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 |
|---|---|---|---|---|
ACATIS Investment Dr. Hendrik Leber | “After a multi-year pause, we once again invested in Zalando in September 2025, as the company has continued to expand its position as the leading European online platform for fashion and lifestyle. In recent years, Zalando has successfully expanded its business model beyond classic direct sales to end customers (B2C) and also opened it up as a platform for other retailers. Also, the recent takeover of About You strengthens the company's market position in Europe and creates synergies that are likely to improve margins in the long term. We consider the most recent drop in the share price as an attractive entry opportunity. BSD Analysis: Zalando enters 2026 as a leaner and more efficient e-commerce leader, following a successful period of inventory optimization and margin-focused restructuring. The company is successfully leveraging its "ecosystem" strategy to move beyond traditional retail, expanding its logistics-as-a-service offerings to other European brands. Management is prioritizing high-engagement categories and its lounge-style flash sales to maintain customer loyalty in a fluctuating discretionary spending environment. While the stock has faced pressure from a competitive landscape, Zalando's dominant position in the European fashion market and its robust digital infrastructure provide a durable competitive moat. Investors are focused on the company's ability to drive consistent double-digit EBIT margins as it transitions into a more service-oriented and profitable platform.” | BULL | Q3 2025 Oct 6, 2025 | View Pitch |
Harry Qelm Baabsman Harry Qelm Baabsman | “Zalando SE (ZAL_GR): Is a 10.3 billion EUR in sales European e-commerce clothing retailer with a stiff grip over the EU market. Financially healthy but with a thin profit margin, this clothing retailer is a leader that could bring stable double-digit growth for the portfolio over the years. The least exciting part about this business - it is less green than we previously thought because Fast-fashion is not green, even with conscious execution. We believe the company is undervalued, and we shall see its recovery. In 2024 alone its EV/Sales ratio climbed up from 0.4 to 0.8, the way to a 10-year median level of 1.5 stays unconquered. The revenue grew for the last 5 years with compounded annualized growth rate of CAGR at 9.8% rate, and earnings per share with rate 14+%, these metrics look depressed due to slower pace in 2023-2024. In the next 5-7 years we expect further recovery of this business towards more robust numbers and growth. BSD Analysis: Zalando is the dominant European e-commerce fashion platform, poised for a massive re-rating as it successfully pivots from pure retail to a high-margin, logistics-and-advertising services model. The core thesis is an inventory arbitrage—the company is shifting risk onto its partners (brands) while leveraging its vast logistics network and data to generate high-margin revenue from advertising and fulfillment services. This strategy is designed to deliver a sustained 6% to 8% Adjusted EBIT Margin. Zalando's 50 million active customers and massive market share provide an unassailable moat, forcing brands to rely on its platform for growth. The stock is trading at a significant discount, penalized by the post-pandemic normalization of e-commerce; however, the successful pivot to a platform model will unlock substantial profitability and drive the valuation multiple back toward normalized levels.” | BULL | Q2 2025 Jul 4, 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.
