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 |
|---|---|---|---|---|
Pershing Square Holdings William A. Ackman | “QSR's share price increased 8% year-to-date as of June 30, 2026, as we believe investors are beginning to better appreciate the durability of its growth and its improved capital return program. QSR's largest businesses continue to outperform peers, and the company is returning to its capital-light model. Notably, Burger King's first half same-store sales growth of 7% is well above peers, reflecting the brand's foundational improvements and recent elevation campaign. The International business has likewise outperformed, delivering first-half same-store sales growth of 6%. With this momentum, the company remains on track to deliver 8% operating profit growth this year, consistent with its longer-term targets. We believe sustained high-single-digit operating profit growth combined with appropriate financial leverage and an ongoing share repurchase program should allow for a mid-teens total return before considering any potential for an increase in QSR's P/E ratio. Despite these favorable attributes, QSR trades at 17 times earnings, a material discount to peers and our view of intrinsic value. We expect the company's stock price to increase as the company further expands its recently initiated share buyback program and delivers strong EPS growth over time.” | BULL | Q2 2026 Aug 13, 2026 | View Pitch |
Pershing Square Holdings William A. Ackman | “QSR is a high-quality business with significant long-term growth potential that we believe trades at a highly discounted valuation Largest businesses outperforming peers Tim Hortons comparable sales of 3% are outperforming the broader QSR industry in Canada International business comparable sales of 5% are outperforming McDonald's Business being simplified and returning to capital-light model China business has returned to growth, and sale to new franchisee will meaningfully accelerate growth Carrols outperforming broader Burger King system, and refranchising to smaller operators proceeding ahead of schedule Remains cheap relative to intrinsic value and peers Trades at x our estimate of next twelve months' earnings, more than a 20% discount to peers Consistent 8% operating profit growth On track to deliver 8% operating profit growth despite lower contribution from unit growth BSD Analysis: Restaurant Brands International is leveraging its global scale and disciplined cost management to drive steady EBITDA growth and significant deleveraging through 2026. The company is focusing its 400 million dollar annual capital budget on digital infrastructure and international restaurant expansion, particularly for Tim Hortons and Burger King. Segment-level margins are improving as the firm benefits from sales leverage and a strategic pivot toward higher-margin franchised units. While lower-income consumers may face economic pressure, RBI's diversified portfolio and value-oriented menu items provide a resilient buffer against macroeconomic volatility. Management's commitment to growing free cash flow to over 1.5 billion dollars supports a healthy dividend and a clear roadmap for improving the company's investment-grade credit profile.” | BULL | Q4 2025 Feb 18, 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.
