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 |
|---|---|---|---|---|
Lakehouse Global Growth Fund Nick, Erwin and Donny | “Adyen was our second largest detractor this year as revenue growth slipped below the long-expected 20% mark and the stock was punished for it. Fears of intensifying competition and flat near-term margins from stepped-up reinvestment added to the pressure. However, we think the market is missing the bigger picture. The vast majority of the world's payments are still handled by rigid, legacy incumbents. That leaves Adyen, with its modern single-platform architecture, a long runway to keep taking share, and the underlying momentum backs this up. Its fastest-growing divisions, Unified Commerce and Platforms, grew revenue by roughly 24% and 35% over the past year. We also expect margins to inflect higher from here as the business moves past its heavy reinvestment phase and operating leverage reasserts itself. Adyen has also started putting its strong balance sheet to work with two acquisitions. The first is Talon.One, which adds customer-loyalty tools that should make Adyen's platform even stickier. The more a merchant runs through Adyen, the better its data and rewards work, giving them a compelling reason to consolidate rather than split their business across competitors. The second is Orb, which handles usage-based billing, opening the door to fast-growing AI companies. Together, these deals defend the existing business and open new avenues to grow it. After a sharp fall in its share price, Adyen now trades at about 20x forward earnings, with roughly 11% of its market cap in cash. For a business still growing at healthy rates, we think that is a highly attractive price. We remain confident in the company's execution and long-term prospects, and we added to our position during the year.” | NEUTRAL | Q2 2026 Jul 29, 2026 | View Pitch |
Night Watch Investment Management Roderick van Zuylen | “Naturally, we are buyers of such businesses. If we can find low risk ways to lock in 15% earnings growth, and if we might even get some multiple expansion on top when markets normalize, we are happy to move up on the quality spectrum. We added quality names including Stryker (SYK), Adyen (ADYEN NA) and Booking.com (BKNG). Historically, Dutch companies have paid out little to no SBC. This is not by accident. Stock options or grants in The Netherlands are taxed excessively, making this not a viable option for companies. While that's a shame for Dutch employees, it benefits shareholders of those companies. Companies with international operations, who have a large portion of their employees in places like Amsterdam, have a comparative advantage. BKNG and ADYEN fit that bill. For the first time since inception, Night Watch is going Dutch. We added BKNG and ADYEN to the portfolio.” | NEUTRAL | Q2 2026 Jul 25, 2026 | View Pitch |
The Baird Chautauqua International Growth Fund Haicheng Li, CFA | “We took the opportunities afforded by the strong market to trim holdings that appreciated the most, led by our semiconductor and automation names, and to redirect the proceeds into a small number of higher conviction positions that lagged. For example, we added to beaten down compounders such as Adyen and Constellation Software. The market has de-rated many of our holdings in software and digital businesses, treating them as structural casualties of the AI disruption narrative. We view this terminal value assessment as materially disconnected from operational reality. The competitive moats of Constellation Software, Adyen, and Sea are built on deep customer integration, regulatory complexity, and network scale.” | NEUTRAL | Q2 2026 Jul 15, 2026 | View Pitch |
Night Watch Investment Management Roderick van Zuylen | “Adyen was added to the portfolio due to its high-quality compounding profile, attractive valuation, and structural advantage of minimal stock-based compensation dilution arising from Dutch tax policies.” | BULL | Q2 2026 Jul 1, 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.
