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 | “Vishay Intertechnology (VSH) makes passive electronic components and discrete semiconductors (resistors, inductors, capacitors, MOSFETs, diodes, etc). Although the industry is cyclical, competitive dynamics are stable and VSH benefits from incremental growth from electric vehicles and industrial electrification. A year ago, the industry was struggling from a cyclical downturn following the excesses and component hoarding of the Covid era. The stock declined again when President Trump announced his tariffs in April 2025. But the industry has come roaring back; VSH's Q1 earnings release on May 13 announced a year-over-year sales increase of 17%, strength across all end markets and distribution channels, and a book-to-bill ratio of 1.34. Vishay is also incrementally selling to data centers. We believe the stock may have gotten caught up in the AI trade and have aggressively reduced our position. Vishay is controlled by the Zandman / Shoshani family through super voting B shares. After struggling through the financial crisis, the family ran the company extremely conservatively and for cash flow. But starting in 2023, Vishay elevated its lead salesman, Joel Smejkal, to CEO and announced plans to change its notably staid culture and start investing in growth. These investments took down margins and cash flow in 2024 and 2025 as the industry was troughing out. Vishay's share price fell from the mid $20s in 2024 to as low as $10/sh in 2025. We added to our position in a measured way knowing that Vishay was making significant changes with uncertain payoffs. This year, revenue and bookings have surged upward and Vishay's share price has followed. From a low of ~$10/sh last year, the stock traded above $60/sh in June (it has since given back some of those gains). Margins are still depressed, but in valuation terms, the EV/sales increased from a little over .5x to roughly 3x. Although we trimmed our position several times, Vishay was our largest winner for the first half of this year. The jury is still out on Vishay's cultural reset and investment program, but the price has come back down and we are comfortable continuing to hold a less than 2% position.” | NEUTRAL | Q2 2026 Aug 12, 2026 | View Pitch |
FPA Queens Road Small Cap Value Fund Steve Scruggs | “Vishay is positioned to ride secular tailwinds from automotive electrification and industrial power demands. Although navigating a post-pandemic electronics inventory correction, the company is targeting aggressive cultural and growth upgrades.” | BULL | Q1 2025 Apr 18, 2025 | View Pitch |
FPA Queens Road Small Cap Value Fund Steve Scruggs | “Vishay manufactures essential passive electronic components with high value-to-cost ratios that benefit from long-term EV and electrification trends. Despite cyclical softness in auto and industrial end markets, the fund is incrementally adding as management executes capital expansion plans.” | 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.
