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 |
|---|---|---|---|---|
Unconventional Value Tim Gallagher | “Thryv is a different story. I own it because I think the market is mispricing the immediate cash flows, and I have confidence in management. To be clear, this is not some mission-critical vertical software business. It's a marketing tool, a fairly undifferentiated product selling into a high churn end market, with slow organic growth and the looming threat of AI ahead. Still, the valuation is hard to reconcile; the company should produce more cash in the next five years than the current enterprise value. The bet is simple: if Thryv can get reasonably close to its 2030 ambition of $1 billion in SaaS revenue, the equity has room for something on the order of an 8x return. $800 million of SaaS revenue in 2030 requires a ~12% CAGR from 2025. The math works if cash flow takes down the debt, and the pure SaaS business reaches a 2x revenue multiple (or roughly 10% free cash flow yield for a business that should run 20% margins, without the egregious stock-based compensation at many other software companies). I don't think that's a far-fetched outcome, and that type of potential reward justifies taking some risk. BSD Analysis: Thryv Holdings enters 2026 with cautious optimism, as its recent survey of small businesses reveals a mix of hope and hesitation regarding growth and employment costs. The company is successfully pivoting its marketing platform toward AI-enabled solutions, specifically targeting home services businesses to drive operational efficiency. While many SMBs remain unsure about the economy, Thryv is leveraging this uncertainty to position its technology as an essential tool for turning "cautious optimism into success." The firm's focus on high-margin SaaS revenue and its recent expansion of marketing software are intended to drive shareholder value through the mid-term. As small businesses increasingly adopt technology to combat rising costs, Thryv's role as a primary digital enabler provides a stable growth runway.” | BULL | Q4 2025 Feb 22, 2026 | View Pitch |
Far View Capital Management Brad Hathaway | “Finally, we realized a meaningful loss in Thryv Holdings Inc. (THRY). Despite my initial view that the company offered a “hidden gem” SaaS business tucked within a legacy Yellow Pages wrapper, operati” | BEAR | Q4 2025 Jan 28, 2026 | View Pitch |
Far View Capital Management Brad Hathaway | “Finally, we realized a meaningful loss in Thryv Holdings Inc. (THRY). Despite my initial view that the company offered a “hidden gem” SaaS business tucked within a legacy Yellow Pages wrapper, operating results did not develop as I expected. When we bought in Q1 2025, the SaaS segment had produced multiple quarters at or near Rule of 40 metrics and management laid out a credible cross-sell path to meaningfully grow mid-term recurring revenue. The thesis broke in Q3 2025 when seasoned net revenue retention fell 900 bps to 94%, exposing higher churn—especially among migrated Yellow Pages customers—while new product development was substantially delayed. With the growth plan reset and confidence in execution gone, we sold the position and will monitor from the sidelines. BSD Analysis: Thryv targets small businesses that don't want ten tools — they want one that just works. Its all-in-one software bundles CRM, marketing, payments, and listings for owners who hate software. Churn risk exists because SMBs fail, not because they switch. Growth depends on sales execution and cost discipline more than product reinvention. Margins are pressured today by go-to-market spend, but leverage is there if retention stabilizes. This is not Silicon Valley SaaS. It's blue-collar software selling outcomes, not features. The TAM is real, but patience is required. Thryv works only if management keeps expenses tighter than ambition.” | BEAR | Q4 2025 Jan 28, 2026 | View Pitch |
Liberty Park Capital Management Charles P. Murphy | “THRY reported deteriorating organic SaaS metrics that raised concerns over the company's long-term outlook. Customer growth and retention trends weakened during the quarter. Management commentary suggested rising competitive pressure and slower demand from SMB clients. These factors led to multiple compression and negative sentiment. BSD Analysis: Thryv sells operating software to small businesses that don't have IT departments or patience for complexity. Once embedded, it becomes the system of record for billing, scheduling, and customer management. Churn risk exists, but switching costs rise quickly as workflows consolidate. Growth has moderated as small businesses feel macro pressure. Investors assume SMB software is inherently fragile. Yet owners value tools that save time more than features that look good on demos. Pricing power improves with bundled services. Operating leverage is real once cohorts mature. This is vertical SaaS for the unsexy economy — and that's the point.” | BEAR | Q4 2025 Jan 21, 2026 | View Pitch |
Unconventional Value Tim Gallagher | “Let's now talk about a different name: Thryv. Very basic business model, nothing too differentiated about it. I'm invested in the company, and recently increased the size of my investment, for one main reason: the leadership. It's a jockey bet. Joe Walsh successfully executed the same print to SaaS business model transition Thryv is currently undergoing at a prior company. At that company, shareholders earned a ~20x return. History doesn't repeat, but it rhymes, and great operators tend to remain great operators. Thryv participates in a massive market with countless permutations of competitors, but I think the greenfield aspect of the opportunity is often overlooked. There is ample growth to be had by simply growing into evolving demand, not necessarily stealing share from competitors. I believe that distinction is important and commonly not given enough weight. Thryv's core advantage is its ability to leverage longstanding relationships with small business owners across the country to sell locally at scale. This model allows them to more effectively capitalize on the natural evolution of SMB demand towards SaaS while maintaining a profitable business model (that is, not overspending on customer acquisition). I think it will just take solid execution for shareholders to reach a good outcome, and Joe Walsh is the guy to do it. BSD Analysis: Thryv is a deep-value, small-to-medium business (SMB) SaaS pure-play whose stock is an asymmetric recovery bet on its successful, brutal corporate transformation. The core thesis is driven by the successful pivot from its legacy, declining Yellow Pages business to the high-margin Thryv SaaS platform. The company achieved a major financial milestone in 2025, projecting full-year SaaS revenue guidance of $460 million to $463 million and reaching 103,000 SaaS subscribers. The legacy business still generates a robust $250 million to $300 million in unlevered free cash flow (FCF), which is being surgically funneled into the high-growth SaaS engine. Thryv is a conviction bet on the inevitable, multi-year digital transformation of the small business market.” | BULL | Q2 2025 Aug 14, 2025 | View Pitch |
Laughing Water Capital Matthew Sweeney | “Thryv Holdings Inc (THRY) – Thryv, our small and medium business software company that is also harvesting cash flows from a legacy business that is in runoff mode, declined approximately 40% from its February high until quarter end. The high price came in the wake of the company becoming “rule of 40” with greater than 100% net review retention, while the low price came in the wake of the company slightly cutting FY'25 guidance due to tariff uncertainty. The real issue here is the assumption that small and medium businesses will suffer in a recessionary environment, and the assumption that tariffs will lead to that recession. From my view, at current prices the stock is trading as if the business is imploding. Yet, according to the National Federation of Independent Business, small business optimism remains above its long-term average, which suggests that Thryv should be able to continue executing their playbook. To be fair, Thryv does need to prove to the market that they can shift their growth model from relying on the transition of legacy customers to their software and more toward relying on product led growth, and at this point we have limited visibility on that front. However, I gain some comfort from the announcement subsequent to quarter end that HubSpot's (HUBS) former VP of Product is joining Thryv's board. Presumably, he does not think the business is imploding either. Let's hope that he brought some of HubSpot's multiple with him, as HubSpot trades at more than 9x 2025 revenue, while Thryv trades at less than 2x 2025 SaaS revenue, giving no credit to the cash that the legacy business continues to generate. BSD Analysis: Thryv is the ex-yellow-pages zombie that refused to die and instead reinvented itself as a SaaS platform for small businesses—CRM, marketing automation, scheduling, the whole toolkit. It's selling into a huge, fragmented market that's still early in software adoption, which gives it runway but also creates brutal customer-acquisition physics. The thesis is that Thryv can use its legacy relationships and distribution muscle to onboard SMBs more efficiently than pure-play start-ups. Revenue growth has been solid, and the SaaS mix is steadily improving margins, but churn and unit economics must stay under tight control. This is a leverage-to-execution story: if they keep proving that cohorts stick and expand, the model works. If churn creeps up, you're back to questioning whether this is a tech company or just the last gasp of an old directory business. The jury is leaning positive, but still watching closely.” | BULL | Q2 2025 Jul 1, 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.
