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 |
|---|---|---|---|---|
Hotchkis & Wiley Large Cap Fundamental Value Portfolio Manager | “Workday Inc. (WDAY) is a leader in cloud software for back-office business functions, spanning human capital management (HCM), financial management, and adjacent ERP (enterprise resource planning) products, with 60% of the Fortune 500 as HCM customers. Shares declined over the period, pressured by investor concerns that AI could disrupt application software vendors. The most recent quarter, however, did not show evidence of this. Subscription revenue grew 14%, 12-month backlog grew 16%, retention remained industry leading, margins expanded, and management reiterated full-year subscription revenue guidance while raising operating margin guidance. AI adoption also appears to be progressing, with Workday-developed agents now used by more than 4,000 customers and Recruiting Agent activity up sharply year over year. We continue to believe the disruption thesis significantly underestimates enterprise switching costs and the non-code moat that makes Workday durable.” | NEUTRAL | Q2 2026 Jul 28, 2026 | View Pitch |
Brown Advisors Global Leaders Strategy Mike Poggi | “Our investments across software and cloud-service providers were weak, including Microsoft, Autodesk and Workday. We exited Autodesk and Workday during the quarter. We exited our position in Workday during May after a relatively brief holding period of approximately eight months. Several fundamental factors have changed since our initial investment in September of last year, prompting us to revise both our growth and margin estimates for Workday. Most crucially—and the ultimate trigger for a thesis break in this case—were the recent changes in the management team. When the CEO stepped down and co-founder Aneel Bhusri was re-appointed, we expected, and already see, a change in capital allocation discipline at Workday, as evidenced by the immediate moderation of the company's margin targets.” | NEUTRAL | Q2 2026 Jul 22, 2026 | View Pitch |
Madison Large Cap Fund Joe Maginot, Haruki Toyama, Rich Eisinger | “Workday is a market-leading human resources and financial management software company. Over the last couple years, the company has transitioned to a new leadership team, which is focused on both sustaining double-digit revenue growth and expanding margins. To sustain double digit growth, Workday has expanded its product suite to address underpenetrated customer groups and is investing in commercializing AI agents, which should be additive to revenue growth. We also believe margins have the potential to meaningfully expand under the new leadership team. BSD Analysis: Workday sits at the core of HR and financial operations where companies absolutely do not experiment lightly. Once deployed, switching systems is painful, risky, and politically toxic inside large organizations. Growth has moderated, but revenue quality has improved as subscriptions and renewals dominate the mix. Expansion comes from adding modules, not chasing new logos. Investors lump Workday in with generic SaaS and miss how compliance, payroll, and finance create real lock-in. AI features monetize best when layered into workflows customers already trust. Margins expand steadily as scale absorbs platform costs. Public sector and large enterprise penetration extend durability. This is back-office gravity, not growth theater.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
RGA Investment Advisors LLC Jason Gilbert | “Workday offers mission-critical HR software for Fortune 500 companies and is steadily expanding into finance workflows. Revenue continues compounding double digits through both new logo wins and land-and-expand momentum. Historically, valuation and margin concerns kept us cautious, but new CEO Carl Eschenbach is driving meaningful operational streamlining. Early 2025 restructuring and ongoing margin progress demonstrate commitment to converting revenue growth into earnings growth. SaaS multiples have compressed materially in the AI era, creating attractive entry valuations. At purchase, shares traded at 25x current-year EPS, 18x EBITDA, and 17x FCF—all growing nearly 20%. Returns should track FCF growth with potential multiple expansion as Workday proves resilient to AI disruption. Upside is higher if growth reaccelerates, which we view as more likely than not. BSD Analysis: Workday is a high-quality, high-growth enterprise cloud applications leader whose stock is a conviction bet on the non-discretionary corporate shift to modern, unified HR and financial software. The core moat is its single, unified software platform for Financial Management and Human Capital Management (HCM), which creates exceptionally high switching costs for large enterprises. The entire thesis is driven by its successful integration of Generative AI across the platform, using its massive, proprietary data set to embed AI into planning, financial reporting, and HR decisions. This AI advantage is driving superior subscription revenue growth and margin expansion. Workday is an indispensable software provider, leveraging the non-cyclical corporate need for efficiency and automation to deliver double-digit growth.” | 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.
