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 |
|---|---|---|---|---|
Alluvium Global Fund Stuart Pearce, Alexis Delloye | “We last wrote about Robert Half (up 23.5%) in our December report, where we mentioned that hindsight suggests our purchasing during price descents in May, August and October were mistakes. This remains the case - but less so. Our expectation that the recruitment / outplacement market will slowly recover, appears, going by Robert Half's recent results, to be bearing fruit. And management remain cautiously optimistic. We did not trade the stock. The Fund's position is now 2.7%.” | NEUTRAL | Q2 2026 Jul 29, 2026 | View Pitch |
Alluvium Global Fund Stuart Pearce, Alexis Delloye | “Robert Half, down another 18.3% (and now 59.1% for the year), has been a major disappointment. The news isn't getting any better and the market is factoring poor industry conditions for longer than implied by our valuation. The stock trades at a large discount and consensus earnings suggest the dividend may be at risk. While purchases during the descent may have been premature, we still expect the recruitment industry to recover and lead to solid share price rebounds, though timing is unknown. BSD Analysis: Robert Half is a staffing business that survives by being boring and disciplined in a cyclical industry that destroys the reckless. Demand swings with hiring cycles, but long-term need for skilled temporary labor doesn't vanish. The firm's focus on professional and specialized roles supports pricing and margins better than commoditized staffing. When labor markets tighten, Robert Half prints money. When they loosen, balance-sheet conservatism keeps it alive. Digital platforms haven't killed the model — relationships still matter in hiring. Capital returns are meaningful when cycles cooperate. This is not a secular growth story. It's a cycle-ready operator that rewards timing and patience.” | BULL | Q4 2025 Jan 23, 2026 | View Pitch |
Alluvium Global Fund Stuart Pearce, Alexis Delloye | “Robert Half, the recruitment and out placement specialist, was a small position at the start of the quarter. Despite us buying a little more, after falling 23.8% it is an even smaller position now (2.1%). There's not much we can elaborate on from last quarter's report. All we can do is point to what appears to be a dichotomy. Whereas the general price levels of equities does not seem to imply too much of a deterioration in economic conditions, Robert Half's share price seems to imply a prolonged downturn. Our valuation, which we think is conservative, is based on a level of maintainable earnings not much higher than its average over an extended period of 10 years. And it trades at a 27% discount to it. Despite that, we fully recognise we may be missing something, and we anxiously await an imminent update as we write this. BSD Analysis: Robert Half gets hammered every cycle, yet it remains the premium staffing and consulting operator with a brand Fortune 500 companies trust. Permanent placement is weak — but Protiviti is thriving, and temporary staffing tends to rebound sharply when hiring cycles restart. The balance sheet is pristine, cash flow is strong, and Robert Half always emerges from downturns with more share. This isn't a broken story — just a cyclically depressed one with torque on the other side.” | BULL | Q2 2025 Jul 30, 2025 | View Pitch |
Alluvium Global Fund Stuart Pearce, Alexis Delloye | “Robert Half has experienced a prolonged earnings trough as macroeconomic uncertainty has delayed the anticipated cyclical rebound in recruitment demand. Although the fund revised down its near-term margin assumptions and valuation estimates, it intends to hold the position at its current lower price to wait out the cycle.” | BULL | Q1 2025 Mar 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.
