $COHR• NASDAQ | Electronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & Components | Short COHR (Coherent Corp.) GCAM completely exited its position in Coherent due to concerns regarding management culture following executive departures of both the CEO and CFO. Capital was reallocated... | BEAR | View Pitch → |
| Aug 21, 2026 | Fund Letter | Sean KirkwoodSRK Capital | Harrow Inc. $HROW• NASDAQ | PharmaceuticalsPharmaceuticals | Short HROW (Harrow, Inc.) The fund completely exited its position in Harrow after recognizing that execution risks and excessive market optimism were priced into the stock during its price surge. Capital was recycled... | BEAR | View Pitch → |
| Aug 21, 2026 | Fund Letter | Stuart Pearce, Alexis DelloyeAlluvium Global Fund | Diversified Consumer ServicesDiversified Consumer Services | Long HRB (H&R Block) H&R Block, the tax agents, was the worst, falling 26.2%. Over the first... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Peter SmithPalm Harbour Capital | Chord Energy Corporation $CHRD• NASDAQ | Oil, Gas & Consumable FuelsOil, Gas & Consumable Fuels | Long CHRD (Chord Energy) Chord Energy is an exploration and production company focused on the Williston Basin. Like many in... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Luke CummingsHarvest Lane Asset Management | -- | Long HRZ.AX (Horizon Minerals) Horizon Minerals acquired Poseidon Nickel for AUD 30.6 million to repurpose its stranded nickel processing infrastructure for gold projects. The acquisition made... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Ania A. AldrichCambiar SMID Fund | Phreesia, Inc. $PHR• NYSE | Health Care TechnologyHealth Care Technology | Long PHR (Phreesia, Inc.) AI disruption fears also contributed to the drawdown in Phreesia, which is a software provider with a key niche in the healthcare space. | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | John W. Rogers, Jr.Ariel Fund | Sphere Entertainment Co. $SPHR• NASDAQ | Movies & EntertainmentEntertainment | Long SPHR (Sphere Entertainment Co.) Sphere Entertainment experienced profit-taking despite solid financial performance, presenting a disconnect between stock price and strong business fundamentals. Financials are expected... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Kayode O. Aje | -- | Long MTHRY (M3, Inc.) M3 is the undisputed leader in Japanese digital medical marketing, capitalizing on a long-term shift as pharmaceutical companies cut costs and digitize outreach. While North American... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Brad HathawayFar View Capital Management | Thryv Holdings Inc $THRY• NASDAQ | Application SoftwareSoftware | Short THRY (Thryv Holdings Inc) Finally, we realized a meaningful loss in Thryv Holdings Inc. (THRY). | BEAR | View Pitch → |
| Aug 21, 2026 | Fund Letter | Steven WoodGreenWood Investors | Textiles, Apparel & Luxury GoodsTextiles, Apparel & Luxury Goods | Long UHR.SW (The Swatch Group AG) While we believe in family and owner-controlled firms so much that we spent years of our free-time authoring a white paper on the behaviors and fundamentals of this class of securities | BULL | View Pitch → | |
| Aug 19, 2026 | Substack | toffcapmondaymonitorSubstack (toffcapmondaymonitor) | Auto Parts & EquipmentAuto Components | KEDM Lite Vol. 25Gentherm Incorporated – THRM Gentherm is set to merge with Modine's spin-off unit, which focuses on cooling solutions for AI data centers. This merger aligns... | BULL | View Pitch → | |
| Aug 18, 2026 | Substack | borlaugSubstack (borlaug) | Danaher Corp. $DHR• NYSE | Life Sciences Tools & ServicesLife Sciences Tools & Services | #10: DanahurtDanaher Corporation – DHR Danaher Corporation faces challenges in its bioprocessing segment, with guidance indicating lower-than-expected growth. The company's reliance... | BEAR | View Pitch → |
| Aug 15, 2026 | Fund Letter | Steven WoodGreenWood Investors | Textiles, Apparel & Luxury GoodsTextiles, Apparel & Luxury Goods | GreenWood Investors – UHR.SW While we believe in family and owner-controlled firms so much that we spent years of our free-time authoring a white paper on the behaviors and fundamentals of this ... | BULL | View Pitch → | |
| Aug 8, 2026 | Fund Letter | Shilpa MehraFidelity Growth Strategies Fund | Coherent Corp. $COHR• NASDAQ | Electronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & Components | Fidelity Growth Strategies Fund – COHR An outsized stake in Coherent (+65%), a technology company that manufactures precision optical components and coatings, was another top contributor. Over the past... | BULL | View Pitch → |
| Feb 25, 2026 | Fund Letter | Dr. Hendrik LeberACATIS Investment | Danaher Corp. $DHR• NYSE | Life Sciences Tools & ServicesLife Sciences Tools & Services | ACATIS Investment 2025 Q4 (DHR) This stock, a specialist for life sciences and diagnostics, was sold because the high valuation does not offer a lot of upward potential at the moment, considering the moderate growth outlook and stagnating equipment sales. At this time,... | BEAR | View Pitch → |
| Feb 25, 2026 | Fund Letter | Tim GallagherUnconventional Value | Thryv Holdings Inc $THRY• NASDAQ | Application SoftwareSoftware | Unconventional Value 2025 Q4 (THRY) Thryv is a different story. I own it... | BULL | View Pitch → |
| Feb 20, 2026 | Fund Letter | Shilpa MehraFidelity Growth Strategies Fund | Coherent Corp. $COHR• NASDAQ | Electronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & Components | Fidelity Growth Strategies Fund 2025 Q4 (COHR) Among individual stocks, non-benchmark stakes in tech hardware maker Coherent (+71%) were the top contributors. Coherent manufactures precision... | BULL | View Pitch → |
| Feb 3, 2026 | Fund Letter | Alex UmanskyBaron Durable Advantage Fund | Danaher Corp. $DHR• NYSE | Life Sciences Tools & ServicesLife Sciences Tools & Services | Baron Durable Advantage Fund 2025 Q4 (DHR) We also added to our position in Danaher Corporation. Danaher supplies life... | BULL | View Pitch → |
| Jan 29, 2026 | Fund Letter | Jason WhiteArtisan Global Discovery | Coherent Corp. $COHR• NASDAQ | Electronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & Components | Artisan Global Discovery 2025 Q4 (COHR) Among our top contributors in Q4 were Coherent. Coherent is a... | BULL | View Pitch → |
| Jan 28, 2026 | Fund Letter | Brad HathawayFar View Capital Management | Thryv Holdings Inc $THRY• NASDAQ | Application SoftwareSoftware | Far View Capital Management 2025 Q4 (THRY) Finally, we realized a meaningful loss in Thryv Holdings Inc. (THRY). Despite my initial... | BEAR | View Pitch → |
| Jan 28, 2026 | Fund Letter | Brown Advisory LLCBrown Advisory Large-Cap Growth Strategy | Danaher Corp. $DHR• NYSE | Life Sciences Tools & ServicesLife Sciences Tools & Services | Brown Advisory Large-Cap Growth Strategy 2025 Q4 (DHR) Danaher was added as the company showed signs of renewed momentum across its businesses. Nearly 80% of... | BULL | View Pitch → |
| Jan 28, 2026 | Fund Letter | First Eagle Investment Management, LLCFirst Eagle Global Fund | Air Freight & LogisticsAir Freight & Logistics | First Eagle Global Fund 2025 Q4 (CHRW) H. Robinson is the... | BULL | View Pitch → | |
| Jan 27, 2026 | Fund Letter | Stuart Pearce, Alexis DelloyeAlluvium Global Fund | Diversified Consumer ServicesDiversified Consumer Services | Alluvium Global Fund 2025 Q4 (HRB) H&R Block fell 13.0% despite posting what was in our view a pretty decent set of results. When we updated... | BULL | View Pitch → | |
| Jan 27, 2026 | Fund Letter | Kevin Mak, CFACreek Drive Capital Management | Sphere Entertainment Co. $SPHR• NASDAQ | Movies & EntertainmentEntertainment | Creek Drive Capital Management 2025 Q4 (SPHR) Sphere Entertainment was up 138% over the year, reflecting nearly two years of sustained, data-driven conviction rather than a single opportunistic call. For much of... | BULL | View Pitch → |
| Jan 27, 2026 | Fund Letter | Equity Real Estate Investment Trusts (REITs)Equity Real Estate Investment Trusts (REITs) | Clark Street Value 2025 Q4 (BHR) Braemar Hotels (BHR) is an externally managed (Ashford Inc) lodging REIT focused on luxury hotels and resorts, back in August, BHR announced the initiation of a sales process. In keeping with... | BULL | View Pitch → | ||
| Jan 27, 2026 | Fund Letter | Silas Myers, Brian MasseyMar Vista US Quality | Danaher Corp. $DHR• NYSE | Life Sciences Tools & ServicesLife Sciences Tools & Services | Mar Vista US Quality 2025 Q4 (DHR) After lagging through the first three quarters of 2025, Danaher's (DHR) stock rebounded during Q4 as bioprocessing, life science, and diagnostics demand continued to recover from a cyclical trough. On the 3Q25... | BULL | View Pitch → |
| Jan 24, 2026 | Fund Letter | ArrowMark Colorado Holdings LLCMeridian Hedged Equity Fund | Danaher Corp. $DHR• NYSE | Life Sciences Tools & ServicesLife Sciences Tools & Services | Meridian Hedged Equity Fund 2025 Q4 (DHR) Danaher Corp. is a global leader in life sciences and diagnostics, with a strong presence in bioprocessing, medical research, and clinical diagnostics. We hold Danaher... | BULL | View Pitch → |
| Jan 24, 2026 | Fund Letter | Charles P. MurphyLiberty Park Capital Management | Thryv Holdings Inc $THRY• NASDAQ | Application SoftwareSoftware | Liberty Park Capital Management 2025 Q4 (THRY) THRY reported deteriorating organic SaaS metrics that raised concerns over the company's long-term outlook. Customer growth and... | BEAR | View Pitch → |
| Jan 24, 2026 | Fund Letter | Zeno Equity Partners LLPZeno | Danaher Corp. $DHR• NYSE | Life Sciences Tools & ServicesLife Sciences Tools & Services | Zeno 2025 Q4 (DHR) But what happens when a business model, built on what is second to none execution and a proven track record of capital allocation, starts to show signs of exhaustion? And what if... | BULL | View Pitch → |
| Jan 23, 2026 | Fund Letter | Bernard HornPolaris Global Equity | United Therapeutics Corp. $UTHR• NASDAQ | PharmaceuticalsPharmaceuticals | Polaris Global Equity 2025 Q4 (UTHR) United Therapeutics climbed on record third quarter 2025 results, good uptake on Tyvaso regardless of generic competition and promising Tyvaso clinical trial results for idiopathic pulmonary fibrosis. UTHR also conducted... | BULL | View Pitch → |
| Jan 23, 2026 | Fund Letter | Matt Kamm, Jason White, Jim Hamel, Angela Wu, Jay WarnerArtisan Mid Cap Fund | Coherent Corp. $COHR• NASDAQ | Electronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & Components | Artisan Mid Cap Fund 2025 Q4 (COHR) Coherent is a leading supplier of lasers and photonics solutions used across data center, industrial and communications applications. Recent earnings were... | BULL | View Pitch → |
| Jan 20, 2026 | Fund Letter | Ariel Investments, LLCAriel Small Cap Value Strategy | Sphere Entertainment Co. $SPHR• NASDAQ | Movies & EntertainmentEntertainment | Ariel Small Cap Value Strategy 2025 Q4 (SPHR) Live entertainment, media and technology company, Sphere Entertainment Co. (SPHR) was the top contributor over the period, supported by strengthening business fundamentals due to robust consumer demand for The Wizard of Oz. Financial results continue... | BULL | View Pitch → |
| Jan 8, 2026 | Fund Letter | Jayme WigginsPalm Valley Capital Management | Chord Energy Corporation $CHRD• NASDAQ | Oil, Gas & Consumable FuelsOil, Gas & Consumable Fuels | Palm Valley Capital Management 2025 Q2 (CHRD) Chord Energy is an exploration and production (E&P) company in the Williston Basin. As oil prices... | BULL | View Pitch → |
| Jan 8, 2026 | Fund Letter | Matthew SweeneyLaughing Water Capital | Thryv Holdings Inc $THRY• NASDAQ | Application SoftwareSoftware | Laughing Water Capital 2025 Q2 (THRY) Thryv Holdings Inc (THRY) – Thryv, our small and medium business software company that is also harvesting cash flows from a legacy business that is in runoff mode, declined approximately 40% from its February high until quarter end. The high price... | BULL | View Pitch → |
| Jan 8, 2026 | Fund Letter | Tim GallagherUnconventional Value | Thryv Holdings Inc $THRY• NASDAQ | Application SoftwareSoftware | Unconventional Value 2025 Q2 (THRYV) Let's now talk about a different name: Thryv. Very basic business... | BULL | View Pitch → |
| Jan 8, 2026 | Fund Letter | Maya Bittar, Dave GeislerMadison Sustainable Equity Fund | Danaher Corp. $DHR• NYSE | Life Sciences Tools & ServicesLife Sciences Tools & Services | Madison Sustainable Equity Fund 2025 Q2 (DHR) Danaher reported mixed organic growth with flat overall revenue, but its Biotechnology segment delivered 7% organic growth, marking a strong recovery from prior declines. Life Sciences and... | 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.