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 |
|---|---|---|---|---|
Unconventional Value Tim Gallagher | “Early this year, I also took the opportunity to increase my investment in Remitly. Remitly is a cross-border remittance app. Similar to Pagaya, it is a volume-based business with natural operating leverage. That leverage has been on full display recently, with incremental operating margins north of 45% in the last two quarters while send volume continues to grow over 30%. Remittances are a massive, fragmented market, and Remitly is a bet on execution. I believe it can continue to accumulate market share at the expense of banks (too expensive, poor customer experience), incumbents (channel conflict, not digital-native) and other fintechs (sub-scale). My impression is the remittance category has fallen out of favor over fears of stablecoins. I think this fear is misplaced, and stablecoins are likely to enhance Remitly's business model, not to mention it will be years before they represent a critical mass of any type of money movement. Stablecoins are ultimately a rail, and until consumers are using stablecoins to pay for everyday goods and services (unlikely anytime soon), they pose more an opportunity than a threat. I expect Remitly can grow 15-20%+ for years to come while growing into a mature 20%+ margin.” | NEUTRAL | Q2 2026 Jul 29, 2026 | View Pitch |
Unconventional Value Tim Gallagher | “Remitly is capable of sustaining a mid-teens or higher growth rate while steadily expanding margins. The price doesn't ask much, and it is beginning to show a clear focus on profits. Modest execution gives you a business earning well in excess of the current multiple, while the bear case means a structural break in a trend that has persisted for a decade. This is a company I suspect will improve over time, not deteriorate. The path to 20%-plus operating margins seems credible and not overly dependent on pricing power. A new customer typically generates gross profit in excess of the upfront cost in the first year and remains active for years, producing the 6x LTV/CAC the business has maintained to date. BSD Analysis: Remitly Global's stock rocketed 30% higher this week following an impressive fourth-quarter report that showed a shift toward GAAP profitability. The mobile remittance platform grew active customers by 19% and revenue by 26% year-over-year, demonstrating its ability to gain rapid market share from traditional incumbents. Management is guiding for up to 20% revenue growth in 2026 and has authorized an expanded share repurchase program to capitalize on its "cheap" 10x adjusted earnings multiple. Analysts are bullish on Remitly's operating leverage, noting that its marketing and product development investments are beginning to yield substantial profit gains at scale. With a market cap still under $4 billion and consistent double-digit growth, the company is a premier "small-cap gem" in the fintech sector.” | BULL | Q4 2025 Feb 22, 2026 | View Pitch |
Meridian Small Cap Growth Fund Chad Meade | “Remitly Global, Inc. is a digitally native money transfer firm gaining share in the cross-border remittance market, competing against established players such as Western Union and MoneyGram. The company has reached a scale that positions it for meaningful profitability improvement over time. Despite reporting robust quarterly earnings, the stock underperformed during the quarter. Management guidance pointed to a deceleration in revenue growth driven by difficult year-over-year comparisons and immigration-related headwinds. Nevertheless, Remitly continues to expand its market presence even amid a temporarily subdued demand environment. BSD Analysis: Remitly is building cross-border payments infrastructure focused on speed, trust, and transparency where banks consistently fail. Remittance flows are necessity-driven, making demand resilient even in weak macro conditions. Cohort economics improve meaningfully with scale as funding, fraud, and compliance costs fall. Investors fixate on marketing spend and miss customer lifetime value dynamics. Switching costs rise once users rely on the platform for recurring family transfers. Expansion into adjacent financial services increases monetization without rebuilding trust from scratch. FX volatility creates headline noise, not demand risk. This is fintech infrastructure quietly taking share from legacy rails.” | BEAR | Q4 2025 Dec 31, 2025 | View Pitch |
Meridian Growth Fund ArrowMark Colorado Holdings, LLC | “Remitly Global, Inc. is a digitally native money transfer firm capturing market share in the cross-border remittance space, competing effectively against established players such as Western Union and MoneyGram. The company has reached a scale that positions it for potentially substantial improvements in profitability going forward. Despite reporting robust quarterly earnings, the stock underperformed during the quarter due to guidance indicating a deceleration in revenue growth from challenging year-over-year comparisons and immigration-related headwinds. BSD Analysis: Remitly is building cross-border payments infrastructure focused on speed, transparency, and trust rather than bank legacy systems. Migrant remittance flows are resilient even in weak macro environments because they're necessity-driven. Unit economics improve materially as scale reduces funding and compliance costs. Investors fixate on near-term marketing spend and miss cohort-level profitability. Switching costs rise once users trust a platform with recurring transfers. Expansion into adjacent financial services extends lifetime value. FX volatility creates noise, not demand risk. This is payments infrastructure quietly taking share from banks.” | BEAR | Q4 2025 Dec 31, 2025 | View Pitch |
Unconventional Value Tim Gallagher | “Remitly is my most recent purchase, only a few weeks ago. Let me preface this by saying I pride myself on inactivity. I don't want to be too frequent a market participant, because it can degrade the advantage of a long time horizon. I try to use that edge intentionally and only invest in situations where I have a differentiated view on what a company will look like, and what its future prospects will be, five or ten years out. ... Back to Remitly. I've been following the company for around a year now and became interested when Mario Cibelli pitched it on the Yet Another Value Podcast. I work in payments, so remittance is a business model and market I am quite familiar with but hadn't really looked at for investment before. This year, however, the market soured on the company's narrative. This seemed to be at odds with a business that was firing on all cylinders, so I bought a small stake. Remitly was an instinctual purchase. The time seemed right; I had become more comfortable with the story, more positive on leadership, and had reason to argue with the prevailing view. The industry is in a secular transition, and Remitly is on the right side of the disruption. The source of the market's pessimism doesn't particularly concern me; the fact is expectations were lowered, and the investment equation had changed. I'm happy to have some skin in the game and look forward to learning more as an owner. BSD Analysis: Remitly is a high-growth, pure-play on digital cross-border remittances whose stock is a conviction bet on the structural, multi-year shift from legacy cash-based money transfer to mobile-first platforms. The core thesis is driven by its technological superiority, providing a faster, cheaper, and more transparent service than traditional money transfer operators. The company's massive global payment network reaches over 170 countries and 5,100+ corridors, enabling funds to be sent to billions of bank accounts and mobile wallets. This scale allows Remitly to reduce its global transaction cost (maintaining an average of ∼2.28%) and disburse over 92% of transfers in less than an hour. The stock is a leveraged bet on the rapid digitization of the global remittances market.” | BULL | Q2 2025 Aug 14, 2025 | View Pitch |
Night Watch Investment Management Roderick van Zuylen | “As an example, a potential loser from changes to the remittance tax is Remitly (RELY). As a provider of digital remittance services, which helps immigrants send money back to their home country, RELY is largely exposed to documented immigrants. After all, you need a bank account in order to transact with them. The new tax legislation proposed a 3.5% remittance tax on all non-citizens, including legal immigrants. Even though it is likely that exceptions will be made for legal residents, this can still severely impair RELY's business, so we sold our entire position in RELY. BSD Analysis: Remitly is a digital remittances machine eating into an industry historically run by legacy toll booths like Western Union. Its customer acquisition engine is one of the most efficient in fintech, and once users land on the platform, churn stays low because switching is a hassle. Margins are expanding as corridors scale, and the company is proving that digital-first remittances can actually produce durable unit economics. Competition is real, but Remitly keeps winning through speed, transparency, and relentless optimization of FX spreads. The stock trades like growth is about to fall off a cliff, yet underlying customer additions remain healthy even in tough macro. If the company cracks more high-volume corridors, the operating leverage becomes hard to ignore. This is a fintech that has already survived its trial by fire — now it just needs the market to catch up.” | BULL | Q2 2025 Jul 1, 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.
