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 |
|---|---|---|---|---|
Cooper Investors Global Equities Fund (Unhedged) Cooper Investors Pty Limited | “Over the financial year, the two largest detractors in the Compounding pool were Japanese accounting software company freee K.K. (4478) and wholesale insurance broker Ryan Specialty (RY” | BEAR | Q2 2026 Jul 31, 2026 | View Pitch |
Cooper Investors Global Equities Fund (Unhedged) Cooper Investors Pty Limited | “Over the financial year, the two largest detractors in the Compounding pool were Japanese accounting software company freee K.K. (4478) and wholesale insurance broke...” | BEAR | Q2 2026 Jul 31, 2026 | View Pitch |
Orbis Global Equity Fund Brent Jackson | “Take insurance brokerage. Brown & Brown and Ryan Specialty are brokers: they sit between companies and insurers, matching clients to the right coverage and placing it for a fee, without carrying the risk themselves. Both are priced as AI casualties. Two fears weigh on the stocks: a softening pricing cycle and AI disintermediation. The pricing cycle is already in the price. On AI, we disagree. Ryan Specialty makes the case from the other end of the market: a leading specialist in excess and surplus, the part of insurance built for complex, hard-to-place, and emerging risk. That market is structurally expanding, and we view Ryan as its most capable navigator.” | NEUTRAL | Q2 2026 Jul 30, 2026 | View Pitch |
Vulcan Value Partners - Focus Vulcan Value Partners, LLC | “Ryan Specialty Holdings, Inc., reported 11.8% organic revenue growth during the first quarter. However, the company cut its 2026 organic revenue outlook to mid-single-digit growth from its prior outlook of high-single-digit growth. The excess and surplus (E&S) market continues to grow submissions (volumes) at robust levels, but 25% to 35% property rate declines are pressuring premium growth. For instance, in 2025 total E&S premiums grew by 8%, while submissions grew by 14%. For the first six months of 2026, California E&S premiums grew 4%, while submissions grew 23%. Florida E&S premiums declined 6%, while submissions grew 15%. Texas E&S premiums grew 5%, while submissions grew 21%. These three states report monthly stamping data and together they account for roughly 45% of the E&S market. We are encouraged to see the continued robust submission growth and we believe the rate pressure is a short-term phenomenon, not a structural issue. In late May, Ryan increased its share repurchase authorization by an additional $300MM after exhausting its first ever authorization in the first five months of 2026. In early June, five insiders bought stock on the open market including Pat Ryan, Founder & Executive Chairman, and Janice Hamilton, CFO. Ryan's stock price was volatile during the second quarter while its value remained stable. We added to our position in Ryan early in the quarter when its price to value ratio was more attractive.” | BULL | Q2 2026 Jul 23, 2026 | View Pitch |
Vulcan Value Partners Focus Plus Vulcan Value Partners LLC | “Ryan Specialty Holdings, Inc., reported 11.8% organic revenue growth during the first quarter. However, the company cut its 2026 organic revenue outlook to mid-single-digit growth from its prior outlook of high-single-digit growth. The excess and surplus (E&S) market continues to grow submissions (volumes) at robust levels, but 25% to 35% property rate declines are pressuring premium growth. For instance, in 2025 total E&S premiums grew by 8%, while submissions grew by 14%. For the first six months of 2026, California E&S premiums grew 4%, while submissions grew 23%. Florida E&S premiums declined 6%, while submissions grew 15%. Texas E&S premiums grew 5%, while submissions grew 21%. These three states report monthly stamping data and together they account for roughly 45% of the E&S market. We are encouraged to see the continued robust submission growth and we believe the rate pressure is a short-term phenomenon, not a structural issue. In late May, Ryan increased its share repurchase authorization by an additional $300MM after exhausting its first ever authorization in the first five months of 2026. In early June, five insiders bought stock on the open market including Pat Ryan, Founder & Executive Chairman, and Janice Hamilton, CFO. Ryan's stock price was volatile during the second quarter while its value remained stable. We added to our position in Ryan early in the quarter when its price to value ratio was more attractive.” | BULL | Q2 2026 Jul 23, 2026 | View Pitch |
Fenimore Value Strategy John Fox | “We continued to build our position in Ryan Specialty Holdings (RYAN). The insurance industry has seen softness in rates. While RYAN's model differs from traditional retail brokerage, the company released results citing a volatile environment which led to a decrease in their earnings outlook for the year. We're encouraged by the business's long-term prospects and, in our opinion, its legendary leader Pat Ryan. He is also purchasing shares of RYAN's stock during this weakness.” | NEUTRAL | Q2 2026 Jul 15, 2026 | View Pitch |
Fenimore Small Cap Strategy John Fox | “We initiated a position in Ryan Specialty Holdings (RYAN), which we had previously owned after its initial public offering. The insurance industry has seen softness in rates. While RYAN's model differs from traditional retail brokerage, the company released results citing a volatile environment which led to a decrease in their earnings outlook for the year. We're encouraged by the business's long-term prospects and, in our opinion, its legendary leader Pat Ryan. He is also purchasing shares of RYAN's stock during this weakness.” | NEUTRAL | Q2 2026 Jul 15, 2026 | View Pitch |
VVP Q2 Letter 06.30.26 Portfolio Manager | “Ryan Specialty recently revised its organic growth outlook downwards as property rate declines squeezed premium pricing, despite experiencing massive volume increases in E&S policy submissions. The manager views this margin pressure as transient and believes insider buying and increased share buybacks confirm the attractive valuation.” | BULL | Q2 2026 Jun 30, 2026 | View Pitch |
Cooper Investors Global Equities Fund (Unhedged) Cooper Investors Pty Limited | “the investment case for Ryan Specialty (RYAN), the other significant detractor for the period, has been tested by something more traditional - a turning insurance cycle. The question of AI's impact on” | BULL | Q1 2026 May 13, 2026 | View Pitch |
Cooper Investors Global Equities Fund (Unhedged) Cooper Investors Pty Limited | “Ryan Specialty Group (RYAN) is currently navigating a soft underlying insurance pricing environment predominantly in the property portion of the business. Even in this softer environment, we expect RYAN to grow its revenues organically at close to 10% and EBITDA at over 20% when taking into account completed acquisitions. Insurance pricing impacts short-term revenues, but long-term growth is driven by insurance volumes. Flows into the excess and surplus market remain at robust double-digit growth rates. Management continues to execute at a high level, including investing counter-cyclically by recruiting experienced professionals. We have used the share price weakness to add to our investment. BSD Analysis: Ryan Specialty's moat is expertise and relationships in complex insurance niches where price shopping breaks down. Specialty risks require judgment, not just distribution, which protects margins. Growth is driven by market share gains and M&A rather than rate cycles alone. Pricing power exists indirectly through advisory value, not commissions. Integration discipline is critical as acquisitions stack up. Exposure to insurance cycles adds noise, but demand for specialty coverage persists. Talent retention is the real strategic asset. The bull case is continued complexity in risk markets favoring specialists. Ryan compounds by monetizing uncertainty better than generalists.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Kovitz Core Equity Kovitz Investment Group Partners, LLC | “Ryan is a broker of specialty insurance, which is a fast-growing segment of the property & casualty insurance market. The company was founded in 2010 by Pat Ryan at age 72, two years after he retired as Aon's founder, Chairman, and CEO. We think the management team is an A-rated group, and they are currently guiding the company through a high-growth phase with 2024 being the company's biggest year yet for acquisitions. The stock sold off over 20% when the company incrementally cut its 2025 organic revenue guidance (from +11-13% to +9-11%) based on a down-cycle in the property insurance market. As is frequently the case, we're willing to look through the transitory softness to establish a position in an excellent company. BSD Analysis: Ryan Specialty's disciplined underwriting and double-digit organic growth profile make it a structural compounder in specialty insurance. Its scale, diversified product suite, and pricing power in hard markets support margin stability. Near-term cyclical softness provides an attractive entry for long-term compounding.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
Alger Mid Cap Focus Fund Amy Zhang | “Ryan Specialty Holdings is a leading provider of specialty insurance products and services, acting as a broker between insurance agents, brokers, and carriers. During the quarter, shares detracted from performance due to lower property insurance pricing across the industry, which negatively impacted the company's premium volumes. However, we view this challenge as temporary and continue to believe Ryan Specialty has the potential to grow earnings faster than the overall market through favorable pricing, higher business volumes, and strategic acquisitions. BSD Analysis: Ryan Specialty is the E&S insurance machine eating market share while the big carriers struggle with underwriting discipline. Specialty pricing power is strong, loss ratios are stable, and Ryan's delegated authority model gives it scale advantages most MGAs can't replicate. The company's distribution platform and broker ecosystem create fees and commissions with minimal balance sheet risk. Cash flow is predictable, and the long runway of E&S expansion is only getting started. The stock trades at a premium for a reason — but even that premium undervalues the structural growth story here. Ryan is what modern specialty insurance leadership looks like.” | BULL | Q2 2025 Jul 6, 2025 | View Pitch |
Carillon Eagle Mid Cap Growth Fund Eric Mintz, Christopher Sassouni, David Cavanaugh | “Ryan is a leading insurance broker specializing in excess and surplus lines (E&S) insurance. While first-quarter results exceeded expectations, the stock delivered lackluster results due to a slightly disappointing quarterly margin and investor concerns over a potentially challenging internal growth comparison in the second quarter. We view the margin miss as temporary and anticipate margin expansion throughout the remainder of the year and beyond. Additionally, while shorter-term property pricing pressures persist, we believe they will be outweighed over time by the outsized organic growth expected in the E&S market. BSD Analysis: Ryan Specialty is a pure play on the rise of specialty insurance, where complexity and customization matter far more than scale. As risks get weirder and more fragmented, brokers like Ryan who understand niche markets gain tremendous leverage. The company's distribution power and underwriting partnerships create a high-margin, asset-light business model. Specialty pricing continues to trend firm, providing a favorable backdrop. Ryan's organic growth consistently outpaces the broader insurance ecosystem, reflecting its strong competitive position. M&A adds incremental scale and expands its library of expertise. This is a structural grower in a corner of insurance that most investors still underappreciate.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Cooper Investors Global Equities Fund (Unhedged) Cooper Investors Pty Limited | “Ryan Specialty reported strong double-digit revenue and EBITDA growth, showing resilience despite a normalizing insurance pricing environment. The company's focus on securing coverage for complex, hard-to-place risks highlights its strong client value proposition. Continued solid performance is projected for the rest of 2025.” | BULL | Q1 2025 Mar 31, 2025 | View Pitch |
Cooper Investors Global Equities Fund (Unhedged) Cooper Investors Pty Limited | “Ryan Specialty is a leading wholesale broker positioned in the rapidly expanding Excess & Surplus insurance market. Driven by increasingly complex global risks and strong organic growth, the company is poised to continue growing double-digits while expanding margins and pursuing strategic M&A.” | BULL | Q4 2024 Dec 31, 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.
