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 |
|---|---|---|---|---|
Third Avenue Value Fund Matthew Fine | “With regard to our investments in Horiba and JEOL, two Japanese companies involved in making semiconductor capital equipment, during the fourth quarter of 2025 we discussed some degree of frustration that JEOL's critical nature within the supply chain for cutting edge semiconductors had not been appreciated or reflected in its share price, even while somewhat similarly exposed Horiba had performed well, along with many industry peers, on the back of very strong capital spending by semiconductor manufacturers. Central to the frustration at that time is our strong view that there are many critical chokepoints within the semiconductor supply chain and, while scope of the revenue opportunity for certain links in the chain are smaller than the revenue opportunity for the semiconductor manufacturers themselves, TSMC for example, those links in the chain are nonetheless critical. In other words, one can't make the chips without the machines that make the chips, and one can't make the machines without various critical machine components made by the likes of Horiba. In other cases, one can't use the machines made by the likes of ASML without accompanying machines made by the likes of JEOL. An additional attraction is that in various of those smaller but critical supply chain links the industries are highly concentrated and commonly dominated by two or three participants. It has also been our experience that we have had opportunities to purchase shares of several of these critical companies, many of which are based in Japan, at very modest prices, particularly when compared to the exorbitant share prices of many of the global companies that are the public faces of chip manufacturing. It is pleasing to see a growing recognition of the interconnectedness of the industry begin to be reflected in share prices of the lesser-known companies.” | NEUTRAL | Q2 2026 Jul 17, 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.
