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 |
|---|---|---|---|---|
Equity Management Associates Larry and David | “Avino Silver and Gold is a mid-tier producer of mostly silver with some gold and copper credits. They operate two mines which share one mill in Mexico's Durango Province, a generally safe area free of cartel activity. In calendar 2025, they produced 2.6 million silver equivalent ounces at an average cost (AISC) of $23.75/ounce. With an average silver selling price of $44.70 per ounce during the year their average margin was $20.95/ounce. So, at the mine operating level they had contribution of $54 million. After SG&A, EBITDA for 2025 was $28.5 million. However silver prices today ($60/ounce) are substantially above last year's average price and in Q1 of 2026 they had EBITDA of $20 million. Bloomberg analyst's consensus for 2026 EBITDA is $80 million. So, the Company is trading at 12.5x EBITDA. The Company is projecting that their silver equivalent ounce production will grow to 2.8 million this year, 2026, 4.0 million in 2027, 6.7 million in 2028 and 8.0 million in 2029. Furthermore, the price of silver is now $60/ounce but in the most recent run up it hit $120/ounce. We believe that the price of silver is heading to $100 and then ultimately to $200 per ounce over the next few years. If for example silver goes back to its $120 high later this year it would mean their average selling price this year could be $80 and at that price, they would have EBITDA of $140 million. Making their present multiple a more reasonable 7.1x. Furthermore, if they execute their growth plans and achieve production of 8.0 million ounces in 2028 and the silver price is $200/ounce they would earn EBITDA of $1.4 Billion in 2028. Their current market capitalization is lower than this. Assuming they maintain an EBITDA multiple of 10, the stock will be a 14x bagger. We strongly believe they will grow production and silver prices will go up. If it only ends up being 2-3x our money in the next few years, we'll take it.” | NEUTRAL | Q2 2026 Jul 21, 2026 | View Pitch |
Equity Management Associates Larry and David | “One of EMA's favorite holdings in early 2025 and a very large position. EMA sold a small portion because the position became overweight, but it remains a core holding. The company has grown silver pro” | BULL | Q3 2025 Sep 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.