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 |
|---|---|---|---|---|
FMI International Equity Jonathan T. Bloom | “FMI views Hayward Holdings as a resilient business because the vast majority of its sales originate from the existing installed pool base for repairs and replacements. The company possesses robust pricing power and high margins due to the risk-averse nature of pool professionals who favor industry leaders. Despite temporary lackluster demand for new pools, a solid balance sheet and reasonable valuation multiple present a compelling value opportunity as discretionary demand recovers.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
FMI All Cap Equity Fiduciary Management, Inc. | “Hayward Holdings is a major pool equipment manufacturer that benefits from a highly resilient revenue model, with a large portion of sales driven by repairs and replacements from an installed base. Despite recent cyclical weakness and post-pandemic destocking, the company maintains strong pricing power and high margins due to the risk-averse nature of industry professionals. FMI expects discretionary demand to eventually recover, supported by the company's solid balance sheet and attractive valuation relative to depressed earnings.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
FMI Small Cap Equity Jonathan T. Bloom | “Hayward Holdings is a leading global supplier of pool equipment, benefiting from a highly resilient business model with eighty percent of sales generated from its existing installed base. The company possesses strong pricing power and high barriers to entry as pool professionals prefer purchasing from trusted market leaders. While post-COVID normalization has weighed on near-term demand, the business features a strong balance sheet and an attractive valuation given depressed cycle earnings.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
FMI Small Cap Equity Jonathan T. Bloom | “Hayward Holdings is a leading global pool equipment manufacturer, primarily serving the residential pool market. North America accounts for 85% of sales and over 90% of profits. Product categories include Pumps, Automation and Sanitization, Heaters, Filters, Lighting and Water Features, and Cleaners. The company estimates that 80% of total sales come from their existing installed base of pools (50% repair and replacement), making the business relatively resilient to economic cycles. Hayward also exhibits strong pricing power as equipment purchase decisions are typically made by pool service professionals, who are less sensitive to price than the end customer. Pool service professionals also tend to be risk averse and primarily purchase equipment from the leading players in the industry. These dynamics lead to high margins and ROIC. The pool industry went through a period of supercharged growth in the early parts of Covid, which gave way to a period of extremely weak end-market demand, exacerbated by destocking in the distribution channel. The industry has since stabilized but is still experiencing lackluster demand for newly built and remodeled pools. We believe that over time, the discretionary sides of the business should recover. In the meantime, Hayward should be able to continue raising prices and growing volumes within the installed base of pools. They have a solid balance sheet, strong management team, and reasonable valuation multiple, particularly given their depressed earnings. BSD Analysis: Hayward is a leading supplier of pool equipment, benefiting from a massive installed base that drives recurring aftermarket demand. While new pool construction is cyclical, maintenance, replacement, and upgrades are far more stable. Hayward's push into energy-efficient and smart pool solutions improves mix and margin durability. The balance sheet has been a concern, but cash generation remains solid through the cycle. Distribution scale and brand recognition provide meaningful barriers to entry. Housing slowdowns hit sentiment quickly, but fundamentals lag far less. This is a cyclical name with a surprisingly defensive aftermarket core.” | BULL | Q4 2025 Dec 31, 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.
