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 | “We also remain enthused by the opportunity in the entertainment space, with Canada's IMAX being a key holding. The recent bidding war for Warner Bros Discovery between Paramount and Netflix highlights the immense value placed on scarce content and platforms for developing future high-value Intellectual Property (IP). It has been clear to us for some time that the theatrical window is key to maximising the value of this IP, as content gains a powerful halo effect and associated marketing from a theatre run, while also being highly cash-flow generative in and of itself. Furthermore, IMAX itself has emerged as a keystone asset. Its scarce supply of exceptional technology, both in production and high-quality screens, is now booking into 2029, with some of the best filmmakers struggling to secure a slot. BSD Analysis: IMAX is a toll-collector on blockbuster spectacle, monetizing premium screens and premium ticket pricing without owning the entire exhibitor cost base. The moat is format + brand + studio relationships: when a film is “made for IMAX,” the marketing does half the selling. Its economics are structurally better than a normal theater because it gets paid through a mix of system installs and revenue-share arrangements with exhibitors. The risk is simple: if the blockbuster slate weakens or windows shift, IMAX's “event” advantage fades. Streaming didn't kill it, but it did change consumer expectations and volatility. IMAX works best when Hollywood produces cultural moments, not content. The bull case is premiumization and international screen growth; the bear case is cyclicality disguised as a platform. It's a great business tied to an industry that periodically forgets how to make hits.” | 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.
