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 |
|---|---|---|---|---|
AVI Global Trust Joe Bauernfreund | “News Corp detracted -106bps from returns. Over the period, the shares declined by -19%, which was a function of a -10% decline in the NAV and the discount widening by 600bps to 46%. Starting with REA, the shares declined by -32% over the period, when global classified ad businesses sold off over fears that AI would disrupt and impair such business models. We believe that such risks are overstated. In particular, we believe that this view understates the data advantage of leading portals, the strength of the network, and consumer-nature. REA shares now sit c. 40% below their all-time high price and have de-rated to a decade low 18x next 12 months projected EV/EBITDA. Turning to Dow Jones, the company set out plans to grow EBITDA from US$558m in FY2025 to more than US$1bn over the next five years. We came away highly impressed with the depth and breadth of Dow Jones' management team. The onus is on the family and management to unlock value and drive substantially higher returns. We added to the position on share price weakness in February 2026.” | NEUTRAL | Q2 2026 Jul 2, 2026 | View Pitch |
AVI Global Trust Joe Bauernfreund | “We last wrote up the position in the March 2024 newsletter, explaining that the investment case was predicated on the deep misunderstanding and undervaluation of News Corp's unlisted stub assets, most notably Dow Jones, and the potential for management and the family to take steps to unlock value. Upon little news, News Corp shares declined sharply during the period, compounding a widening of the discount to NAV and providing an opportune moment to revisit the thesis. Since our initial investment, there have been incremental steps toward value realisation, including the exit from Foxtel at a higher than anticipated valuation and the announcement of an enlarged buyback programme. However, the stake in REA Group, which accounts for the majority of News Corp's market value, remains central to any meaningful discount narrowing. We believe that resolution of family trust disputes improves the probability of structural reform, even if timing remains uncertain. BSD Analysis: News Corp is a bundle of quality media assets with structural headwinds attached. The moat is brand and content—Dow Jones and The Wall Street Journal are real franchises with pricing power. The concentration risk is legacy media economics and cyclicality in advertising. Real estate classifieds exposure can be valuable but is also macro-sensitive. The company's complexity creates a chronic “sum-of-the-parts” debate that rarely resolves cleanly. Capital allocation is the story: what gets invested, what gets sold, and what gets returned. The bull case is that premium news subscriptions and B2B data offset legacy declines. The bear case is that structural headwinds keep the discount permanent. News Corp can be valuable while the stock stays unloved.” | BULL | Q3 2025 Nov 3, 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.
