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 |
|---|---|---|---|---|
Moon Capital Management David Moon | “During the second quarter, we exited our position in the kidney dialysis services company DaVita. While DaVita remains an exceptional operator with a well-established competitive advantage, we concluded that the future opportunity had become less attractive following the significant appreciation in the stock. Over our 3.5-year holding period, we generated a total return of approximately 174%, or roughly 35% annualized. We originally purchased shares at approximately $72 per share following a selloff triggered by the company's reduction in its 2023 guidance. At the time, the market was focused primarily on near-term volume concerns, while we believed investors were underestimating the durability of DaVita's cash generation. Based on the company's EBITDA outlook, we estimated free cash flow would exceed $1 billion annually, allowing us to purchase the business for less than 7x free cash flow, roughly half of its historical valuation. A key part of our thesis revolved around DaVita's ability to use its depressed valuation to create significant per-share value through share repurchases. This thesis played out well. While free cash flow expectations increased only modestly, DaVita resumed repurchases and retired a substantial amount of stock. The share count declined from approximately 93 million to 64 million during our ownership period, increasing earnings power from roughly $8.50 per share to more than $14 per share. However, the same factors that drove our strong return have reduced the future opportunity. DaVita is expected to generate approximately $1.1 billion of free cash flow this year against a market capitalization of roughly $14.9 billion. Unfortunately, DaVita's growth algorithm has become more challenging. After decades of expansion, total dialysis treatment volume has been roughly flat for the past six years. Excluding reimbursement increases, this is effectively a zero-growth business. The company has also acknowledged that reimbursement growth continues to lag inflationary pressures affecting its cost structure.” | NEUTRAL | Q2 2026 Jul 21, 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.
