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 |
|---|---|---|---|---|
OAM Asian Recovery Fund Desmond Kinch | “One reason why we focus on companies serving the burgeoning consumer is the following point which most investors seem to miss. Median annual household income in India has been growing in real terms by” | BULL | Q4 2025 Feb 2, 2026 | View Pitch |
OAM Asian Recovery Fund Desmond Kinch | “One reason why we focus on companies serving the burgeoning consumer is the following point which most investors seem to miss. Median annual household income in India has been growing in real terms by about 6% per annum in USD. When real household income goes up by a third over five years, the number of elite, affluent and aspiring households earning more than a certain amount does not increase by a third; it increases by a multiple of that growth as the entire bell curve shifts to the right. Hence the S-curve of consumption that we see in rapidly growing emerging markets. This is an important reason why MakeMyTrip, India's leading online travel booking portal, has been a much better investment than Britannia Industries, India's leading biscuit brand, over the past three years. Returning to the case for MakeMyTrip, around 10 years ago Mumbai's international airport terminal was a Third World shambolic chaos, whereas today India is opening more than 70 new airports a year and airlines have massive order books. Nearly all travelers observed were Indians, underscoring the rise of India's travelling class and structurally rising demand for air travel and accommodation bookings. BSD Analysis: MakeMyTrip enters 2026 as the undisputed leader in India's travel market, successfully leveraging a massive surge in middle-class tourism demand. While recent quarterly margins faced a slight slide, the company is forecast to grow earnings by nearly 50% annually over the next two years. Management is increasingly utilizing AI-driven personalization to increase hotel and holiday package attach rates, which carry significantly higher margins than air ticketing. Despite some balance sheet concerns around interest coverage, the platform's dominant scale creates a powerful network effect that is difficult for competitors to breach. Projections for 19% revenue growth reflect the structural shift toward digital booking in the South Asian subcontinent. For 2026, MMYT is a premier vehicle for playing the long-term thematic of Indian consumer discretionary spending growth.” | BULL | Q4 2025 Feb 2, 2026 | View Pitch |
Mobius Capital Partners Carlos von Hardenberg | “Founded in 2000, MakeMyTrip is the dominant Indian online travel agency across Air, Hotels and Bus, with app download share more than twice its nearest competitor. India's online travel market is expected to grow at a 22% CAGR from $12bn in 2022 to $60bn by 2030. MakeMyTrip enjoys high brand recall and organic traffic, with over 80% of visits unpaid, reducing reliance on advertising spend. This supports strong operating leverage as volumes scale. The company is positioned to benefit from rising disposable incomes and increased travel penetration in India. BSD Analysis: MakeMyTrip is navigating a period of high expectations in 2026, with the investment narrative focused on its ability to maintain dominance in the rapidly growing Indian travel market. While the stock has faced some recent pressure due to missed EPS estimates in previous quarters, the long-term thesis remains intact as middle-class Indian consumers increase their travel spending. For 2026, the company is prioritizing margin expansion through AI-driven personalization and a higher mix of high-margin hotel and holiday bookings compared to lower-margin air ticketing. The growth of India's domestic infrastructure and the surge in international travel demand from the subcontinent act as massive tailwinds for the firm's multi-brand ecosystem. Management is also exploring fintech integrations to provide travel financing, potentially unlocking new revenue streams and increasing booking conversion rates. For investors, MakeMyTrip offers a pure-play opportunity to capture the structural growth of one of the world's most dynamic emerging travel economies.” | BULL | Q4 2025 Jan 26, 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.
