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 |
|---|---|---|---|---|
FPA Queens Road Small Cap Value Fund Steve Scruggs | “TD Synnex (SNX) is the largest IT distributor globally. Twenty years ago, this meant getting PCs, peripherals, servers and networking equipment from the OEM manufacturer to the corporate customers' offices. But the business has evolved and Synnex has used its position as a middleman to add additional products such as software, security, cloud licenses and services. Its predecessor companies (Tech Data and Synnex merged in 2021) were long time holdings of the Fund since 2010 and have consistently been among our largest holdings. TD Synnex (SNX) is the largest IT distributor globally. The company has done a good job diversifying away from its historical position in hardware (PCs, peripherals, servers, networking equipment, etc.) and into software, security and services. TD Synnex is modestly levered and uses its cash flow to repurchase shares and pay dividends. On Mar 31, the company reported blow out earnings and provided financials for Hyve, its data center business. Hyve is growing billings at a nearly 100% annualized rate and is on track to contribute ~$700m of operating earnings this year. These numbers were higher than investors anticipated and the stock has performed very well since their release. We think that TD Synnex is exceptionally well run, has scale and scope advantages versus smaller competitors and that profits will continue to grow with IT spending at a GDP+ rate. We have trimmed our position, but SNX trades at roughly 13x forward earnings and continues to be a top 5 holding for the Fund. Synnex has always had an entrepreneurial culture and has incubated several adjacent businesses over the years. One of these businesses, Hyve, helps build data centers by combining custom engineering, assembly and integration with TD Synnex's core sourcing and distribution functions. This is obviously a very in demand service – Hyve growth has exploded from a single digit percentage of SNX's sales in 2024 to almost 30% of expected operating income in 2026. The share price has followed earnings growth higher and SNX's market cap broached ~$20B in June. On the one hand TD Synnex is in the right place at the right time. But SNX has been an exceptional compounder for the Fund for over a decade – management always found smart ways to grow and improve the business.” | NEUTRAL | Q2 2026 Aug 12, 2026 | View Pitch |
Middle Coast Investing LLC Daniel Shvartsman | “TD Synnex is in the data center / AI related basket. The company has soared in 2026 in large part due to its Hyve business unit, which helps companies set up data center infrastructure. SNX's distribution business also did really well in the last quarter. TD Synnex was a Q2 winner contributing 0.8% gain to total portfolio value. The manager trimmed the position during Q2.” | NEUTRAL | Q2 2026 Jun 30, 2026 | View Pitch |
FPA Queens Road Small Cap Value Fund Steve Scruggs | “TD Synnex (SNX) is the world's largest IT distributor. The company was formed by the merger of Tech Data and Synnex in 2021 – we first bought TD in 2010 (it was taken private in 2020) and SNX in 2012. 20 years ago, IT distribution meant delivering PCs, servers and networking equipment from warehouses to customers. But SNX used its position as a middleman to add value to both sides of the equation, acting as an outsourced sales force for its OEM suppliers while providing bundling, consultation and other value-added services to its customers. SNX evolved with the times selling increasing amounts of software, security, cloud and now AI products. Still, this is a relatively old school, low margin / high volume business with a large element of working capital management. What is interesting to us is that SNX trades at roughly 10x forward earnings, towards the low end of its historical range. The business continues to evolve but the basics are roughly the same as they were ten years ago. If anything, the business has gotten incrementally better – higher margins, higher returns on capital, more scale, consolidation among the large players and more international opportunity. After digesting Covid era excess spending, recent results have been strong. And the company has a long history of growth and strong returns for shareholders. But there's no near term event or catalyst and our best guess is that SNX suffers from the limited constituency of long term owners in the SMID space. BSD Analysis: TD SYNNEX enters 2026 with a "Strong Buy" consensus rating and robust momentum following a record fiscal year 2025. The company recently reported a 10% year-over-year revenue increase to $17.4 billion for the fourth quarter, driven by double-digit growth in its Endpoint Solutions and a significant surge in its Hyve infrastructure business. For the first quarter of fiscal 2026, management has issued an optimistic guidance of $15.1 billion to $15.9 billion in revenue and non-GAAP EPS of $3.00 to $3.50. Strategic pillars for 2026 center on "AI-ready" infrastructure and digital platform enhancements, including an AI assistant in their PartnerFirst portal. While the firm anticipates a seasonal cash outflow in Q1, it remains committed to its medium-term framework of 95% free cash flow conversion. Analysts maintain an average price target of $179.89, viewing the company as a primary beneficiary of the global enterprise IT modernization cycle.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
FPA Queens Road Small Cap Value Fund Steve Scruggs | “TD Synnex is a leading IT distributor benefiting from steady demand growth, potential margin expansion from higher-value services, and a recovering PC market. The fund reduced its position to maintain strict 5% single-position risk limits after strong recent performance.” | 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.
