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 |
|---|---|---|---|---|
Blue Tower Asset Management Andrew Oskoui | “In Q2, we gained 18.91% net of fees (19.24% gross), bringing the 2026 YTD gain to 20.84% net (21.49% gross). This performance was driven by large gains in our holding in Enova International (NYSE: ENVA). Although it was the biggest contributor to Q2's performance, Enova was the largest detractor to performance in Q1. Until Enova's merger with Grasshopper Bank receives full regulatory approval and is completed, we should expect elevated volatility in the company's share price. We continue to believe that the merger with Grasshopper will be transformative for Enova, opening many new markets for the company and reducing its funding costs.” | BULL | Q2 2026 Jul 22, 2026 | View Pitch |
Blue Tower Asset Management Andrew Oskoui | “Gained 64% in 2025. Continued growing organically with 22% YoY origination growth in Q3 2025. Actively reducing share count (>5% over 12 months). Announced the transformative acquisition of Grasshoppe” | BULL | Q4 2025 Jan 12, 2026 | View Pitch |
Blue Tower Asset Management Andrew Oskoui | “Enova continued growing organically in 2025. Year-over-year originations grew by 22% in Q3 2025. They have added new retail and business borrowers and their underwriting algorithms are continuously updated. Machine learning models are retrained frequently (in some cases daily), and these models drive their underwriting decisions (85% of which are completely automated). Their models materially improve repayment predictability versus bureau scores alone. And most importantly, the information in their customer databases continues to accumulate, which is the fuel for their data-driven underwriting process. They also continued with their share buybacks, reducing share count more than 5% over 12 months from 26.27M in Q3 2024 to 24.88M shares in Q3 2025. These buybacks have been ongoing for several years. At the beginning of Q3 2021, they were at 36.87M shares. The biggest jump in stock price came in December after Enova announced the acquisition of Grasshopper Bank. This acquisition has the potential to be particularly transformative due to the synergies between the two companies. Enova is paying Grasshopper $369M in cash and stock for the acquisition (Enova ended the year with a market cap of $4.4B). Despite the increased share count, the transaction is expected to be accretive to EPS. The guidance from Enova is that once the synergies are fully realized beyond the first year, they expect EPS increase attributable to this acquisition to be greater than 25%. Founded in 2019, Grasshopper is full-service digital bank with more than $1.4 billion in total assets as of September 30, 2025. Through its direct and Banking-as-a-Service (BaaS) product offerings, Grasshopper holds approximately $3 billion in total deposits as of September 30, 2025. These deposits are low-cost and sticky compared to Enova's current funding, significantly reducing the financing costs for Enova's lending and therefore boosting their net interest margin. Enova is acquiring Grasshopper Bank primarily to pair Enova's online consumer and SMB lending business with a full-service digital bank and national bank charter, creating a diversified and more vertically integrated financial services platform. This merger will open up many new lines of business for Enova and will allow them to offer new banking and lending products in many of the states where they operate. Enova is a rapidly growing fintech that has returned capital through buybacks and has a long runway of future growth ahead of it. It is amazing that even after the recent share price increase, the stock can still be purchased for 9x the consensus estimate of their FY2027 earnings. BSD Analysis: Enova is a non-prime lender whose “moat” is really underwriting, data, and the willingness to live where banks won't. The business can look like a cash machine in benign credit regimes, then remind you it's a leverage-to-loss-cycle model when delinquencies roll. The edge is speed: pricing risk, cutting originations, and shifting product mix faster than slower institutions. The failure mode is obvious—funding costs spike, credit losses rise, and the spread evaporates. Regulation is a permanent shadow; non-prime lending is politically easy to target. The bull case is disciplined underwriting plus stable funding that keeps ROE high. The bear case is a recession with tightened liquidity where “data advantage” becomes irrelevant. Enova is a risk-transfer business—great when managed ruthlessly, lethal when not.” | BULL | Q4 2025 Jan 12, 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.
