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 |
|---|---|---|---|---|
Upslope Capital Management George K. Livadas | “Henry Schein (HSIC) Henry Schein is the leading distributor of dental products in the U.S. and various countries around the world. The company also distributes more general healthcare products. Within its core Dental business, the company holds the leading market share position in all major countries (52% of Dental sales are from the U.S., 28% EMEA, 20% Canada/RoW) in which it operates – generally holding ~25-40% share. Historically, the company has been a slow, steady and mostly a-cyclical grower. In January 2025, KKR announced an agreement to take a strategic stake in Henry Schein. Given their now-15% stake (up from an initial 12%), KKR has actively worked with the board and management to enhance shareholder value. In addition to cost controls, the company has also focused on and seen accelerated growth in its smaller, but (much) higher margin segments (Specialty Products, which includes the company's private label offerings, and Technology). At just 15x 2026 consensus earnings (vs. 12-25x historically), with a highly defensive business model, and optionality surrounding KKR's stake and involvement (continue to improve the business or potentially take it private), HSIC shares appear attractive. Key risks for the company and shares include: uncertainty surrounding KKR's stake, CEO transition (potentially a positive as efficiency efforts accelerate, but still presents uncertainty), consolidating end markets, and broader healthcare policy uncertainty. BSD Analysis: Henry Schein's moat is distribution scale plus workflow integration in dental and medical practices. Switching distributors is operationally painful, even if margins are thin. Growth depends on procedure volumes and practice economics. Pricing power is limited, so execution matters relentlessly. The risk is private-label pressure and customer consolidation. Software and services add stickiness but require continued investment. The bull case is steady healthcare utilization normalization. Henry Schein is a durable operator in a low-margin ecosystem.” | BULL | Q4 2025 Jan 13, 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.
