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 |
|---|---|---|---|---|
Alluvium Global Fund Stuart Pearce, Alexis Delloye | “Last quarter we mentioned in regard to H&R Block, the tax agents, that a 'SAASpocalypse' did not necessarily apply across the board, and that there was a mispricing opportunity so we bought more. Somewhat ironically, during its results call in early May, management stated that rather than AI replacing its products, it is using AI to build better products which are being well received. After returning 21.3% during the quarter, it now accounts for 4.6% of the Fund. Although it is now trading at a more respectable price, H&R Block achieves high returns on its capital, and trades at double digit cash flow and earnings yields. In no way do we see it as expensive.” | NEUTRAL | Q2 2026 Jul 29, 2026 | View Pitch |
Alluvium Global Fund Stuart Pearce, Alexis Delloye | “H&R Block, the tax agents, was the worst, falling 26.2%. Over the first 9 trading days of the SAASpocalypse, H&R Block's share price fell 28.2%. It seems even the release of a pretty decent set of sec” | BULL | Q1 2026 Apr 21, 2026 | View Pitch |
Alluvium Global Fund Stuart Pearce, Alexis Delloye | “H&R Block fell 13.0% despite posting what was in our view a pretty decent set of results. When we updated our valuation it increased 11.4%, leaving the stock trading at a discount. Whilst preparing tax returns may not be exciting, at current prices this investment offers a double digit earnings yield and free cash flow of 6.5%. With it now only accounting for 3.0% of the portfolio, we are looking at this closely. BSD Analysis: H&R Block monetizes complexity and anxiety, which conveniently spike every tax season regardless of macro conditions. DIY software grabs headlines, but millions still prefer accountability when filings involve credits, small businesses, or audits. The assisted segment is far more resilient than bears assume, especially in volatile income environments. Digital tools enhance the core rather than cannibalize it, improving retention and cost efficiency. Investors underestimate how sticky tax behavior really is. Cash flow is seasonal but highly reliable, supporting buybacks and dividends. This is recurring compliance revenue masquerading as a retail brand.” | BULL | Q4 2025 Jan 23, 2026 | 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.
