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 |
|---|---|---|---|---|
Loomis Sayles Global Growth Fund Aziz Hamzaogullari | “Arm Holdings is the world's leading microprocessor intellectual property (IP) supplier. The company develops and licenses its microprocessor IP technology to a network of partners to facilitate the design and manufacture of semiconductor chips used in a wide range of end markets, with a primary focus on mobile, cloud, automotive, and IoT (internet of things). Arm's clients include most of the world's leading semiconductor companies, which pay licensing fees to utilize the company's industry-standard technologies and ongoing royalties for the resulting chips incorporating its technology. While it can take in excess of five years before newly licensed technology is commercialized into new products, the resulting royalty payments to Arm can span decades. A holding since the company's September 2023 initial public offering (IPO) in which SoftBank spun-off a minority interest in the company, Arm reported quarterly financials that again reflected record results in its 11th quarter as a public company, including record high licensing revenue and the second highest quarter for royalty revenue. In late March, Arm announced that for the first time it would begin selling its own chips. The Arm AGI data center CPU chip was co-developed with Meta Platforms over the past few years. Arm has experienced faster-than-expected incorporation of its higher-royalty technology as companies look to monetize AI, and the company offers the only available design tool allowing for customization. The company is also seeing strong traction for its next-generation Armv9 architecture in the mobile market it has long dominated, with smartphone-related revenue increasing despite a recent decline in unit sales, reflecting the company's ability to grow significantly faster than the market due to adoption of its higher-royalty premium content. As of the company's most-recent fiscal year, approximately 50% of Arm's royalty revenue came from products launched over a decade ago, which we believe highlights the persistence of revenue from Arm's technology. We believe Arm's shares embed expectations that underestimate the company's sustainable growth and margin expansion opportunities. As a result, we believe that the company is trading at a meaningful discount to our intrinsic value and represents an attractive reward-to-risk opportunity.” | BULL | Q2 2026 Aug 12, 2026 | View Pitch |
Sands Capital International Growth Fund David E. Levanson, CFA and Danielle J. Menichella, CFA | “Arm Holdings is a leading designer of leading-edge semiconductors. The crux of our investment case is that Arm stands to benefit from rising central processing unit (CPU) demand driven by agentic AI. While graphics processing units (GPUs) are optimized for token generation through model inference and training, CPUs are better suited for agentic workflows such as scheduling, memory management, and tool execution. CPUs effectively function as the operating system for agentic AI workflows. We expect agentic AI adoption to drive an inflection in CPU demand, increasing Arm's CPU royalties from approximately 10 percent of revenue in 2026 to more than 30 percent by 2031. Arm's energy-efficient architecture provides what we view as a competitive advantage in selling AI CPUs to cloud hyperscaler customers while also helping preserve its more than 90 percent share within smartphones. SoftBank's majority ownership of Arm could provide additional upside potential, as SoftBank seeks to expand AI adoption across its broader investment ecosystem using Arm-based chips.” | NEUTRAL | Q2 2026 Jul 31, 2026 | View Pitch |
Sands Capital Global Growth Fund Brian A. Christiansen, David E. Levanson, Daniel Pilling | “Arm Holdings is a leading designer of leading-edge semiconductors. The crux of our investment case is that Arm stands to benefit from rising central processing unit (CPU) demand driven by agentic AI. While graphics processing units (GPUs) are optimized for token generation through model inference and training, CPUs are better suited for agentic workflows such as scheduling, memory management, and tool execution. CPUs effectively function as the operating system for agentic AI workflows. We expect agentic AI adoption to drive an inflection in CPU demand, increasing Arm's CPU royalties from approximately 10 percent of revenue in 2026 to more than 30 percent by 2031. Arm's energy-efficient architecture provides what we view as a competitive advantage in selling AI CPUs to cloud hyperscaler customers while also helping preserve its more than 90 percent share within smartphones. SoftBank's majority ownership of Arm could provide additional upside potential, as SoftBank seeks to expand AI adoption across its broader investment ecosystem using Arm-based chips.” | NEUTRAL | Q2 2026 Jul 31, 2026 | View Pitch |
SGA - U.S. Large Cap Growth Tucker Brown | “Arm Holdings, leading designer and licensor of CPU architectures and related subsystems, was a top contributor to performance again this quarter. The company delivered solid quarterly results, including 20% revenue growth and 12% profit growth, with continued strength in licensing activity and sustained royalty expansion despite a tougher comparison period. Management guidance reinforced confidence in maintaining roughly 20% revenue growth, supported by increasing demand for Arm-based CPUs and expanding adoption across data center and AI workloads, which helped offset expected weakness in handset markets. Confidence was further supported by evidence of strong CPU demand, improving share gains versus x86 architectures, and growing customer traction, including an expanding roster of signed partners and management's confidence in achieving long-term revenue targets. With strong pricing power, highly recurring revenues, and expanding royalty rates as Arm captures more value across the compute stack, we continue to view the company as a high-quality, long-term compounder well-positioned to benefit from the proliferation of AI and power efficient computing. We trimmed the position to a below-average weight due to valuation considerations following the stock's strong performance.” | BULL | Q2 2026 Jul 30, 2026 | View Pitch |
SGA - International Growth Tucker Brown | “Arm Holdings, leading designer and licensor of CPU architectures and related subsystems, was a top contributor to performance again this quarter. The company delivered solid quarterly results, including 20% revenue growth and 12% profit growth, with continued strength in licensing activity and sustained royalty expansion despite a tougher comparison period. Management guidance reinforced confidence in maintaining roughly 20% revenue growth, supported by increasing demand for Arm-based CPUs and expanding adoption across data center and AI workloads, which helped offset expected weakness in handset markets. Confidence was further supported by evidence of strong CPU demand, improving share gains versus x86 architectures, and growing customer traction, including an expanding roster of signed partners and management's confidence in achieving long-term revenue targets. With strong pricing power, highly recurring revenues, and expanding royalty rates as Arm captures more value across the compute stack, we continue to view the company as a high-quality, long-term compounder well-positioned to benefit from the proliferation of AI and power efficient computing. We trimmed the position to a below-average weight due to valuation considerations following the stock's strong performance.” | BULL | Q2 2026 Jul 30, 2026 | View Pitch |
SGA - Global Growth Hrishikesh Gupta | “Arm Holdings, leading designer and licensor of CPU architectures and related subsystems, was a top contributor to performance again this quarter. The company delivered solid quarterly results, including 20% revenue growth and 12% profit growth, with continued strength in licensing activity and sustained royalty expansion despite a tougher comparison period. Management guidance reinforced confidence in maintaining roughly 20% revenue growth, supported by increasing demand for Arm-based CPUs and expanding adoption across data center and AI workloads, which helped offset expected weakness in handset markets. Confidence was further supported by evidence of strong CPU demand, improving share gains versus x86 architectures, and growing customer traction, including an expanding roster of signed partners and management's confidence in achieving long-term revenue targets. With strong pricing power, highly recurring revenues, and expanding royalty rates as Arm captures more value across the compute stack, we continue to view the company as a high-quality, long-term compounder well-positioned to benefit from the proliferation of AI and power efficient computing.” | BULL | Q2 2026 Jul 30, 2026 | View Pitch |
SoftBank Group Masayoshi Son | “Arm delivered record revenue of $4,920 million in fiscal 2025, growing 22.8% year-on-year, driven by royalty revenue growth of 20.5% and license revenue growth of 25.4%. The transition from Armv8 to Armv9 remained a key driver, with Armv9 commanding significantly higher royalty rates. In March 2026, Arm announced Arm AGI CPU, its first proprietary silicon chip, featuring up to 136 cores based on the Neoverse V3 architecture and delivering approximately twice the performance density per rack compared to x86 at 300W TDP. This expands Arm's value proposition in the data center from IP and CSS to silicon supply. SoftBank holds an 86.7% ownership stake in Arm. By fiscal 2030, Arm expects to reach approximately $25 billion in annual revenue, comprising around $10 billion from IP and CSS and in excess of $15 billion from chips.” | NEUTRAL | Q2 2026 Jul 29, 2026 | View Pitch |
SGA - International Growth Tucker Brown | “Arm Holdings detracted during the quarter despite strong fiscal Q2 results with revenue up 34% and profit up 43%. Royalty revenue growth was driven by data center and higher smartphone royalties, while license revenue also grew strongly. Investor concerns focused on elevated R&D spending and SoftBank-related funding risks. Despite these issues, we remain confident in Arm's long-term growth outlook as power-efficient computing becomes increasingly critical in AI and data center workloads. We added to the position on weakness. BSD Analysis: Arm Holdings is delivering record-breaking results in 2026, with Q3 FY26 revenue jumping 26% to $1.24 billion, driven by insatiable demand for AI and data center architectures. Royalty revenue reached a milestone $737 million, reflecting the high-margin shift toward Armv9 and Compute Subsystem (CSS) adoption in premium smartphones and hyperscaler servers. Despite beating adjusted EPS forecasts at $0.43, shares recently faced a technical pullback as investors weighed a premium 147x P/E ratio against moderating smartphone volumes. Management remains bullish on its long-term trajectory, targeting a $173 price by 2028 based on projected 46.4% operating margins. The firm's "Physical AI" and Lumex CSS initiatives are successfully diversifying its ecosystem into automotive and industrial IoT verticals.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
SGA - Global Growth Hrishikesh Gupta | “Arm Holdings was a detractor during the quarter, despite a strong fiscal Q2 earnings report with revenue up 34% and profit 43%. Royalty revenue grew 21%, driven by triple digits data center growth and higher smartphone royalty from compute subsystem (CSS) customers. License revenue increased 56%, or 17% excluding related-party design service fees from SoftBank. The next quarter guidance for sales growth of 25% and profit up 20% was also ahead of expectations. However, the company faced several headwinds that weighed on investor sentiment. Elevated R&D spending, mostly related to Arm's design service for SoftBank, will impact Arm's margin outlook for next year. In addition, SoftBank is borrowing against its Arm investment to finance its investment into OpenAI, which raised concerns over forced selling of Arm shares if SoftBank does not secure sufficient funding for its investment commitments. Despite these near-term challenges, we remain confident in Arm's growth outlook, and we expect Arm to provide greater clarity over its chip project with SoftBank in 2026. We maintained a below-average weight position during the quarter, adding to the position on weakness. BSD Analysis: Arm Holdings is delivering record-breaking results in 2026 as its data center royalty revenue more than doubles year-over-year, positioning it to potentially surpass mobile as its largest revenue source. The company reported record quarterly revenue of $1.24 billion in early 2026, driven by the rapid adoption of the Armv9 architecture and Compute Subsystems in AI-ready smartphones and cloud infrastructure. While concerns persist regarding a cooling smartphone market, the shift toward "Physical AI" and robotics provides a new long-term growth lever. The stock continues to trade at a significant premium, with a P/E ratio around 147x, leading to a divergence between bullish price targets near $150 and conservative "intrinsic value" estimates closer to $70. For 2026, the narrative is centered on Arm's role as the energy-efficient foundation for the "Agentic AI" era, where its CPUs are critical for managing the massive compute workloads beyond just GPUs.” | BULL | Q4 2025 Dec 31, 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.
