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 |
|---|---|---|---|---|
Far View Capital Management Brad Hathaway | “During Q2 2026, Far View established a new position in Upsales Technology AB (UPSALE), a Swedish provider of CRM software for small and mid-sized B2B companies, primarily in the Nordics. In early April, our automated, AI-driven idea-generation filter alerted me that UPSALE planned to demerge AIRA, its AI Revenue Assistant software. Unbeknownst to most investors, AIRA had been incubated inside UPSALE for the prior eighteen months, with its development costs running through the parent company's income statement throughout the period. The opportunity exists because those AIRA costs have obscured the profitability inflection of the core CRM business. With the costs removed, UPSALE has guided to an EBITDA margin above 35% on an annualized basis from Q2 2026, a substantial increase versus the blended figures investors had been looking at. While UPSALE did not screen as cheap on reported numbers, the company was clearly inexpensive on a pro-forma basis. Because UPSALE is a small company listed on Nasdaq First North, has no research coverage, and is off investors' radars after a couple years of profit declines, few investors were performing this pro-forma arithmetic. As with several prior investments, an unusual corporate structure created the potential for a significant mispricing. Importantly, the business behind these numbers is a high-quality one. UPSALE has grown organically and profitably for more than twenty years without ever raising external capital. Over 90% of revenue is recurring subscription revenue and the company's Data Hub provides a unique competitive advantage. The balance sheet holds net cash and the company has a history of returning excess cash to shareholders. The demerger announcement and the Q1 2026 results that followed suggested that the core business may have reached a revenue inflection. When the announcement was made, I dropped every other project, and Far View acquired an initial position within days at a double-digit pro-forma free cash flow yield. My subsequent diligence included conversations with current and former members of the C-suite, discussions with others in the ecosystem, and a visit to the company's Stockholm headquarters. After this research, I concluded that the core CRM business is durable with unique competitive advantages and that the pro-forma economics are real. Furthermore, this work confirmed that the recent reacceleration of revenue was the result of product improvements that had the potential to substantially increase both users and ARPU. As my confidence grew, Far View built UPSALE into a mid-sized position during the quarter. If the investment thesis is correct, a newly focused UPSALE should deliver the combination of mid-double-digit revenue growth and 35%+ EBITDA margins that the blended financials had concealed, potentially resulting in a materially higher share price than today's levels over a multi-year period. So far, the company's operating momentum has continued with UPSALE pre-announcing better-than-expected Q2 2026 numbers.” | NEUTRAL | Q2 2026 Jul 17, 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.
