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 |
|---|---|---|---|---|
2Point2 Capital Savi Jain & Amit Mantri | “MCX has been one of our most successful investments at 2Point2, yielding a 10x+ return since we first bought it in April 2020. However, its success had little to do with our original thesis. We initially invested expecting a recovery in commodity futures volumes after a seven-year lull. Commodity volatility was rising, and we expected that operating leverage would drive disproportionate growth in profits. The Covid-crash had resulted in valuations reducing to near 20x trailing P/E which we found attractive. Initially, both the business and the stock struggled to perform. Stringent SEBI margin rules (triggered by negative crude prices) caused crude Average Daily Trading Volume (ADTV) to crash by ~75%. Plagued by a messy tech migration, the stock barely moved for three years. MCX's stock performance was in the bottom 5% of the top 1,000 stocks. Nevertheless, we continued to hold the stock as we believed that the stringent margin rules were not permanent in nature. The regulator's strict margins on futures had an unintended consequence though: liquidity migrated rapidly to options. Monitoring the business closely allowed us to notice this real-time shift. Drawing parallels to NSE's options boom, we updated our thesis to focus on explosive options growth and chose to hold through the underperformance. MCX trading volumes further benefited from a post-Covid surge in retail trading and from unprecedented volatility in energy and bullion products aided by two wars. The eventual outcome: Q4 FY26 operating profits that are 4x of full-year FY20 profits and a 13x increase in stock price! We still have a small position in MCX.” | NEUTRAL | Q2 2026 Jul 15, 2026 | View Pitch |
2Point2 Capital Savi Jain & Amit Mantri | “The fund initially invested in MCX expecting a recovery in commodity futures volumes, but regulatory changes severely disrupted this thesis. However, by staying close to the company's developments, the managers recognized an early structural migration to options trading and successfully adapted their investment thesis, resulting in a 10x return.” | BULL | Q1 2026 Apr 12, 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.
