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 |
|---|---|---|---|---|
Sands Capital Global Growth Fund Brian A. Christiansen, David E. Levanson, Daniel Pilling | “During our engagement, we discussed opportunities to strengthen the board's governance structure as the company continues to grow. A key topic was the concentration of leadership responsibilities. The company's founders, who also serve as co-chairs, recently assumed the additional role of co-CEOs. We asked whether the company plans to separate the chair and CEO roles in the future. Management said it has not considered separating the roles but noted that it has discussed establishing a lead independent director. We expressed our support for creating a Lead Independent Director role as an important step toward strengthening independent board oversight while maintaining the company's current leadership structure. We also encouraged the company to continue evaluating board composition over time to ensure the board maintains the breadth of experience and perspectives needed to support the business as it scales. We acknowledged recent governance improvements, including the company's decision to extend the vesting period for long-term equity awards from two years to three years. We also noted that the outgoing CEO will forfeit a one-time equity award. In our view, these changes strengthen the long-term alignment between executive compensation and shareholder interests. We also encouraged the company to continue enhancing its compensation framework over time by considering longer vesting periods, post-vesting holding requirements, or minimum executive share ownership guidelines.” | NEUTRAL | Q2 2026 Jul 31, 2026 | View Pitch |
Unison Asset Management Alex and Dan | “We initiated our position in On Holding in April 2025 following a broad market selloff tied to supply-chain concerns. Despite near-term consumer softness and competitor discounting, On reaffirmed its ” | BULL | Q4 2025 Feb 2, 2026 | View Pitch |
Unison Asset Management Alex and Dan | “We initiated our position in On Holding in April 2025 following a broad market selloff tied to supply-chain concerns. Despite near-term consumer softness and competitor discounting, On reaffirmed its commitment to full-price selling, prioritizing long-term brand equity. Management raised revenue, margin, and EBITDA guidance three times during 2025. Growth is accelerating in apparel and Asia Pacific, with the region growing over 100% year-on-year. Despite these fundamentals, the stock de-rated sharply and traded at a discount to Nike on a P/E basis. We view this as a rare opportunity to own a premium brand at a discount. BSD Analysis: On Holding is experiencing explosive growth in 2026, successfully transitioning from a niche running brand to a mainstream global footwear powerhouse. The company's direct-to-consumer (DTC) sales have risen nearly 30%, which has significantly improved gross margins and overall profitability. Management is aggressively expanding into the Latin American market, where it is seeing a triple-digit growth rate among the running community. While apparel sales remain a smaller portion of the business, the long-term potential for a full lifestyle brand is a major catalyst for the stock. Strategic marketing investments and a premium pricing strategy have ensured that the brand remains highly desirable even as it scales. For 2026, On Holding offers a high-growth entry into the athletic apparel space with substantial EBITDA margin expansion potential.” | BULL | Q4 2025 Feb 2, 2026 | View Pitch |
Pelican Bay Capital Management Tyler Hardt, CFA | “We exited our position in On Semiconductor after nearly two years as the downturn in electric vehicle demand persisted far longer than anticipated. Changes to U.S. EV tax credits and weakening global growth have delayed recovery in EV sales. Automakers including General Motors, Ford, and Volkswagen announced production cutbacks, reducing near-term chip demand. We revised our estimate of ON's normalized earnings power downward materially. At today's price, we believe risk-reward is no longer attractive and moved to the sidelines. BSD Analysis: ON Semiconductor is positioned for a cyclical recovery in 2026, with analysts projecting a median upside of 6% as inventory levels normalize. While the company saw a quarter-over-quarter revenue dip in previous cycles, its 18.5% operating margin demonstrates strong underlying efficiency. The investment thesis centers on the firm's exposure to high-growth segments like electric vehicles and industrial automation, where power management chips are critical. Despite recent volatility, the company maintains a solid cash-to-price ratio and a high return on equity compared to many semiconductor peers. Management is focused on leveraging its manufacturing scale to capture the next wave of automotive electrification demand. ON Semiconductor represents a high-beta play on the long-term industrialization of power electronics.” | BULL | Q4 2025 Jan 22, 2026 | View Pitch |
Baron Focused Growth Fund David Baron, Ron Baron | “Premium footwear and apparel brand On Holding increased 9.8% and added 55 bps to performance in the fourth quarter. The company continues to generate strong revenue growth with accelerated margin expansion despite concerns about tariffs and increased competition from Nike. On's strong brand and premium positioning is allowing it to offset tariff exposure through selective price increases, while demand for its products remains resilient. The company should continue to grow for many years to come while taking share in the highly attractive global sportswear market. They remain a small player in a large growing market with just 2% of the global sports footwear market. We believe On has differentiated itself through its engineered solution and that the company's innovation capabilities should fuel share gains for many years. This growth should be supported by expansions across categories, retail outlets, and geographies. We believe the company should be able to grow revenue at a CAGR of over 20% the next few years leading to EBITDA growth of over 30%, which when combined with a mid-single-digit yield on free cash flow should set the stock up for strong returns in the years to come. BSD Analysis: On's moat is brand momentum built on perceived performance innovation, not manufacturing advantage. CloudTec created differentiation early, but sustaining edge now depends on design, marketing, and athlete credibility. Premium pricing works while brand heat stays high; elasticity will show fast if demand cools. Direct-to-consumer expansion improves margins but raises execution and inventory risk. Competition is relentless—incumbents can imitate features even if they can't copy culture overnight. Growth has been fueled by lifestyle crossover, which boosts volumes but risks diluting performance authenticity. Supply chain discipline matters because missteps show up quickly in markdowns. The bull case is continued global brand elevation with controlled distribution. The bear case is fashion-cycle fade exposing limited structural barriers. On wins if it stays a brand people want to be seen running in—not just running shoes they once loved.” | 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.
