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 |
|---|---|---|---|---|
CrossingBridge Advisors David Sherman | “Spirit Airlines emerged from Chapter 11 in March 2025 with reduced debt and new equity. We passed on its mid-teens yielding 11% senior secured notes due 2030 given our view that the reorganized balance sheet remained overleveraged and positive free cash flow generation depended on resolving costly aircraft leases and favorable fuel prices, factors out of the Company's control. Instead, we purchased Spirit's investment-grade rated 2015-1A 4.100% Enhanced Equipment Trust Certificates, or EETCs, due April 2028. The certificates are secured by 15 Airbus A320 and A321 aircraft, which we estimated provided approximately 2.0x collateral coverage. Days after our initial purchase, Spirit returned to Chapter 11. In the ensuing months, fuel price volatility following the outbreak of hostilities in Iran derailed its restructuring. In early May 2026, the company announced it would liquidate. After Spirit missed a principal payment, we added to our position at approximately 96.50, a 6.1% YTM. CrossingBridge joined an ad hoc group of equipment trust holders and entered into a cooperation agreement under which junior EETC holders would credit bid their claims and repay the senior tranches, including the 2015-1As, at par plus accrued interest.” | NEUTRAL | Q2 2026 Jul 25, 2026 | View Pitch |
Legacy Ridge Capital Kristopher P. Kelley | “Spirit Airlines operated as an irrational industry competitor that aggressively expanded its fleet despite declining yields and escalating unit costs. Its eventual liquidation signals the collapse of the ultra-low-cost business model and clears the path for improved capacity discipline.” | BEAR | Q2 2026 Jul 23, 2026 | View Pitch |
Jackson Peak Capital LLC Patrick O'Brien | “The fund established a subscale position in Spirit Airlines calls ahead of its antitrust merger trial with JetBlue, viewing the massive market spread as highly mispriced. The manager intends to dynamically scale the position based on live observations of the trial's progress.” | BULL | Q4 2023 Nov 8, 2023 | 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.
