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 |
|---|---|---|---|---|
Alluvium Global Fund Stuart Pearce, Alexis Delloye | “Management of Dick's Sporting spoke of the need to get back to “Retail 101” and warned of more than USD 500m in pre-tax write-offs after its Foot Locker acquisition. However, the core Dick's business again flourished and management updated guidance. There was no impact to our valuation and we remain positive with the position at 5.1%. BSD Analysis: Dick's has quietly consolidated share in sporting goods as weaker competitors exited or retrenched. Scale gives it pricing power, exclusive product access, and superior inventory turns. Participation sports demand is steadier than fashion-driven apparel cycles. Investors fixate on normalization after COVID and miss structural margin improvement. Private labels and experiential stores deepen customer engagement without bloating costs. Balance sheet discipline supports opportunistic buybacks. This is category dominance built on execution, not hype.” | BULL | Q4 2025 Jan 23, 2026 | View Pitch |
Alluvium Global Fund Stuart Pearce, Alexis Delloye | “The big news came from the management team of one of the Fund's largest investments. Dick's Sporting, (down 1.2%) announced its USD 2.5b acquisition of Foot Locker, the mammoth sports footwear retailer with 3,266 stores globally. The claimed rationale was as usual; earnings accretion (but does this come with extra risk); and cost synergies (in the medium term). Ordinarily we would be extremely skeptical, but with Dick's management team having been conservative and consistently delivering above expectations over the last 7 years, we are only mildly skeptical. Foot Locker has appeared on our radar in the past. Its share price had fallen from the low to mid $20's late last year to $12.87 at the time of Dick's $24.00 offer (which was cash with option of scrip). Given this perspective, the “premium” paid is perhaps not so high as it appears. And in any case, of far more relevance, the acquisition multiple is a reasonable 6.1 times adjusted 2024 EBITDA. On the same day, Dick's announced preliminary first quarter results which were inline with our expectations. Not unexpectedly, the market was more than mildly skeptical about the merger and Dick's was down 14.6%. Intuition was telling us that, whilst the direction of market movement was appropriate, the extent of it was a little too drastic. We bought more. Not long later Dick's reported official first quarter results and re-affirmed its guidance. We made some minor tweaks to our numbers. On our analysis this business is generating returns on total capital in the high 30% range, and trades at an owner's earnings yield of 6.5%. We are happy to maintain our 6.8% position. BSD Analysis: Dick's is still the undisputed heavyweight champion of U.S. sporting goods retail. Its private brands (CALIA, DSG, VRST) are margin machines, and no competitor can match its combination of scale, assortment, and omnichannel execution. Store remodels and experiential layout upgrades keep customers loyal, and the Pro customer base is becoming a legitimate profit engine. The market treats Dick's like a cyclical retailer, but its loyalty, private label, and category dominance say otherwise. This is a premium business in a sector full of mediocre operators.” | BULL | Q2 2025 Jul 30, 2025 | View Pitch |
Alluvium Global Fund Stuart Pearce, Alexis Delloye | “Dick's Sporting Goods delivered strong operational results, beating guidance and gaining market share, yet fell on tariff concerns and cautious near-term forward guidance. The fund took advantage of this market reaction to purchase more shares, maintaining strong conviction in the firm's real estate strategy and dividend growth.” | BULL | Q1 2025 Mar 1, 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.
