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 |
|---|---|---|---|---|
Kathmandu Capital Brent Jackson | “This quarter, we have initiated a new position in ACM Research (NASDAQ: ACMR), the leading Chinese Semi-Cap Wafer Cleaning Equipment Manufacturer. ACMR stands to benefit from China's semiconductor supply chain localization amid growing trade and geopolitical tensions with the United States. Recent trade restrictions on the exports of both semiconductors and semiconductor capital equipment to China have accelerated their efforts to achieve full self-sufficiency - China is the world's largest consumer of Semiconductors, amounting to 35% of global consumption, but only produces 7% domestically. The WFE Cleaning market in China is especially vulnerable to foreign competitors, as ~60% of the market is dominated by international companies, but have recently been rapidly losing share to ACM. The WFE market in China is ~$35Bn growing at ~7.5% while the cleaning market comprises ~6% at $2Bn, of which ACMR has 14% share, behind foreign competitors such as Tokyo Electron and LAM Research. As China moves towards self-sufficiency, ACM's momentum in taking share should accelerate, driving up earnings – share gains from 14% to 25% by 2030 represents an incremental $7Bn in Revenue. Despite being positioned as the dominant domestic cleaning supplier, ACMR trades at a discount to both domestic and foreign peers despite growing sales in 2024 as fast as domestic Chinese peers, and 3x faster than Western Peers while having a consistent track record growing 20% topline CAGR for the past decade. Beyond the core business, ACMR is structured as a Delaware incorporated HoldCo, owning 83% of Shanghai listed ACM Research Shanghai (SHA: 688082). Despite ACMR and ACMR Shanghai being virtually identical companies, ACM Shanghai trades at 250%+ Premium (~35x EBIT) to its US listed shares. While we believe that the valuation gap substantially closing is unlikely, any management action to unlock the value of their Shanghai shares to US investors acts as a free call option. Overall, ACMR acts a highly asymmetric opportunity to play the secular trend of Chinese supply-chain onshoring and fab buildout while being protected by a US incorporated company with a free call option on the valuation gap closing.” | BULL | Q2 2026 Jul 17, 2026 | View Pitch |
Kathmandu Capital Brent Jackson | “This quarter, we have initiated a new position in ACM Research (NASDAQ: ACMR), the leading Chinese Semi-Cap Wafer Cleaning Equipment Manufacturer. ACMR stands to benefit from China's semiconductor supply chain localization amid growing trade and geopolitical tensions with the United States. Recent trade restrictions on the exports of both semiconductors and semiconductor capital equipment to China have accelerated their efforts to achieve full self-sufficiency - China is the world's largest consumer of Semiconductors, amounting to 35% of global consumption, but only produces 7% domestically. The WFE Cleaning market in China is especially vulnerable to foreign competitors, as ~60% of the market is dominated by international companies, but have recently been rapidly losing share to ACM. The WFE market in China is ~$35Bn growing at ~7.5% while the cleaning market comprises ~6% at $2Bn, of which ACMR has 14% share, behind foreign competitors such as Tokyo Electron and LAM Research. As China moves towards self-sufficiency, ACM's momentum in taking share should accelerate, driving up earnings – share gains from 14% to 25% by 2030 represents an incremental $7Bn in Revenue. Despite being positioned as the dominant domestic cleaning supplier, ACMR trades at a discount to both domestic and foreign peers despite growing sales in 2024 as fast as domestic Chinese peers, and 3x faster than Western Peers while having a consistent track record growing 20% topline CAGR for the past decade. Beyond the core business, ACMR is structured as a Delaware incorporated HoldCo, owning 83% of Shanghai listed ACM Research Shanghai (SHA: 688082). Despite ACMR and ACMR Shanghai being virtually identical companies, ACM Shanghai trades at 250%+ Premium (~35x EBIT) to its US listed shares. While we believe that the valuation gap substantially closing is unlikely, any management action to unlock the value of their Shanghai shares to US investors acts as a free call option. Overall, ACMR acts a highly asymmetric opportunity to play the secular trend of Chinese supply-chain onshoring and fab buildout while being protected by a US incorporated company with a free call option on the valuation gap closing. BSD Analysis: ACM Research is a high-growth, specialized semiconductor equipment pure-play whose stock is an asymmetric recovery bet on its dominance in advanced wafer cleaning technology and its strategic positioning in China's self-sufficiency push. The core moat is its proprietary technologies (SAPS, Tahoe, TEBO) that are essential for minimizing defects as chip geometries shrink, making it indispensable to leading chipmakers. The company is positioned as a "critical pawn" in China's efforts to win the semiconductor race, ensuring massive growth prospects. The financial performance is strong, with its Revenue projected to hit $1.4 billion by 2028, and its growing mix of high-margin service contracts provides a stable, recurring cash flow.” | BULL | Q2 2025 Jul 4, 2025 | 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.
