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 |
|---|---|---|---|---|
Vltava Fund Daniel Gladiš | “The fund purchased Rightmove, the leading UK real estate marketplace connecting buyers, renters, and developers. Due to strong network effects from hosting the vast majority of countrywide residential listings, the company enjoys a dominant market position, high profit margins, low capital intensity, and superior free cash flow generation.” | BULL | Q1 2026 Apr 1, 2026 | View Pitch |
Vltava Fund Daniel Gladiš | “The global small cap team purchased a business that was caught up in the AI displacement scare during the quarter. Rightmove PLC is a market share leading digital platform that facilitates 80%+ real estate activity in the United Kingdom. At its core, Rightmove is a data business in the UK real estate market with decades of proprietary data and sufficient scale to innovate and maintain its lead position. AI fears have pressured its shares lower, opening up an attractive entry point as the team believes its data integrity and AI innovations are likely to unlock greater value add, rather than being restrictive to its growth outlook. BSD Analysis: QV's global small cap team opportunistically acquired Rightmove during AI-related market fears, viewing the selloff as creating an attractive entry point. The company's dominant market position, facilitating over 80% of UK real estate activity, provides significant competitive advantages and network effects. The investment thesis centers on Rightmove's extensive proprietary data accumulated over decades, which creates substantial barriers to entry and switching costs. Rather than viewing AI as a threat, the team believes the company's data integrity and scale position it to leverage AI innovations for enhanced value creation. The market's overreaction to AI displacement concerns has created a compelling valuation opportunity for a high-quality digital platform with strong fundamentals and growth prospects.” | BULL | Q1 2026 Apr 1, 2026 | View Pitch |
GCQ Flagship Fund GCQ Funds Management Pty Ltd | “Rightmove is the dominant real estate advertising portal in the UK, with ~85% share of time spent on property portals by UK consumers. We first discussed our investment in Rightmove in November 2023, when the stock was trading at approximately 18x forward earnings, its lowest multiple in a decade, following US-listed CoStar Group's offer to acquire OnTheMarket. Fast-forward to today, and OnTheMarket still only attracts a 5% share of consumer time spent on property portals, while Rightmove remains dominant, with more than 80% share of time spent on property portals and more than 95% brand awareness among home movers. In this time, Rightmove has grown revenues by +10% in 2023, +7% in 2024, and is set to grow by a further +9% by the end of this year, driven by subscription upgrades and price increases. BSD Analysis: Rightmove is the UK's most dominant online property portal, commanding overwhelming traffic share and pricing power over estate agents. Even in weak housing markets, agents can't afford to leave the platform, giving Rightmove remarkable revenue resilience. The business converts market leadership into best-in-class margins and cash flow. ARPA growth remains the primary lever, and Rightmove has consistently pushed pricing without meaningful churn. New products and data services add incremental monetization without altering the core model. Housing cycles affect sentiment more than fundamentals. This is one of the cleanest marketplace monopolies in Europe.” | BULL | Q2 2025 Jul 24, 2025 | View Pitch |
Kernow Asset Management Alyx Wood | “Rightmove retains exceptional pricing power and market dominance, demonstrated when customer OpenRent capitulated during a fee dispute. Nevertheless, despite trading at a discount due to CoStar competition concerns, Kernow rejected the position due to limited upside potential and a lack of near-term growth catalysts.” | BULL | Q2 2024 Jun 30, 2024 | 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.
