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 |
|---|---|---|---|---|
Cooper Investors Global Equities Fund (Unhedged) Cooper Investors Pty Limited | “TKO Holdings (TKO) is the owner and operator of the two leading combat sports content assets – the UFC and WWE. We have been investors in TKO for a little over one year over which time the share price has appreciated over 80%. Our investment proposition is based on the increased demand for sports media rights from traditional broadcasters/cable as well as global streaming platforms (Netflix, YouTube, Amazon, Apple). These media companies see live sport as crucial to maintain and grow viewer numbers and/or subscribers. Given the year-round volume and flexibility of both the WWE and UFC, TKO's assets are well positioned to benefit from this trend. In addition, TKO benefits from a powerful flywheel where in addition to media rights, it monetises its content via sponsorships and live events. Over the past year, TKO has renewed most of its important media deals at rates well above previous deals. We remain enthusiastic shareholders. BSD Analysis: TKO's moat is premium sports IP with artificial scarcity—there are only so many global combat sports brands. UFC and WWE monetize attention through media rights, live events, and sponsorships with remarkable margin efficiency. Demand is resilient because fandom is habitual, not discretionary. Pricing power sits with broadcasters, not consumers, which stabilizes economics. Star risk exists, but the brands outlive individual athletes. Integration discipline matters as cost synergies are harvested. Regulatory and reputational risks never disappear in combat sports. The bull case is media-rights inflation and global expansion. TKO compounds by owning leagues others can't replicate.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Cooper Investors Global Equities Fund (Unhedged) Cooper Investors Pty Limited | “TKO renewed U.S. UFC rights with Paramount+ on a 7-year, $7.7B deal—more than double the prior ESPN economics—and expands reach via streaming and CBS simulcasts. Greater exposure should boost sponsorship CPMs (e.g., Octagon branding), live event monetization, and the flywheel across the ecosystem. Management sees long-run upside from global demand for live sports content across streamers and broadcasters. BSD Analysis: TKO is a cash-machine built on two global combat-sports IP engines — WWE and UFC — and the integration is already unlocking the kind of margin expansion only a true monopoly-like content portfolio can deliver. Media rights renewals are coming in hotter than the market expected, reflecting the rarity of live, appointment-viewing content that actually moves subs and ad dollars. Cost synergies are flowing, and management isn't shy about squeezing every ounce of operating leverage from production, talent, and international expansion. The bear case rests on cyclicality and regulatory noise, but the reality is that TKO's brand power and fan engagement give it a pricing moat most entertainment companies would kill for. With rights deals resetting higher and monetization broadening across sponsorships, global events, and streaming, TKO still looks underpriced relative to its long-term earnings firepower.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
Forager International Shares Fund Steve Johnson | “TKO Group (NYSE:TKO) and APi Group (NYSE:APG) added 1.2% and 1.1%, respectively. TKO, the parent company of UFC and WWE, is capitalising on its global rights portfolio and unmatched live event brand. The merger has created significant operational synergies, and the company is starting to wield its bargaining power across media partners and advertisers. Meanwhile, APi Group continues to deliver solid earnings through its specialty contracting business focused on fire safety and security services. The vast majority of APi's revenue is recurring or regulatory-driven, and the business has a strong track record of acquiring smaller players and integrating them efficiently. Both companies exemplify the scalable platforms we seek, those with recurring revenue, pricing power, and disciplined capital allocation. BSD Analysis: TKO combines two premium combat-sports franchises with loyal fan bases and scarce live-content assets, giving it strong leverage in media-rights negotiations. The merger has unlocked cost synergies and cross-promotion opportunities that should support EBITDA margin expansion. With long-dated broadcast contracts and global expansion into new markets, revenue visibility is high and largely independent of traditional economic cycles. The business is capital-light, allowing a large portion of earnings to be reinvested or returned to shareholders over time. Risks include potential viewer fatigue, regulatory scrutiny, and renegotiation risk on future rights deals, but the scarcity value of live sports content remains a powerful tailwind.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Cooper Investors Global Equities Fund (Unhedged) Cooper Investors Pty Limited | “TKO Holdings (TKO) is the owner and operator of the two leading combat sports content assets – the UFC and WWE. We wrote about TKO in our September Quarterly Report. Since making our initial investment, the company has also acquired Premier Bull Riding (PBR), sports marketing agency IMG and premium (sports) experience provider On Location (in a single transaction). The core UFC and WWE assets still account for the vast majority of TKO's economics. TKO has had a strong start to 2025; UFC and WWE grew EBITDA 17% and 38% respectively in the March quarter and the company expects to grow EBITDA at a mid-teens rate for calendar year 2025. An important near-term milestone is the renewal of the UFC media rights in the US. These rights account for over 15% of TKO's revenues, so while the absolute dollar figure is important (and we expect a material step-up from the current deal), we are more focused on the partners TKO chooses to work with. For example, TKO signed a landmark global deal with Netflix for the WWE last year and this is proving to unlock material upside in the other parts of content flywheel, namely sponsorship and live events. We also believe that there is a larger site fee opportunity for TKO, as compared to our initial expectations. TKO currently earns site fees from local governments on a portion of its 24 marquee annual events. Across UFC, WWE and PBR the company puts on close to 200 annual events. By “festivalising” a combination of these events across multiple days, TKO is demonstrating they can deliver more economic value to cities and hence earn site fees on previously unmonetised events. The agreement with the Perth Government announced earlier this year demonstrates this with the press release referencing a “weekend takeover” featuring three WWE events and material economic benefit to hosting such events. These additional revenue opportunities are especially valuable for a content business where revenue growth drops through to profits at very attractive margins due to low marginal costs. TKO are promoting these events with or without site fees. BSD Analysis: TKO is a media-rights powerhouse created by UFC and WWE joining forces, giving it unmatched control over combat entertainment and a global fanbase. Its content is exactly what streamers, networks, and international partners want: live, unscripted, and culturally sticky. Media rights renewals are the real crown jewel — each cycle pushes pricing higher as platforms bid aggressively for tentpole live content. Sponsorship and international expansion add optionality, with UFC still under-monetized in many global markets. The Endeavor/management influence also means cost cuts come fast and hard, supporting margin expansion. Regulatory noise exists, but demand for this type of content is only rising. TKO's earnings profile has more visibility than skeptics think, especially as live sports scarcity intensifies.” | BULL | Q2 2025 Jun 30, 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.
