Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
SGA - International Growth Tucker Brown | “We initiated a position in Disco, the leading provider of cutting, grinding, and thinning (Kiru, Kezuru, Migaku, 'KKM') equipment used in semiconductor manufacturing, where it commands approximately 70-80% market share. Disco's technologies are critical to producing advanced semiconductors, particularly as the industry shifts toward increasingly complex packaging architectures required for artificial intelligence, high-bandwidth memory (HBM), hybrid bonding, and silicon photonics. Approximately 30-40% of revenue is generated from consumables, maintenance parts, and services tied to a large installed base of equipment with useful lives of five to ten years that is continuously upgraded to support new applications such as silicon carbide (SiC) and optics. In addition, frequently replaced consumables such as blades and laser heads are typically replaced every one to two years, creating a highly predictable stream of recurring revenue. Disco also benefits from exceptional pricing power as KKM processes are often performed after substantial front-end semiconductor investments have already been made and customers prioritize performance and yield over equipment cost. This has enabled the company to sustain industry-leading gross margins of roughly 70% and net margins above 30%. We believe Disco is uniquely positioned at the intersection of several powerful long-term growth drivers. The continued proliferation of AI is driving demand for advanced semiconductor packaging (HBM, CoWoS, hybrid bonding, 3D and 3.5D packaging, co-packaged optics), all of which require meaningfully greater complexity. As semiconductor packaging becomes increasingly complex, the number of processing steps and equipment intensity per wafer rises substantially, creating an attractive runway for sustained revenue and earnings growth. These technologies represent critical bottlenecks to future AI scaling, creating a significant opportunity for Disco to increase both equipment content and consumables demand over time.” | NEUTRAL | Q2 2026 Jul 30, 2026 | View Pitch |
SGA - Emerging Markets Growth Hrishikesh Gupta | “We initiated a position in Disco, the leading provider of cutting, grinding, and thinning (Kiru, Kezuru, Migaku, 'KKM') equipment used in semiconductor manufacturing, where it commands approximately 70-80% market share. Disco's technologies are critical to producing advanced semiconductors, particularly as the industry shifts toward increasingly complex packaging architectures required for artificial intelligence, high-bandwidth memory (HBM), hybrid bonding, and silicon photonics. Approximately 30-40% of revenue is generated from consumables, maintenance parts, and services tied to a large installed base of equipment with useful lives of five to ten years that is continuously upgraded to support new applications such as silicon carbide (SiC) and optics. In addition, frequently replaced consumables such as blades and laser heads are typically replaced every one to two years, creating a highly predictable stream of recurring revenue. Disco also benefits from exceptional pricing power as KKM processes are often performed after substantial front-end semiconductor investments have already been made and customers prioritize performance and yield over equipment cost. This has enabled the company to sustain industry-leading gross margins of roughly 70% and net margins above 30%. We believe Disco is uniquely positioned at the intersection of several powerful long-term growth drivers. The continued proliferation of AI is driving demand for advanced semiconductor packaging (HBM, CoWoS, hybrid bonding, 3D and 3.5D packaging, co-packaged optics), all of which require meaningfully greater complexity. As semiconductor packaging becomes increasingly complex, the number of processing steps and equipment intensity per wafer rises substantially, creating an attractive runway for sustained revenue and earnings growth. With dominant market share, highly recurring revenues, industry-leading profitability, and exposure to some of the most important secular growth trends in semiconductors, we believe Disco is well positioned to deliver low-20% revenue growth and high-20% earnings growth over the next three years.” | NEUTRAL | Q2 2026 Jul 30, 2026 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
