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 |
|---|---|---|---|---|
Vulcan Value Partners - Small Cap C.T. Fitzpatrick | “TPG is an alternative asset manager with a great reputation and track record. We have been following this business since their IPO in 2022. We bought TPG in our large cap strategy in the first quarter of last year during a market overreaction caused by the tariff tantrums. Their strong returns combined with their ability to consistently return capital to LPs have set them up well to continue to outperform the industry. TPG's fee earning AUM and FRE grew 23% and 36% respectively in Q126. That is coming off a year in which TPG grew fee earning AUM and fee related earnings 21% and 25% respectively. Despite these strong results, the stock has declined approximately 35% year to date due to AI disruption fears around its software investments. We view its stock price decline as another market overreaction. TPG's software exposure is approximately $34 billion and represents approximately 11% of its total assets under management. TPG has been investing in software for years and has a very strong track record. Their flagship buyout fund, TPG VII, which was started in 2015, invested in several software companies. They sold all of their holdings in that fund by the end of 2021 at very good valuations. Subsequent funds have had the benefit of learnings from those successful exits. The investment period for their newer funds has had the unique benefit of occurring during the period that AI was becoming more visible. We believe that TPG will have some losers, but in the aggregate, the growth in value creation from the winners is going to more than offset the laggards. Like us, TPG is focused on identifying businesses with sustainable competitive advantages. We believe that they have allocated capital intelligently across their portfolios, including software. Some of the competitive advantages they look for include proprietary data over public data, transaction processing where precision is mission critical, and vertical market software. Factory automation is an example of vertical software. We expect another strong year of growth in 2026 and are thrilled with the opportunity to buy this outstanding, well-managed business with such an incredible margin of safety.” | NEUTRAL | Q2 2026 Jul 23, 2026 | View Pitch |
VVP Q2 Letter 06.30.26 Portfolio Manager | “TPG's stock has pulled back significantly on misplaced concerns over AI disruption in its software portfolio, despite posting stellar double-digit growth in assets and fee-related earnings. The firm has a highly successful track record of investing in software with a focus on deep competitive moats, and the current valuation provides an exceptional entry point.” | BULL | Q2 2026 Jun 30, 2026 | View Pitch |
Vulcan Value Partners - Large Cap C.T. Fitzpatrick | “TPG is an alternative asset manager poised to benefit from long-term private market capital flows and annuity-like fees. The company's exceptional ability to return capital to limited partners differentiates it and accelerates future fundraising capacity.” | BULL | Q1 2025 Mar 31, 2025 | View Pitch |
Vulcan Value Partners Focus Plus Vulcan Value Partners LLC | “TPG is a leading alternative asset manager benefiting from structural growth in private market capital flows and durable fee streams. The company excels at returning capital to limited partners, which positions it strongly to raise new funds. Accelerating fundraising and fee revenues are expected to drive market share gains.” | BULL | Q1 2025 Mar 31, 2025 | View Pitch |
Vulcan Value Partners - Small Cap C.T. Fitzpatrick | “The alternative asset manager is well-positioned to benefit from secular tailwinds and increasing private market capital flows. TPG differentiates itself in a challenging fundraising environment by consistently returning capital to limited partners. This execution is expected to accelerate fundraising, fee revenues, and overall earnings growth.” | BULL | Q1 2025 Mar 31, 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.
