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 |
|---|---|---|---|---|
Forager International Shares Fund Steve Johnson | “Another significant contributor over the year and one that we have written about in previous reports is Zegona Communications (LON:ZEG). The Fund invested in April 2025 as a special situation. The management team, former Virgin Media executives running a private-equity playbook in public markets, had acquired Vodafone Spain at a depressed valuation, mostly using other people's money. Over six months Zegona completed two fibre infrastructure sales to Telefónica and MasOrange, generating €1.8bn of upfront proceeds. Those proceeds fully funded the redemption and cancellation of the funding provided by Vodafone, alongside a substantial return of capital via special dividend and further debt reduction. The balance-sheet reset coincided with genuine operating progress: customer metrics stabilised and returned to growth, margins expanded meaningfully, and cash flow improved faster than expected as management executed decisively on cost, capex discipline and commercial simplification. With the shares up around 130% from the Fund's first purchase in April to December 2025, the financing structure simplified and the turnaround now well recognised by the market, the asymmetry that defined the original investment had largely been realised. The Fund's investment has been sold. If this management team buys something else one day, we would happily invest alongside them again.” | BULL | Q2 2026 Jul 15, 2026 | 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.
