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 |
|---|---|---|---|---|
Alluvial Capital Management Dave Waters | “Garrett Motion is one of Alluvial Fund's longest-tenured holdings. 2026 has been a watershed year for Garrett, with investors waking up to the fact that the company's turbochargers have applications well beyond the automotive industry. Garrett is increasingly selling to data centers and utilities seeking improved energy efficiency and output. While shares have run up considerably, the valuation remains reasonable and the company continues to return the majority of free cash flow to shareholders. Garrett deserves its new, higher multiple of earnings and cash flows, but we are keeping a close eye. If shareholder exuberance lifts Garrett shares to the point of no longer offering attractive forward returns, we will not hesitate to sell.” | NEUTRAL | Q2 2026 Aug 13, 2026 | View Pitch |
Brennan Asset Management, LLC Patrick Brennan | “GTX is an oligopoly provider of turbochargers to the automotive industry with a potentially valuable new product portfolio focused on industrial and electric vehicle (EV) markets. GTX was a post-bankruptcy special situation name, and we initially bought preferred shares that ultimately were forcefully converted to common stock. As EV sales expanded across the world, there was understandable concern that GTX's core turbocharger business was at risk and huge uncertainty arose about whether the company could ever crack the EV market. At the time of purchase GTX sported valuations only slightly higher [than TIGO]. The overall automotive sales environment has not been robust, but EV penetration rates have been far lower than feared. Meanwhile, GTX paid down debt and religiously purchased shares, with its total share count down nearly 45% over the past 3 years. Meanwhile, it turns out that the engineering behind spinning turbocharger blades also has industrial applications, including cooling products used in the ever-popular data centers. GTX also continues to notch design wins in the EV product space and projects ~$1 billion in sales from industrial/EV by 2030 at or above current margins. GTX's business momentum has not gone unnoticed, and both names are materially higher than initial purchase prices. For GTX, visibility on industrial/EV revenue has improved and this revenue should come in at margins above current levels. The company believes it will generate ~$1 billion in total industrial/EV revenue by 2030. If one assumes revenue at ~30% of 2030 target levels by 2028 and the company continues to repurchase shares at higher prices, it would imply that free cash flow could reach $3.00 per share by 2028. We suspect further upside is possible. Admittedly, GTX's revenue stream is far more cyclical than TIGO and the company is susceptible to declines in new global car volumes. That said, GTX maintains a solid balance sheet (net leverage estimated at <2x by year end) and could conceivably increase debt levels over time. GTX noted at its May investor day that its 10-11x Enterprise value/EBITDA multiple considerably trails the 18-19x levels of industrial peers. Whether GTX's multiple further expands from current levels will depend on the company's EV/industrial execution as well as the overall health of the global auto market. GTX is far from bulletproof at current levels, but we have been impressed with the company's operational and capital discipline and believe there could be a considerable opportunity on the EV/industrial side of its business.” | NEUTRAL | Q2 2026 Jul 27, 2026 | View Pitch |
Frank Value Fund Brian Frank | “Contrast that with one of our top holdings, Garrett Motion, where 2026 expectations are 7 times the cash flow relative to the purchase price, or 14%. Microsoft is expected to significantly grow its cash flow in the future, but nobody expects 7x free cash flow growth in the next decade. This math makes it impossible for Microsoft to return more money to shareholders than any stock in our portfolio. Absent exponential cash flow growth, the only way a 2% FCF yield outperforms a 14% yield is if the expensive company gets even more expensive. That could certainly happen (it happened in 2025), but similar valuation levels throughout history have never been sustainable and always suffered painful declines in the long-term. History tells us it is far more prudent to invest based on cash flows than relying on a “bigger fool” to purchase your stock at extreme valuations. BSD Analysis: Garrett's moat is engineering know-how embedded deep inside OEM engine platforms. Turbochargers are mission-critical components with high switching costs once designed in. EV transition threatens long-term relevance, but ICE and hybrid longevity buy time. Margins are constrained by auto OEM bargaining power. The business survives through scale, reliability, and regulatory emissions requirements. Leverage magnifies both outcomes and risks. The bull case is slow ICE decline plus hybrid adoption. The bear case is faster electrification compressing volumes. Garrett's moat is technical—but time-bounded.” | BULL | Q4 2025 Jan 6, 2026 | View Pitch |
Harbor Mid Cap Value Fund Josef Lakonishok, Menno Vermeulen, Puneet Mansharamani, Greg Sleight, Guy Lakonishok, Gal Skarishevsky | “We initiated a position in Garrett Motion, an automotive parts and equipment company in the Consumer Discretionary sector. The company designs, manufactures, and sells turbocharger and electric boosting technologies for commercial vehicles. Garrett ranks high on multiple cash flow and forecast earnings measures on our model. The company typically pays a dividend and has been aggressively buying back stock, which we view positively. Price momentum during the past 12 months has been strong as has operating momentum, placing its momentum scores near the top decile. Overall, the stock ranks in the top 5% in our stock-ranking universe, which led to the fourth quarter purchase. BSD Analysis: Garrett is a turbocharger and electrification components supplier benefiting from emissions regulation rather than engine nostalgia. Internal combustion isn't disappearing overnight, and efficiency upgrades drive ongoing demand. Hybrid platforms extend the life of turbo technology. Investors fixate on EV disruption and miss cash flow durability. Capital discipline has improved post-restructuring. Electrified boosting adds optionality beyond legacy turbos. Cyclicality remains, but margins are better than pre-restructuring. This is auto supplier math, not an extinction event.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Silver Ring Value Partners Gary Mishuris | “The manager reduced Garrett Motion to a small position because its preferred shares converted to common stock, removing key downside protection. Although facing headwinds from electric vehicle adoption, the company has highly predictable near-term cash flows that are expected to cover its market capitalization over the next five years. This setup offers low risk of permanent capital loss despite uncertainty about the company's long-term terminal value.” | BULL | Q4 2023 Oct 30, 2023 | 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.
