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 |
|---|---|---|---|---|
Madison Small Cap Fund Faraz Farzam, Aaron Garcia | “Initiated position. A leading U.S. manufacturer of heavy construction and light building materials. Features strong margins, high ROIC, and disciplined capital allocation. Calculated intrinsic value i” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
Madison Small Cap Fund Faraz Farzam, Aaron Garcia | “Small cap initiated on Eagle Materials, a leading U.S. manufacturer of heavy construction materials such as Portland cement, concrete, and aggregates, and light building materials such as wallboard and recycled paperboard. We view Eagle as an excellent company with very attractive financial traits. EXP aligns well with our preference for high-quality holdings, given its strong margins, high return on invested capital (ROIC), and return on equity (ROE). With the residential construction cycle in a prolonged downturn, we see this as a timely opportunity to invest in Eagle. Demand for wallboard has been declining for several years, and operating rates for the industry are in the 70s, which means they have a lot of excess capacity. Investors, while somewhat mollified by the resiliency of the business, have lost patience with many construction-exposed names. During the downturn, Eagle has gained market share due to its geographical footprint and cost-competitive wallboard assets. Further, we believe we are close to a bottom in residential construction demand, and at this price, we are willing to be patient for the cycle to turn. Management is excellent and allocates capital very judiciously with copious share buybacks. Our current intrinsic value estimate does not assume meaningful margin expansion and has relatively conservative buyback assumptions. We calculate intrinsic value at $269/share. BSD Analysis: Eagle Materials remains one of the purest plays on U.S. construction and infrastructure, with cement and wallboard assets delivering elite margins and tight capacity discipline. Pricing power is exceptional as supply remains constrained nationwide. The balance sheet is pristine, cash generation is strong, and management remains allergic to empire-building — a rare combo in materials. With infrastructure and manufacturing investment accelerating, Eagle is set up for another multi-year stretch of steady compounding.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
L1 Capital International Fund David Steinthal | “There were no company-specific issues associated with Eagle Materials, but rather the company's share price was impacted by sector concerns regarding a broad softening in U.S. new residential construction conditions. ... Eagle Materials has significant exposure to infrastructure construction where demand conditions remain strong, and commercial construction where operating conditions are patchy but solid overall. That said, new residential construction is an important end market, particularly for Eagle Materials' wallboard operations. Eagle Materials has highly strategic raw materials reserves to manufacture cement and wallboard, low-cost manufacturing facilities, established market positions and a highly experienced, aligned management team... Near term, the softening operating conditions will result in reduced profitability for Eagle Materials. Longer term, our assessment of the earnings power of the business is undiminished. We sold part of our investment in Eagle Materials in late 2024 at a near record high share price which was at the high end of our assessment of fair value. Since then, the share price has fallen around 30%. While partially justified, we consider Eagle Materials is now trading at or below the bottom end of our assessed fair value range. BSD Analysis: Eagle Materials is a high-quality, high-growth U.S. construction materials pure-play whose stock is a conviction bet on the multi-year, non-cyclical infrastructure and heavy construction supercycle. The core moat is its geographic dominance in providing essential materials (cement, gypsum wallboard) in high-growth U.S. markets. The company is focused on disciplined capital allocation and generating superior Free Cash Flow (FCF). Eagle Materials is a high-quality compounder whose value is secured by the massive, non-discretionary government and private sector spending on essential infrastructure (e.g., IIJA).” | 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.
