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 |
|---|---|---|---|---|
Orbis International Equity Graeme Forster, Bo Sang | “Genmab, our largest position, is a prime example. Investors often flee when a patent cliff for a flagship product like Genmab's Darzalex (late 2020s/early 2030s) looms, fixating on the certain loss of legacy revenue while completely discounting what might replace it. Meanwhile, a slate of late-stage assets and growing partnered drugs are only beginning to contribute revenue well into the 2030s. The company's R&D machine, still run by scientist-founder Dr. Jan van de Winkel, fosters disciplined capital allocation and scientific excellence, and its recent acquisition of ProfoundBio slots antibody-drug-conjugate technology neatly into its core expertise. Yet, the market treats Genmab as a single-product story, which allowed us to acquire the stock at a price lower than the cash flows from its commercialised drugs alone, essentially getting a world-class discovery platform (which has yielded eight approved medicines thus far) for free. BSD Analysis: Genmab's moat is antibody engineering capability and a partnership model that monetizes innovation without fully owning commercialization risk. The best version of the story is royalty-like economics on successful drugs plus a pipeline that keeps producing shots on goal. The risk is dependence on partners' execution and portfolio decisions—Genmab doesn't control everything that matters. Biotech multiples swing violently with pipeline sentiment, regardless of underlying science quality. Competitive biology moves fast, and “best-in-class” can become “me-too” quicker than expected. Cash flow quality is high when partnered assets perform, but visibility varies across programs. The bull case is sustained platform credibility with multiple clinical wins. The bear case is pipeline disappointment and partner deprioritization. Genmab is high-quality biotech—still hostage to binary outcomes.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Baillie Gifford -International Growth Thomas Coutts / Brian Lum / Julia Angeles / Lawrence Burns / Robert Wilson | “Genmab has disappointed due to its key multiple myeloma product nearing its patent expiration by the end of the decade. Consequently, the manager has halved the holding and is actively reassessing the appropriate position size going forward.” | BEAR | Q1 2025 Apr 1, 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.
