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 |
|---|---|---|---|---|
“Enhabit (EHAB) is a home health and hospice operator that was spun-off of Encompass Health (EHC), following the spinoff the company stubbed its toe badly (as is typical for many spins) as it was behind the industry shift from Medicare to Medicare Advantage plans. Much of that mix-shift is largely behind them, now it is more of a deleveraging story with a nice demographic and economic tailwind. Seniors want to stay and its cheaper to care for them in their homes. There's not an obvious near-term catalyst here, but a multiple at 9.4x EBITDA (during the last round of consolidation, industry peers were taken out at double this multiple) and levered 5.4x EBITDA, a return to steady growth should do wonders for the share price over time. [Late edit, CMS proposed some pretty punitive rate action for 2026, including -5% temporary adjustment to recoup perceived overpayments from 2020-2025. Not great if you're overweight Medicare and leveraged.] BSD Analysis: Enhabit, Inc. (EHAB) Enhabit is a post-spin-off arbitrage play in the fragmented, high-growth home health and hospice market, benefiting from the unavoidable demographic tailwind of an aging U.S. population and the persistent shift to lower-cost care settings. The investment thesis is built on the company's superior market density in its localized rural regions, which provides an efficient scale advantage over competitors. The stock is currently trading at a significant discount due to its recent separation from Encompass Health and lingering short interest, masking the clean, cash-flow-rich nature of the core business. The key catalyst is the company's ability to demonstrate consistent margin expansion and become an attractive, non-cyclical M&A target for larger healthcare organizations seeking scale.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch | |
Curreen Capital Christian Ryther | “Enhabit is a home healthcare and hospice provider spun out in 2022 that has struggled with declining revenues, higher costs, and lender covenant issues. Despite these near-term turnaround struggles, the manager believes it offers a highly attractive asymmetric return profile at its current depressed valuation.” | BULL | Q1 2025 Jan 1, 2025 | View Pitch |
Curreen Capital Christian Ryther | “A provider of home healthcare and hospice services that has struggled with high costs and declining revenues since its 2022 spin-off. Despite needing covenant relief from lenders, its underlying business has historically generated high returns, and its current depressed price offers a compelling upside-to-downside ratio.” | BULL | Q4 2024 Dec 31, 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.
