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 |
|---|---|---|---|---|
Polen Capital - Emerging Markets Growth Portfolio Manager | “dLocal, a company providing cross-border payment technology and infrastructure that enables global merchants to reach and serve customers in emerging markets, demonstrated a return to solid double-digit top-line growth and strong cost control, driving healthy margin expansion. During the second quarter, the company also paid out its first-ever dividend, which equated to a yield of almost 5%. As we stated last quarter, we believe dLocal's underlying value proposition is extremely attractive in a massively underpenetrated space, and the company has a multi-year expansionary phase. BSD Analysis: dLocal is a high-growth, high-margin payments pure-play whose stock is a conviction bet on the structural, long-term growth of e-commerce in volatile emerging markets. The core thesis is driven by its exceptional ability to handle both pay-ins and pay-outs across a vast network of local payment methods, making it an indispensable partner for global merchants expanding into these regions. The company is a cash-generating machine, with Free Cash Flow hitting $48.4 million in Q2 2025. Crucially, dLocal maintains a near-zero Debt-to-Equity ratio of 0.01, which is a massive differentiator in the payments space, insulating it from the high interest rate environment. Despite a recent compression in gross profit margin (to 37%) due to regional volatility (Egypt, Argentina, Mexico), the risk is the cost of securing massive 52% year-over-year revenue growth.” | BULL | Q2 2025 Jun 30, 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.
