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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 | ||
|---|---|---|---|---|---|---|---|
| Oct 13, 2026 | Fund Letter | William C. Nygren, Michael A. Nicolas, Robert F. BierigOakmark Fund | Consumer FinanceConsumer Finance | Long AXP (American Express Company) American Express is a leading global payments franchise with a differentiated closed-loop model that combines both card issuing and network ownership. This structure allows... | BULL | View Pitch → | |
| Oct 6, 2026 | Fund Letter | Margaret WebbEnnismore European Smaller Companies Fund | -- | Long XPP.L (XP Power Limited) XP Power Limited (“XP Power”) is a GBP 550m market capitalisation company that designs and manufactures critical power supplies for semiconductor equipment (circa 40% of sales, up from 10% in 2015), medical (25%) and industrial applications (35%, down from 65% in 2015). At 10x our... | BULL | View Pitch → | |
| Oct 5, 2026 | Fund Letter | Graeme Forster, Bo SangOrbis International Equity | Experian plc $EXPN.L• LSE | Professional ServicesProfessional Services | Long EXPN.L (Experian plc) Experian sits in another part of what we view as the AI misclassification spectrum. The company holds... | BULL | View Pitch → |
| Sep 2, 2026 | Fund Letter | Steve JohnsonForager Australian Shares Fund | Leisure FacilitiesHotels, Restaurants & Leisure | Forager Australian Shares Fund - EXP.AX Another frustrating investment this year has been skydive and adventure experience operator Experience Co. The company's skydive business in Australia has been hurt by weak international volumes, cost-of-living pressures for domestic jumpers, and industrial action during peak trading periods. Management is now... | NEUTRAL | View Pitch → | |
| Sep 2, 2026 | Fund Letter | Matthew BerryAoris International Fund | -- | Aoris International Fund - EXPGY Experian is the world's largest credit bureau, collecting and aggregating information on more than 1.5 billion consumers and 300 million businesses. AI is increasing... | NEUTRAL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Faraz Farzam, Aaron GarciaMadison Small Cap Fund | Eagle Materials $EXP• NYSE | Construction MaterialsConstruction Materials | Long EXP (Eagle Materials Inc.) Initiated position. A leading U.S.... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Stephen Dodson and Raphael de BalmannBretton Fund | Consumer FinanceConsumer Finance | Long AXP (American Express Company) The largest detractor from performance this quarter was American Express, taking 1.4% off the fund, as it, along with fellow payment processors Visa and Mastercard, fell in value due to the perception that artificial intelligence would somehow replace them. More on this... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Conestoga Capital Advisors, LLCConestoga Mid Cap Composite | Exponent, Inc. $EXPO• NASDAQ | Construction & EngineeringConstruction & Engineering | Long EXPO (Exponent, Inc.) EXPO is a scientific and engineering consulting firm that specializes in highly technical analysis across more than 90 scientific disciplines. EXPO reported better-than-expected... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | David M. PoppeGiverny Capital Asset Management | Consumer FinanceConsumer Finance | Long AXP (American Express Company) We used most of our Ametek proceeds to establish a new position in American Express in March, at a price of $294. Probably many of... | BULL | View Pitch → | |
| Aug 21, 2026 | Fund Letter | Christina Siegel MalbonPatient Capital Management | Expedia Group, Inc. $EXPE• NASDAQ | Hotels, Restaurants & LeisureHotels, Restaurants & Leisure | Long EXPE (Expedia Group) Our stocks (Expedia Group (EXPE $182.62), United Airlines (UAL $103.72), Norwegian Cruise Line (NCLH $25.92), and Delta Air Lines (DAL $61.42)) returned an average of 35% in the quarter vs. SPX's 2%. Most investors attempt... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Christina Siegel MalbonPatient Capital Management | Expedia Group, Inc. $EXPE• NASDAQ | Hotels, Restaurants & LeisureHotels, Restaurants & Leisure | Long EXPE (Expedia Group) We initially bought EXPE in the middle of 2022 believing company fundamentals were much stronger than market expectations suggested, and their tech and infrastructure investments would lead to business improvements. We thought competitive... | BULL | View Pitch → |
| Aug 21, 2026 | Fund Letter | Xponential Fitness $XPOF• NASDAQ | Hotels, Restaurants & LeisureHotels, Restaurants & Leisure | Short XPOF (Xponential Fitness) Notable detractors were Xponential Fitness, PAR Technology Corporation, and AppLovin Corporation. We'd previously written... | BEAR | View Pitch → | |
| Aug 5, 2026 | Seeking Alpha | Seeking Alpha ContributorSeeking Alpha | Investment Banking & BrokerageCapital Markets | XP Inc. XP Inc. is poised for revenue growth in FY2026, driven by the easing Selic rate cycle and expansion into retail products, which diversifies its revenue base. Despite the headwind... | BULL | View Pitch → | |
| Jan 27, 2026 | Fund Letter | Michael P. McCloskeyGreensKeeper Value Fund | Consumer FinanceConsumer Finance | GreensKeeper Value Fund 2025 Q4 (AXP) American Express was our second-largest contributor in 2025, returning +24.7%. The company delivered... | BULL | View Pitch → | |
| Jan 20, 2026 | Fund Letter | Sebastian Lyon & Charlotte YongeTroy Multi-Asset Strategy | Experian plc $EXPN.L• LSE | Professional ServicesProfessional Services | Long EXPN.L (Experian) Experian's shares were -1% in 2025 and LSEG's were -20%. They are therefore... | BULL | View Pitch → |
| Jan 8, 2026 | Fund Letter | David SteinthalL1 Capital International Fund | Eagle Materials $EXP• NYSE | Construction MaterialsConstruction Materials | L1 Capital International Fund 2025 Q2 (EXP) There were no company-specific issues associated with Eagle Materials, but rather the company's share price was impacted by sector concerns regarding a broad softening in U.S. new residential construction conditions. Eagle Materials has... | BULL | View Pitch → |
| Jan 8, 2026 | Fund Letter | Mario J. Gabelli, Kevin V. Dreyer, Christopher J. MarangiThe Gabelli Equity Income Fund | Consumer FinanceConsumer Finance | The Gabelli Equity Income Fund 2025 Q2 (AXP) American Express Co. (0.6% of net assets as of June 30, 2025) (AXP – $318.98 – NYSE) is the largest closed loop credit card company in the world. The company operates... | BULL | View Pitch → | |
| Dec 6, 2025 | Fund Letter | Michael P. McCloskeyGreensKeeper Value Fund | Consumer FinanceConsumer Finance | GreensKeeper Value Fund 2025 Q2 (AXP) The top contributor to the portfolio in the second quarter was American Express (AXP) +18.6%. AXP's affluent customer... | BULL | View Pitch → | |
| Dec 3, 2025 | Fund Letter | Mr. FitzpatrickAristotle Core Equity Fund | Expedia Group, Inc. $EXPE• NASDAQ | Hotels, Restaurants & LeisureHotels, Restaurants & Leisure | Aristotle Core Equity Fund 2025 Q2 (EXPE) We sold Expedia Group due to a higher risk of a recession following the significant increase in global tariffs, which can be expected to reduce overall levels of economic activity. In addition, the... | BULL | View Pitch → |
| Dec 3, 2025 | Fund Letter | Mr. FitzpatrickAristotle Atlantic Core Equity Strategy | Expedia Group, Inc. $EXPE• NASDAQ | Hotels, Restaurants & LeisureHotels, Restaurants & Leisure | Aristotle Atlantic Core Equity Strategy 2025 Q2 (EXPE) We sold Expedia Group due to a higher risk of a recession following the significant increase in global tariffs, which can be expected to reduce overall levels of economic activity. In addition, the... | BULL | View Pitch → |
| Nov 28, 2025 | Fund Letter | Faraz Farzam, Aaron GarciaMadison Small Cap Fund | Eagle Materials $EXP• NYSE | Construction MaterialsConstruction Materials | Madison Small Cap Fund 2025 Q3 (EXP) Small cap initiated on Eagle Materials, a leading U.S. manufacturer of heavy construction materials such as Portland cement, concrete, and aggregates, and light building materials such as wallboard and recycled paperboard. We view Eagle... | BULL | View Pitch → |
| Nov 28, 2025 | Fund Letter | Garvin JabuschGreenalpha Investment | AutomobilesAutomobiles | Greenalpha Investment 2025 Q3 (XPEV) XPeng is not simply an electric vehicle manufacturer; it is a technology company engineering the future of mobility. Its AI-driven autonomous... | BULL | View Pitch → | |
| Nov 28, 2025 | Fund Letter | Travis CockeVoss Value Fund | Xponential Fitness $XPOF• NASDAQ | Hotels, Restaurants & LeisureHotels, Restaurants & Leisure | Voss Value Fund 2025 Q3 (XPOF) We believe Xponential Fitness (XPOF) currently represents one of the most asymmetric risk/reward profiles in our portfolio. The stock is... | BULL | View Pitch → |
| Nov 28, 2025 | Fund Letter | Travis CockeVoss Value Offshore Fund | Xponential Fitness $XPOF• NASDAQ | Hotels, Restaurants & LeisureHotels, Restaurants & Leisure | Voss Value Offshore Fund 2025 Q3 (XPOF) We believe Xponential Fitness (XPOF) currently represents one of the most asymmetric risk/reward profiles in our portfolio. The stock is... | 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.