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 |
|---|---|---|---|---|
The London Company SMID Cap Brian Campbell | “We added to DECK following recent weakness in the shares. While there have been concerns about the HOKA brand, recent results point to the strength and sustainability of both the UGG and HOKA brands. We believe DECK can continue to generate strong revenue growth with higher margins. The balance sheet is strong with $1.7B in net cash (10% of the company's market cap). With shares now at a much more attractive valuation, we elected to increase our position. BSD Analysis: The manager reiterates conviction in DECK's dual-brand strength. With ~25% operating margins, net cash, and mid-teens growth, valuation at 17x EBITDA looks appealing. brand strength, footwear, apparel, growth, margins, cash, valuation” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
Middle Coast Investing LLC Daniel Shvartsman | “Deckers sells shoes under the Uggs, Hoka, and Teva brands. Uggs is 51% of its sales; Hoka is 45%. Goods are produced predominately in Vietnam. Uggs is more fashion-oriented and volatile, while Hoka is a newer running shoe brand with strong growth. Uggs sales grew 8.4% over the last 3 years; Hoka grew 35%. With tariff uncertainty and fears of slowing growth, Deckers shares fell over 50% this year. We bought shares at $105. At that price, valuation is reasonable: 11x EV/EBITDA vs. 9.2 for Lululemon and 24.7 for Nike, and 17.3x forward earnings vs. 16.1 for Lulu and 45.2 for Nike. If Hoka momentum continues, the company should perform well. BSD Analysis: Deckers offers asymmetric upside due to Hoka's explosive growth trajectory and the market's overreaction to tariff overhangs. Hoka's global adoption curve and margin accretion remain underappreciated relative to peers. Shares trade at discounted multiples despite premium brand assets and strong balance sheet. Catalysts: easing tariff fears, Hoka outperformance, normalized consumer demand.” | BULL | Q2 2025 Jul 9, 2025 | View Pitch |
FPA Queens Road Small Cap Value Fund Steve Scruggs | “Deckers has delivered outstanding operating performance by expanding the UGG brand and scaling Hoka past $1 billion in sales. The manager is trimming the position due to valuation stretching above 30x forward earnings and market cap exceeding small-cap bounds, while retaining a scaled holding.” | BULL | Q2 2024 Jun 30, 2024 | 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.
