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 |
|---|---|---|---|---|
McIntyre Partnerships Chris McIntyre | “SEG is a holding company with a variety of assets spun out of Howard Hughes as a “bad bank.” Its most important assets are its holdings in the Seaport district of Lower Manhattan and approximately $15 in net cash per share. In 2025, SEG sold 250 Water Street, bringing net cash to ~$15 per share versus a ~$20 stock price. The second large development was signing Meow Wolf as an anchor tenant, taking ~15% of available space and serving as a major traffic driver. Meow Wolf's opening in H2 2027 should be transformational, driving traffic and boosting restaurant and retail economics. Once fully leased, I believe SEG can generate ~$50MM rental income. A 6.5% cap rate, plus credit for cash and other assets, supports a share price of $70 or better. BSD Analysis: Seaport Entertainment Group (SEG), a recent spin-off from Howard Hughes, is being valued by the market as a high-potential turnaround story in the experiential real estate sector. The company's portfolio includes the iconic South Street Seaport in New York and various entertainment-focused assets that are currently seeing a surge in post-pandemic foot traffic. While SEG is currently unprofitable and trades at a modest 2.2 times sales, analysts see significant upside if the company can successfully monetize its high-profile development projects and hospitality venues. Management is prioritizing a capital-light growth model, seeking partnerships to expand its brand presence while maintaining a lean cost structure. For risk-tolerant investors, SEG offers a unique way to play the recovery of premium urban entertainment districts at a valuation that is significantly below the industry average.” | BULL | Q4 2025 Feb 19, 2026 | View Pitch |
Plural Investing Chris Waller | “Seaport Entertainment, spun off from Howard Hughes, holds prime New York Seaport properties valued at $850 million and $160 million in net cash. Management's sale of a non-income property for $150 million demonstrated underlying asset value. Despite operational improvements and asset monetization, the stock is down 10% YTD due to investor neglect. As cash flow breakeven approaches in 2026 and profitability beyond, Seaport's deep asset backing and turnaround trajectory make it materially undervalued. :contentReference[oaicite:3]{index=3} BSD Analysis: Seaport's asset-rich balance sheet and improving operations create significant optionality. Value realization through property sales and breakeven milestones could drive rerating. Undervalued real estate turnaround with visible catalysts.” | BULL | Q3 2025 Oct 21, 2025 | View Pitch |
McIntyre Partnerships Chris McIntyre | “In August, SEG announced two significant catalysts. First, SEG improved operations to a $7MM adjusted loss in Q2 2025 from a $28MM adjusted loss in Q2 2024. Second, SEG announced the sale of 250 Water Street for $151MM, yielding pro-forma net cash of ~$17 per share versus its current $24 price. Further, I estimate 250 Water Street was ~$10MM annual drag on results and believe the additional cash can result in at least $5MM of annual interest income. With this swing in profitability, I believe SEG will be comfortably profitable as Meow Wolf and other recently signed tenants begin operations over the next two years. I project $3 in 2028 FCF/sh. with at least $10 in net cash. A 15x multiple and credit for net cash yields a $55 price target. BSD Analysis: SEG is transitioning from a cash-burning development story to a cash-generating entertainment platform. The sale of 250 Water Street unlocks liquidity, eliminates a major earnings drag, and materially strengthens the balance sheet. As new experiential tenants ramp, SEG's operating leverage should drive substantial margin expansion. Shares trade at a discount to private-market entertainment valuations despite improving unit economics. Key catalysts include tenant openings, rising foot traffic, and potential asset monetization.” | BULL | Q2 2025 Sep 3, 2025 | View Pitch |
Springview Capital Management Guy Baron | “We exited our investment in Seaport Entertainment during the second quarter. We initiated the position in Q3 2024 at an average cost of approximately $27 per share, including participation in a rights offering. At the time, we saw compelling value in acquiring what amounted to a swath of lower Manhattan real estate for just over $150 million in enterprise value. Our primary concern, however, was the company's persistent cash burn, driven largely by underperformance at the Tin Building by Jean-Georges, its flagship food hall in the Seaport District. Over the course of the year, our concerns deepened regarding management's ability to stabilize cash flow. These worries came to a head in May, when the company reported $37 million in cash outflow for the first quarter alone. Extrapolating that trend, we feared Seaport would soon be forced to raise equity or fire-sell assets—an outcome we were unwilling to risk. We exited the position at just under $19 per share. BSD Analysis: Seaport Entertainment Group is a high-beta, asset-rich entertainment and real estate holding company whose value is largely locked in the highly sought-after real estate of its Genting New York properties. The core thesis is a massive sum-of-the-parts discount. The company owns one of the most profitable casino properties in the U.S. and has significant real estate holdings that are poised for development. The stock is a leveraged bet on the successful monetization or eventual sale of these assets, which should drive a major re-rating as the company unlocks the deeply hidden value in its real estate and gaming footprint.” | BULL | Q2 2025 Aug 5, 2025 | View Pitch |
Plural Investing Chris Waller | “Seaport Entertainment, a spin-off with a $340 million market cap and net cash, owns a complex portfolio of properties in Lower Manhattan valued well below the $1.5 billion historically invested. A newly aligned management team is rapidly implementing operational turnarounds, notably at its key asset Pier 17 and the previously loss-making Tin Building. The manager estimates the intrinsic value of these assets will reach $55 per share within three years as local property values appreciate.” | BULL | Q4 2024 Jan 16, 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.
