50 new pitches found in hedge fund reports this week
Thanks for reading Stock Analysis Compilation! Subscribe for free to receive new posts and support my work. 🧰 New free tool — where your next idea comes from: Fund Overlap Name two to four US-listed stocks you own. We find the fund managers who hold them, then rank the companies those managers own far more often than everyone else, straight from their SEC 13F filings, index-huggers filtered out. What comes back is a short list of companies you have probably never screened: the ones favoured by the handful of managers who already own what you own, rather than by the whole market. A place to start looking, not a recommendation. See a live example (Free, no account needed) 🔹 Acutaas Chemicals Limited (ACUTAAS IN) by Baron Emerging Markets Fund 🔹 Alimentation Couche-Tard (ATD CN) by Jensen Global Quality Growth Equity Composite 🔹 Amadeus (AMS SM) by Troy Asset Management Global Equity Strategy 🔹 Amphenol (APH US) by Aristotle Atlantic Focus Growth Strategy 🔹 ASML Holding (ASML NA) by Mar Vista U.S. Quality Strategy 🔹 ASML Holding N.V. (ASML US) by Baron Global Durable Advantage ETF 🔹 Avon Technologies (AVON LN) by Liontrust UK Smaller Companies Fund 🔹 BAE Systems (BA/ LN) by Liontrust Income Fund 🔹 Blue Ant (BAMI CN) by Donville Kent Capital Ideas Fund LP 🔹 Broadleaf (3673 JP) by Lindsell Train Japanese Equity Fund 🔹 Celestica Inc. (CLS US) by Deep Sail Capital Partners 🔹 Cerebras Systems Inc. by Baron Fifth Avenue Growth Fund 🔹 Cintas Corporation (CTAS US) by Jensen Quality Mid Cap Composite 🔹 DiDi Global Inc. (DIDIY US) by Kopernik International Fund 🔹 EastGroup Properties, Inc. (EGP US) by Baron Real Estate Income Fund 🔹 Equinox Gold (EQX US) by Massif Capital Real Assets Strategy 🔹 Equity Residential (EQR US) by Baron Real Estate Income Fund 🔹 GDS Holdings Limited (GDS US) by Baron Opportunity Fund 🔹 GE Aerospace (GE US) by Brown Advisory Global Leaders Sustainable Fund 🔹 Genpact Ltd. (G US) by Vulcan Value Partners Quarterly Fund 🔹 Goldman Sachs Group Inc. (GS US) by Artisan Partners US Focus Fund 🔹 GPS Participacoes e Empreendimentos (GPSB3 BZ) by Artisan Partners Emerging Markets Fund 🔹 Guidewire Software, Inc. (GWRE US) by Baron Partners Fund 🔹 Hagerty, Inc. (HGTY US) by Greenhaven Road Capital Fund 🔹 Hitachi Energy India (POWERINDIA IN) by Liontrust India Fund 🔹 Hyundai Mobis Co Ltd (012330 KS) by Yackman AM AMG Yacktman Fund 🔹 Inficon (IFCN SW) by Guinness Global Quality Mid Cap Fund 🔹 Interactive Brokers Group, Inc. (IBKR US) by Baron Financials ETF 🔹 Japan Elevator Service (6544 JP) by Harding Loevner International Small Companies Equity 🔹 Japan Petroleum Exploration Co Ltd (1662 JP) by Kopernik International Fund 🔹 Lam Research Corporation (LRCX US) by Baron Technology ETF 🔹 Lockheed Martin Corporation (LMT US) by Royal London AM Global Equity Income Fund 🔹 MercadoLibre (MELI US) by Coronation Global Emerging Markets Equity Strategy 🔹 Nasdaq (NDAQ US) by Guinness Global Quality Mid Cap Fund 🔹 Nebius (NBIS US) by Royal London AM Global Equity Transitions Fund 🔹 Performance Food Group (PFGC US) by Antipodes Global SMID Active ETF 🔹 Sandisk (SNDK US) by Aristotle Atlantic Focus Growth Strategy 🔹 Sandisk (SNDK US) by Blue Whale Growth Fund 🔹 Sherwin-Williams (SHW US) by Jensen Investment Management Quality Growth Equity Composite 🔹 Shopify (SHOP CN) by Liontrust Sustainable Future Managed Growth Fund 🔹 SigmaRoc (SRC LN) by Liontrust UK Equity Fund 🔹 Space Exploration Technologies Corp. by Baron Technology Strategy 🔹 Suzuken Co Ltd. (9987 JP) by Kopernik International Fund 🔹 Tata Power (TATAPOWER IN) by Liontrust India Fund 🔹 Unilever (UL US) by Aristotle International Equity ADR 🔹 Universal Store Holdings Limited (UNI AU) by Spheria Australian Smaller Companies Fund 🔹 Visa (V US) by Troy Asset Management Global Equity Strategy 🔹 West Pharmaceutical Services (WST US) by Generation IM Global Equity Strategy 🔹 Weyerhaeuser Company (WY US) by Baron Real Estate Income Strategy 🔹 Wynn Resorts (WYNN US) by Nightview Capital NITE ETF Acutaas Chemicals Limited ($ACUTAAS IN) Fund: Baron Emerging Markets Fund Thesis: Acutaas Chemicals is a high-share pharmaceutical intermediates and specialty chemicals maker with CDMO growth, R&D depth, and strong revenue visibility. Source: Read the original letter ↗ Analysis: Acutaas is a leading manufacturer of advanced pharmaceutical intermediates (intermediates) and specialty chemicals in India. The company plays a vital role in the global pharmaceutical value chain, with a 50% to 90% market share in several critical intermediates up to the N 1 stage of the API synthesis chain. To drive sustainable long-term growth, Acutaas proactively invests in R&D to build a durable pipeline of intermediates with API patents that expire through 2040 and beyond. In addition to its core intermediates business, the company is actively ramping up its higher margin contract development and manufacturing organization (CDMO) segment in collaboration with global innovators. For example, Acutaas became the primary intermediates vendor for darolutamide, a fast-growing, patented prostate cancer drug marketed by Bayer with estimated peak sales of more than $4 billion. This long-term contract under the CDMO model provides strong revenue visibility over the next few years. We are also excited by Acutaas’ new ventures into electrolyte additives and semiconductor chemicals, which should support strong growth momentum. In our view, the company is well positioned to deliver compound revenue and earnings growth in excess of 20% over the next three to five years. Access our full research database on Acutaas Chemicals Limited Alimentation Couche-Tard ($ATD CN) Fund: Jensen Global Quality Growth Equity Composite Thesis: Alimentation Couche-Tard is held as an enduring franchise with a resilient business model, dependable cash generation, and durable market position. Source: Read the original letter ↗ Analysis: The third Quality Growth pillar provides balance through the ownership of enduring franchises such as Compass Group (CPG LN), Alimentation Couche-Tard (ATD CN), and Waste Management (WM). Although the shares of these companies can lag during periods of rapid, “risk-on” market appreciation, their resilient business models, dependable cash generation, and durable market positions have historically provided stability during more challenging environments and compelling risk- adjusted return profiles across a full market cycle. Access our full research database on Alimentation Couche-Tard Amadeus ($AMS SM) Fund: Troy Asset Management Global Equity Strategy Thesis: Amadeus is argued to have durable, high-margin travel infrastructure businesses, resilient distribution volumes, and underappreciated growth in Air IT and hospitality at an excessive valuation discount. Source: Read the original letter ↗ Analysis: Amadeus has been a significant detractor from performance over the past year, with the shares falling -20% year-to-date. The market has designated Amadeus as an “AI loser” whilst the war in Iran poses additional immediate challenges to the airline industry. The structural concern has two angles that cover both sides of Amadeus’s business. • The death of the Global Distribution System (‘GDS’). Amadeus’s Air Distribution business connects travel agents with airlines. The bear case argues that AI agents will disintermediate the GDS as a booking channel, as the internet and direct connections were each supposed to do before them. • Software disruption. Amadeus is ensnared in the pervasive bear case for enterprise software – competitive intensity increases as AI agents replace human-operated systems, enterprises build their own tools, and third-party licence and seat counts will fall. A sector with high recurring revenues faces structurally higher risk of customer churn and pricing pressure. We think the market underestimates the complexity and fragmentation of the travel industry and Amadeus’s unique position in it, thereby conflating two risks and overstating both. A compelling growth opportunity is therefore overlooked. • On GDS. The risk is credible, but the business has survived disintermediation threats for twenty years, with volumes proving highly resilient. Airlines operate in a competitive, low-margin, safety- obsessed industry and Amadeus’s corporate and international volumes, where GDS is concentrated, are some of the airlines’ most valuable customers. Airlines change distribution at the pace of the slowest, most risk-averse participant. On the other side of the network, Amadeus’s data are deeply embedded into the workflows and economics of travel agents and corporate travel management companies. AI does not displace their compliance frameworks and incentives. If agentic AI does emerge as a separate booking channel, Amadeus is better placed than heavily indebted rivals Sabre and Travelport to connect to it. And in any case, GDS is a declining share of the business as higher- margin IT segments expand. • On Air IT. The standard seat-based software bear case simply does not apply to Amadeus because it charges per passenger boarded, not per licence. Revenue therefore scales with passenger volumes, not employee headcount, making Air IT a variable customer cost – an attractive model for low- margin airlines. Beyond the pricing model, the structural durability is exceptional. Amadeus’s core Passenger Service System (‘PSS’) is the operational hub of an airline, managing inventory, reservations, departure control, 24/7, across hundreds of integrations. Migration for these systems is described as open-heart surgery; in practice it is closer to a brain transplant mid-conversation. Contracts run for a decade. In the last five years, only four airlines with more than 10 million passengers changed PSS provider – all four moved to Amadeus. With ~70% contribution margins and over €1.5bn in annual R&D, Amadeus can price out any new entrant. We do not see Air IT as a business to be defended. The industry’s ongoing transition to modern systems structurally lifts revenue per passenger as airlines run old and new systems in parallel and modularity creates a clearer path to cross-selling new functionality. With ~50% market share and industry-leading technology, we estimate this dynamic alone adds materially to the medium-term earnings trajectory. The opportunity beyond airlines is similarly underappreciated. Amadeus’s Hospitality and Other Solutions business is growing quickly, leveraging data-centric cloud infrastructure originally built for airlines and now applied across hotels, ground transport and other travel verticals. Agentic AI is an enabler here, accelerating expansion into existing markets and extending into new ones. At 14x estimated earnings over the next 12 months, pessimism appears excessive. If Air Distribution’s earnings went to zero immediately and permanently – the worst possible outcome – the remaining Air IT and Hospitality businesses would likely be worth above the current share price. The market is pricing in something worse than total, immediate GDS extinction, while ascribing no value whatsoever to the significant growth opportunities in Air IT modernisation and travel adjacencies. Access our full research database on Amadeus 🔓 Unlock the full research database This week’s ideas are a sample. The real edge is the full searchable archive : The Associate ($19/mo) gives you every pitch we’ve indexed — 3,000+ across 300+ funds — searchable by fund, sector or ticker, plus the entire quarterly-letter archive. The weekend of PDF-hunting, already done for you. The Rainmaker ($29/mo) adds Warren AI to ask questions across the whole corpus in plain English. Start a 7-day free trial Amphenol ($APH US) Fund: Aristotle Atlantic Focus Growth Strategy Thesis: Amphenol offers diversified exposure to interconnect demand, with AI data centers, electrification, and acquisitions supporting growth and returns. Source: Read the original letter ↗ Analysis: Amphenol is one of the world’s largest designers, manufacturers and marketers of electrical, electronic and fiber optic connectors and interconnect systems; antennas; sensors and sensor-based products; and coaxial, high-speed and specialty cable. Based on recent reports of industry analysts, the company estimates that worldwide sales of interconnect and sensor- related products were approximately $250 billion in 2024, reflecting continued growth driven by data communications, electrification, and aerospace and defense demand. The company aligns its businesses into three reportable business segments: (i) Harsh Environment Solutions, (ii) Communications Solutions and (iii) Interconnect and Sensor Systems. The company sells products to customers in a diversified set of end markets. Our view on Amphenol centers on its diversified exposure across automotive, aerospace, defense, information technology datacom, mobile networks, industrial and other end markets, which provides resilience while positioning the company to benefit from multiple long-term growth themes. The company is a consolidator in a fragmented interconnect market, supported by a global manufacturing footprint, disciplined acquisition strategy and a track record of integrating deals that expand capabilities in fiber optics, defense interconnects, cable solutions, active optics and building connectivity. Its decentralized operating model, cost discipline, strong incremental margins, high returns on invested capital and equity, and robust free cash flow can support profitability and earnings growth. We believe demand from AI data centers and cloud infrastructure is a major growth driver, with Amphenol now spanning the full data center signal path across copper, power, fiber and optics, while broader electrification, factory automation, Industrial Internet of Things adoption, defense modernization and aerospace electronics provide additional multi-year demand tailwinds. Together, these factors can create a resilient, high-quality growth profile supported by disciplined capital allocation and continued opportunities for organic and acquisition-driven expansion. Amphenol trades above its recent historical valuation range after re-rating on the strength of its AI and data center business, as well as strong execution. We view the premium as justified given the company’s long record of trading at a meaningfully higher earnings multiple than the broader market. The main drivers of future valuation will likely be the durability of AI and data center growth, the pace of recovery in industrial demand, and continued value creation from acquisitions. Access our full research database on Amphenol ASML Holding ($ASML NA) Fund: Mar Vista U.S. Quality Strategy Thesis: ASML is a critical EUV lithography monopolist with strong switching costs and technological leadership in the AI semiconductor value chain. Source: Read the original letter ↗ Analysis: Our purchase of ASML reflects our conviction that the long-term demand for advanced semiconductor manufacturing remains firmly intact. As the sole provider of extreme ultraviolet (EUV) lithography systems, ASML occupies one of the most strategically important positions within the global semiconductor ecosystem. While investor attention has focused on AI chip designers, we believe enabling technologies such as advanced lithography represent an equally critical and often underappreciated component of the AI value chain. ASML’s technological leadership, substantial switching costs, and indispensable role in semiconductor manufacturing create one of the strongest competitive advantages in our investment universe. Access our full research database on ASML Holding ASML Holding N.V. ($ASML US) Fund: Baron Global Durable Advantage ETF Thesis: ASML makes lithography tools and is viewed as an indispensable enabler of leading-edge semiconductors and AI buildout. Source: Read the original letter ↗ Analysis: ASML Holding N.V. is a Dutch company that builds lithography machines used to print circuit patterns onto semiconductor chips. Shares rose 50.9% during the quarter as accelerating AI infrastructure spending reinforced ASML’s critical role in the semiconductor supply chain. Sitting at the center of advanced chip production, lithography is in high demand: leading-edge logic capacity remains sold out at ASML’s largest customers, while the high-bandwidth memory buildout is driving a parallel wave of lithography equipment investment at memory manufacturers. Management raised its full-year outlook guiding revenue to €36 billion to €40 billion in response to these favorable demand trends with EUV capacity of at least 60 units in 2026 and 80 units in 2027, reinforcing our conviction in ASML as a core long-term holding. We maintain conviction and continue to view ASML as an indispensable enabler of the leading-edge semiconductor roadmap and one of the primary beneficiaries of the ongoing investment in AI. Access our full research database on ASML Holding N.V. Avon Technologies ($AVON LN) Fund: Liontrust UK Smaller Companies Fund Thesis: Avon Technologies makes mission-critical protective equipment and benefits from near-sole-source military contracts, high barriers to entry, and a management team focused on continuous improvement. Source: Read the original letter ↗ Analysis: A new position was initiated in Avon Technologies, a designer and manufacturer of mission-critical personal protective equipment for armies, navies, law enforcement and first responders. The competitive advantage of the business is underscored by their near-sole-source position on several critical US and UK military programmes for their protective equipment with qualification processes that take years and significant capital investment to replicate, creating high barriers to competition. The team were also drawn to the culture of the management team, focused on continuous improvement. Access our full research database on Avon Technologies BAE Systems ($BA/ LN) Fund: Liontrust Income Fund Thesis: BAE Systems is a leading global defence and aerospace company positioned to benefit from structurally improving defence spending and long-cycle government programmes. Source: Read the original letter ↗ Analysis: BAE Systems is a leading global defence and aerospace company, with strong positions across air, maritime, land, cyber and electronic systems. Defence spending is structurally improving, supported by rising geopolitical uncertainty and increased government commitments to defence budgets. BAE is well positioned to benefit from this backdrop, given its strong capabilities, scale and visibility from long-cycle, government-funded programmes. Recent share price weakness has created an attractive entry point into a best-in-class defence prime with an improving long-term outlook. Access our full research database on BAE Systems Blue Ant ($BAMI CN) Fund: Donville Kent Capital Ideas Fund LP Thesis: Blue Ant is a global media and streaming company with diversified IP, strong management, acquisition-driven synergy potential, and a low valuation despite improving earnings power. Source: Read the original letter ↗ Analysis: Blue Ant (BAMI) Before coming public, Blue Ant grew earnings at a 15% CAGR over the past 5 years. The streaming sector is accelerating and expected to grow at a 24% CAGR 2024-2030. Blue Ant has produced $37M in EBITDA the last few years and their recent acquisition, Thunderbird, has been around $17M per year and they are pace for more than $7M in synergies. They have net cash on the balance sheet and the entire enterprise value of BAMI at the moment is $140M2, so you’re paying close to 2x EV/EBITDA for a company that is run by a management team that has previously RTO’d a company of similar size, grew its earnings at a 28% CAGR for 14 years, and then were acquired for billions. We believe the stock should trade for 7x EV/EBITDA, which would equate to ~$20/share versus the current $5.47 share price today. The main question right now is how Blue Ant is different from other media companies and how they are succeeding in this environment. The main answer is that most media companies are regional, dependent on a specific market, and dependant on a specific technology like cable or streaming. Blue Ant has a multi- tiered and multi-focused revenue stream with a wide geographic reach. They own their own IP and have a diverse library, which allows them to take a certain asset and distribute it to dozens of countries through cable, fast TV, paid streaming, free streaming, etc. Blue Ant has a 20% IRR hurdle for M&A and they are able to attain this because they can buy a library of content from one market and immediately sell it across the globe. The strategy also makes sense for the acquisition of Magellan where they had a revenue share model for the programming, but now Blue Ant can use their own IP to fill the slots and receive full margin. From a stock perspective, the company still hasn’t reported a full “clean” quarter after their RTO, merger with BoatRocker assets, plus acquiring Thunderbird and Magellan. Their Q3 & Q4 are their seasonally strongest quarters plus they will start to bypass all the go-public and transaction costs. For now, we think potential investors are putting the company in the “too hard” pile and want to wait to see the company’s true earnings ability. This is where we see the opportunity because looking through the noise one can see the real underlying business - the real earnings potential of the business. They report fiscal Q3 earnings on July 15th. Access our full research database on Blue Ant Broadleaf ($3673 JP) Fund: Lindsell Train Japanese Equity Fund Thesis: Broadleaf serves automotive aftermarket business customers and is benefiting from cloud migration, improved earnings guidance, and greater demand driven by cybersecurity concerns. Source: Read the original letter ↗ Analysis: Broadleaf is on a similar journey, encouraging a migration to cloud for its automotive aftermarket business customers. The company recently revised up its first half of LT results guidance, with operating profits up 34% from previous forecasts. Interestingly, both Broadleaf and OBC are seeing a notable pick up in cloud migration, thanks to the increasing threat of cyber-attacks. Companies using on-premise systems as opposed to cloud-based ones are significantly more vulnerable, as cloud-based systems can automatically update protections much more effectively. Access our full research database on Broadleaf
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