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 |
|---|---|---|---|---|
AVI Worldwide Opportunities Fund Tom Treanor & Charlotte Cuthbertson | “Seraphim Space (SSIT) is, as the name suggests, invested in companies operating in the space technology sector. The huge reduction in launch costs in recent years sparked the creation of several highly innovative satellite companies that are now increasingly mature yet still fast-growing businesses active in the defence and climate change sectors. We first invested in SSIT at an extreme discount to NAV in late 2023 and sold out in early Q3-25 following a material re-rating. While it is never easy to buy back into something at a higher price than that at which one sold, we overcame this psychological hurdle to re-establish a position in Jan-26 at what was a single-digit premium to reported NAV. Its largest holding ICEYE had won a key contract with Germany's armed forces and, in our view, appeared extremely undervalued at its reported carrying value. ICEYE operates the world's largest commercial constellation of Synthetic Aperture Radar (SAR) satellites. Unlike standard optical cameras, ICEYE's satellites use radar pulses to 'see' through heavy cloud cover and in total darkness, capturing highly detailed 16 cm-resolution images anywhere on Earth, day or night. We believed that using a more appropriate valuation put SSIT's shares on a significant discount to NAV. In June, a new funding round for ICEYE took place at a valuation of over €10bn, providing a huge boost to SSIT's NAV per share. SSIT's share price increased +25% over Q2 (from 150p to 188p), although this masks extreme volatility in the shares that arose from the high level of retail ownership and excitement around the IPO of SpaceX. This played to our advantage, and our trading activity meant our position significantly outperformed the share price move with ~80% of our position sold during the quarter at an average price of 229p. We then rebuilt most of the holding substantially lower than where we sold. Adjusting SSIT's last reported NAV for the increase in ICEYE's valuation, movements in listed securities and other portfolio events gets us to an estimated NAV per share of ~240p at quarter end, to which the shares closed on a 23% discount.” | BULL | Q2 2026 Jul 17, 2026 | 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.
