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 |
|---|---|---|---|---|
Sycamore Mid Cap Value Equity Gary H. Miller | “FTI Consulting, Inc. (FCN), a global business advisory firm specializing in economic consulting, financial restructuring, strategic communications, and litigation support, was another top detractor. Shares traded lower after a disappointing 1Q26 release: revenue held up, but EPS came in well below analyst expectations on rising SG&A expenses expected to persist through the rest of 2026. The Economic Consulting segment lost market share in U.S. antitrust consulting, and management indicated a recovery could take multiple quarters. On the positive side, the board authorized an additional $307 million for the repurchase program and reaffirmed full-year 2026 guidance. Our thesis for FCN is under review.” | NEUTRAL | Q2 2026 Aug 3, 2026 | View Pitch |
FMI International Equity Jonathan T. Bloom | “FTI Consulting is a leading global consulting firm specializing in crisis management and business transformation, with more than 8,100 employees across 32 countries and territories. The company operates through five segments: Corporate Finance and Restructuring, Forensic and Litigation Consulting, Economic Consulting, Strategic Communications, and Technology. Roughly 64% of revenue is domestic, with the remaining 36% generated internationally. FTI's competitive advantages are well-established: a strong track record, respected brand, broad capabilities, and deep subject-matter expertise across its segments. Together, these qualities underpin a durable consulting franchise with a track record of organic growth. Against that backdrop, two headwinds have weighed on the shares and created our entry point. First, a rare defection by a group of Economic Consulting employees in early 2025 caused financial disruption and reputational damage. Second, broader concerns about AI displacing the consulting model have pressured FTI's valuation. We view both risks as largely misunderstood or already resolved. The defection appears to be an isolated incident that the company has effectively put behind it. On AI, FTI's niche as a specialist consultant delivering mission-critical work (most often for clients in the middle of a crisis) insulates it far more than most other consulting models. We believe management's target of at least mid-single-digit organic EBITDA growth is achievable. Capital allocation has been sound, highlighted by a mid-teens reduction in shares outstanding in 2025, with buybacks continuing into 2026 as the stock remains depressed. We see the valuation as compelling within an otherwise expensive small-cap market.” | BEAR | Q2 2026 Jul 17, 2026 | View Pitch |
FMI Large Cap Equity Portfolio Management Committee | “FTI Consulting is a leading global consulting firm specializing in crisis management and business transformation, with more than 8,100 employees across 32 countries and territories. The company operates through five segments: Corporate Finance and Restructuring, Forensic and Litigation Consulting, Economic Consulting, Strategic Communications, and Technology. Roughly 64% of revenue is domestic, with the remaining 36% generated internationally. FTI's competitive advantages are well-established: a strong track record, respected brand, broad capabilities, and deep subject-matter expertise across its segments. Together, these qualities underpin a durable consulting franchise with a track record of organic growth. Against that backdrop, two headwinds have weighed on the shares and created our entry point. First, a rare defection by a group of Economic Consulting employees in early 2025 caused financial disruption and reputational damage. Second, broader concerns about AI displacing the consulting model have pressured FTI's valuation. We view both risks as largely misunderstood or already resolved. The defection appears to be an isolated incident that the company has effectively put behind it. On AI, FTI's niche as a specialist consultant delivering mission-critical work (most often for clients in the middle of a crisis) insulates it far more than most other consulting models. We believe management's target of at least mid-single-digit organic EBITDA growth is achievable. Capital allocation has been sound, highlighted by a mid-teens reduction in shares outstanding in 2025, with buybacks continuing into 2026 as the stock remains depressed. We see the valuation as compelling within an otherwise expensive small-cap market.” | BEAR | Q2 2026 Jul 17, 2026 | View Pitch |
FMI All Cap Equity Fiduciary Management, Inc. | “FTI Consulting is a leading global consulting firm specializing in crisis management and business transformation, with more than 8,100 employees across 32 countries and territories. The company operates through five segments: Corporate Finance and Restructuring, Forensic and Litigation Consulting, Economic Consulting, Strategic Communications, and Technology. Roughly 64% of revenue is domestic, with the remaining 36% generated internationally. FTI's competitive advantages are well-established: a strong track record, respected brand, broad capabilities, and deep subject-matter expertise across its segments. Together, these qualities underpin a durable consulting franchise with a track record of organic growth. Against that backdrop, two headwinds have weighed on the shares and created our entry point. First, a rare defection by a group of Economic Consulting employees in early 2025 caused financial disruption and reputational damage. Second, broader concerns about AI displacing the consulting model have pressured FTI's valuation. We view both risks as largely misunderstood or already resolved. The defection appears to be an isolated incident that the company has effectively put behind it. On AI, FTI's niche as a specialist consultant delivering mission-critical work (most often for clients in the middle of a crisis) insulates it far more than most other consulting models. We believe management's target of at least mid-single-digit organic EBITDA growth is achievable. Capital allocation has been sound, highlighted by a mid-teens reduction in shares outstanding in 2025, with buybacks continuing into 2026 as the stock remains depressed. We see the valuation as compelling within an otherwise expensive small-cap market.” | BEAR | Q2 2026 Jul 17, 2026 | View Pitch |
FMI Small Cap Equity Jonathan T. Bloom | “FTI Consulting is a leading global consulting firm specializing in crisis management and business transformation, with more than 8,100 employees across 32 countries and territories. The company operates through five segments: Corporate Finance and Restructuring, Forensic and Litigation Consulting, Economic Consulting, Strategic Communications, and Technology. Roughly 64% of revenue is domestic, with the remaining 36% generated internationally. FTI's competitive advantages are well-established: a strong track record, respected brand, broad capabilities, and deep subject-matter expertise across its segments. Together, these qualities underpin a durable consulting franchise with a track record of organic growth. Against that backdrop, two headwinds have weighed on the shares and created our entry point. First, a rare defection by a group of Economic Consulting employees in early 2025 caused financial disruption and reputational damage. Second, broader concerns about AI displacing the consulting model have pressured FTI's valuation. We view both risks as largely misunderstood or already resolved. The defection appears to be an isolated incident that the company has effectively put behind it. On AI, FTI's niche as a specialist consultant delivering mission-critical work (most often for clients in the middle of a crisis) insulates it far more than most other consulting models. We believe management's target of at least mid-single-digit organic EBITDA growth is achievable. Capital allocation has been sound, highlighted by a mid-teens reduction in shares outstanding in 2025, with buybacks continuing into 2026 as the stock remains depressed. We see the valuation as compelling within an otherwise expensive small-cap market.” | BEAR | Q2 2026 Jul 17, 2026 | View Pitch |
Upslope Capital Management George K. Livadas | “Upslope has owned FTI Consulting (leader in restructuring and dispute advisory) and Evercore (top independent M&A advisor) in the past. The Fund recently re-initiated positions in each of these companies. While they are bets on polar opposite outcomes (Evercore is very pro-cyclical, while FTI is the most counter-cyclical publicly traded company I follow), expectations for each appear modest. This was and remains especially true of FTI although it's more understandable as the company is going through some turmoil (employee turnover/retention challenges) in one of its non-core segments. Nonetheless, the unique macro environment - on/off trade war, the very pro-cyclical "One Big Beautiful Bill," lingering inflation, massive regulatory and technological (e.g. Al) uncertainty and change - should ultimately provide significant opportunities for both businesses ahead. BSD Analysis: FTI Consulting is an undisputed, high-margin, specialized business advisory firm whose stock is a conviction bet on the structural complexity and volatility of the global economy. The core thesis is driven by its indispensable role in corporate finance/restructuring, economic consulting, forensic and litigation consulting, and strategic communications. The company's services are non-discretionary and demand spikes during major market dislocations, regulatory changes, and economic downturns, providing a crucial hedge against cyclicality. FTI's competitive advantage is its deep bench of 7,700+ highly specialized staff, who command premium billing rates for their expertise, making it the largest provider of bankruptcy, turnaround, and business restructuring services in the U.S..” | BULL | Q2 2025 Jul 15, 2025 | View Pitch |
Diamond Hill Small-Mid Cap Strategy Anthony Philipp, Chris Welch | “FTI Consulting provides business advisory services to manage change, mitigate risk and resolve disputes. It has a robust, balanced services lineup spanning procyclical (e.g., M&A advisory work), countercyclical (e.g., restructuring advisory) and acyclical (e.g., forensic accounting and litigation consulting) engagements. The company has improved its scale, geographic reach and service breadth over the past decade or so as the CEO and management team have successfully seeded and grown service areas and geographies while generally reorienting the company's culture toward organic growth. Near-term disruptions over the past several quarters — which we believe will prove to be largely noise in the long term — gave us an opportunity to initiate a position in what we consider a healthy, solid business run by a capable management team at a compelling price. BSD Analysis: FTI is the consulting firm that thrives when things go wrong — restructurings, disputes, investigations, and corporate crises. Its work is highly specialized, high-margin, and in constant global demand as regulation tightens and litigation grows more complex. The model is lean and people-intensive, but utilization stays strong because FTI operates in areas where in-house teams are rarely equipped. Unlike strategy consultants, FTI is plugged into the messiest, most time-sensitive problems, giving it steady pricing power. Results can be lumpy, but the long-term trajectory is upward because corporate complexity never reverses. The balance sheet is clean, capital returns are disciplined, and the brand is strong in every segment it plays in. FTI is a quiet, professional beneficiary of global disorder.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Diamond Hill Mid Cap Anthony Philipp | “FTI Consulting provides business advisory services to manage change, mitigate risk and resolve disputes. It has a robust, balanced services lineup spanning procyclical (e.g., M&A advisory work), countercyclical (e.g., restructuring advisory) and acyclical (e.g., forensic accounting and litigation consulting) engagements. The company has improved its scale, geographic reach and service breadth over the past decade or so as the CEO and management team have successfully seeded and grown service areas and geographies while generally reorienting the company's culture toward organic growth. Near-term disruptions over the past several quarters — which we believe will prove to be largely noise in the long term — gave us an opportunity to initiate a position in what we consider a healthy, solid business run by a capable management team at a compelling price. BSD Analysis: FTI is a specialist consulting firm that feeds on complexity, distress, and corporate drama. It makes money in restructuring, disputes, investigations, and strategic communications—areas that tend to thrive when the economic or regulatory environment gets choppy. The business is people-heavy but highly billable, with strong margins when utilization is good. FTI has built a global footprint and strong brand in high-stakes situations, making it a go-to adviser for boards and creditors. Revenue can be lumpy, but over time, there is no shortage of crises to monetize. The balance sheet is clean, and the company has been disciplined with capital. It's a quietly attractive way to own volatility and corporate dysfunction.” | 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.
