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 on the site: follow the companies and funds you care about Follow a company and we email you whenever a fund manager writes about it — a full pitch or a single paragraph in a quarterly letter. Follow a fund and we email you the day its new letter is out. Every stock now has its own page : every fund that has pitched it, who bought and who sold, the letters that mention it and the funds that hold it — all in the managers’ own words. See an example: AMD → or browse every company A–Z . 👉 Pick what to follow → 🔹 Advanced Micro Devices (AMD US) by Aristotle Atlantic Partners Core Equity Strategy 🔹 Alchip Technologies (3661 TT) by Antipodes Emerging Markets Fund 🔹 Alphabet Inc. (GOOGL US) by Baron Technology ETF 🔹 Amer Sports (AS US) by Tributary Capital Management Multi Cap Core Equity Strategy 🔹 American Express (AXP US) by Lorne Steinberg Wealth Management Steinberg Equity Strategies 🔹 Amphenol Corporation (APH US) by Baron Durable Advantage Fund 🔹 ARM Holdings (ARM US) by Tran Capital Management Multi-Cap Growth 🔹 BlackRock (BLK US) by Nightview Capital NITE ETF 🔹 Blackstone Digital Infrastructure Trust Inc. (BGP US) by Baron Real Estate Income Strategy 🔹 Brookfield Asset Management Ltd. (BAM US) by Baron Real Estate Fund 🔹 Constellation Software (CSU CN) by REQ 🔹 Deutsche Rohstoff (DR0T GR) by ARAR Fund 🔹 Disco (6146 JP) by Sustainable Growth Advisers Emerging Markets Growth Strategy 🔹 Elevance Health, Inc. (ELV US) by GreensKeeper Value Fund 🔹 FactSet Research Systems (FDS US) by JAG Capital Management Small Mid Cap Growth Strategy 🔹 FedEx Freight (FDX US) by Diamond Hill Large Cap Fund 🔹 Finning International (FTT CN) by Lorne Steinberg Wealth Management Steinberg Equity Strategies 🔹 Gamuda (5398 MK) by Artisan Partners Sustainable Emerging Markets Strategy 🔹 Garrett Motion Inc. (GTX US) by Alluvial Fund 🔹 H World Group Limited (HTHT US) by Emerald Focused Equity Strategy 🔹 Hyatt Hotels Corporation (H US) by Baron Real Estate Fund 🔹 Knight-Swift (KNX US) by Riverwater Partners Sustainable Value Strategy 🔹 Lam Research Corporation (LRCX US) by Baron Durable Advantage Fund 🔹 London Stock Exchange Group (LSEG LN) by WS Lindsell Train UK Equity Fund 🔹 Marsh McLennan (MMC US) by Capital Management Focus Newsletter 🔹 Meta Platforms (META US) by Longriver Partners Fund 🔹 Micron Technology, Inc. (MU US) by Baron Opportunity Fund 🔹 NVIDIA (NVDA US) by MayTech Global Investments Global Growth Strategy 🔹 NVIDIA (NVDA US) by SaltLight Capital 🔹 OTP Bank Nyrt (OTP HB) by Baron Emerging Markets Fund 🔹 Palantir (PLTR US) by Liontrust Global Technology Fund 🔹 Palo Alto Networks (PANW US) by Buffalo Funds Growth Fund 🔹 Proact IT Group (PACT SS) by Kavaljer Quality Focus 🔹 Rasan Information Technology Company (8313 AB) by Baron Emerging Markets Fund 🔹 S&P Global Inc. (SPGI US) by Baron Global Durable Advantage Strategy 🔹 Samsara Inc. (IOT US) by Baron Discovery Fund 🔹 SAP SE (SAP GR) by Bretton Fund 🔹 SAP SE (SAP GR) by Hotchkis & Wiley International Value Strategy 🔹 SK Square (402340 KS) by Antipodes Global SMID Active ETF 🔹 Space Exploration Technologies Corp. by Baron Fifth Avenue Growth Fund 🔹 Space Exploration Technologies Corp. by Baron Opportunity Strategy 🔹 Sphere Entertainment Co. (SPHR US) by Ariel Investments Small Cap Value 🔹 Stevanato Group S.p.A. (STVN US) by Riverwater Partners Small Cap Strategy 🔹 Subsea 7 (SUBC NO) by Robotti Value Investors 🔹 Sumitomo Forestry Co., Ltd. (1911 JP) by Hennessy Japan Fund 🔹 Taiwan Semiconductor Manufacturing (TSM TW) by Harding Loevner International Equity 🔹 Valmet (VALMT FH) by Kavaljer Quality Focus 🔹 Verisk Analytics (VRSK US) by Diamond Hill Small-Mid Cap Fund 🔹 Viking Holdings Ltd (VIK US) by Brown Advisory Large-Cap Growth Strategy 🔹 Zoetis, Inc. Class A (ZTS US) by Brown Advisory Global Leaders Strategy Advanced Micro Devices ($AMD US) Fund: Aristotle Atlantic Partners Core Equity Strategy Thesis: Advanced Micro Devices is a long-term AI and computing beneficiary gaining share in CPUs and accelerators, with a credible path to revenue, margin and earnings growth. Source: Read the original letter ↗ Analysis: Advanced Micro Devices is a high-performance and adaptive computing company that designs and delivers processors, accelerators, graphics products, adaptive computing platforms and software used across data centers, cloud computing, personal computers, gaming, embedded systems, edge computing and AI. Its portfolio includes central processing units, graphics processing units, accelerated processing units, data processing units, field programmable gate arrays, adaptive systems on chips, semi-custom systems on chips, smart network interface cards and related development tools, compilers, and drivers that help customers build customized computing solutions. The company operates through four segments: Data Center, which serves data centers and AI environments; Client, which provides desktop and notebook processors and chipsets; Gaming, which includes discrete graphics products and semi-custom solutions; and Embedded, which provides processors and adaptive computing products for embedded applications. We initiated Advanced Micro Devices, as the company’s roadmap and rack-scale system capability now position it as a credible second source in data center central processing unit (CPU) and accelerated compute, a structural shift in markets that have historically operated as single-vendor franchises, with corresponding implications for pricing power and customer allocation. We believe the company is a compelling long-term investment because it is positioned at the center of several durable computing growth trends, including AI, cloud computing, data center expansion, edge computing, personal computers and gaming. Advanced Micro is benefiting from rising demand for high-performance processors, graphics processing units, AI accelerators and adaptive computing products, while management expects its data center opportunity to expand significantly through 2030 as AI workloads proliferate across cloud, enterprise and edge environments. Advanced Micro is also gaining share in server central processing units through its efficient EPYC processor lineup, building momentum in AI accelerators with its MI300 products and future MI400 and MI500 roadmap, and strengthening its software ecosystem through Radeon Open Compute. Combined with improving profitability targets, a resilient personal computer and gaming foundation, and continued market share gains against competitors, we think the company has a credible path to sustained revenue growth, margin expansion and earnings growth over the next several years. We believe a premium is justified, as the company is seeing a multi-year acceleration in revenue and earnings from AI hyperscalers and other areas of the AI infrastructure buildout. Access our full research database on Advanced Micro Devices Alchip Technologies ($3661 TT) Fund: Antipodes Emerging Markets Fund Thesis: Alchip offers exposure to hyperscaler custom AI chip design at the leading edge of Taiwan’s semiconductor ecosystem. Source: Read the original letter ↗ Analysis: We initiated positions in Alchip, SG Micro, and Lite-On as beneficiaries of the tech cycle that are yet to be fully priced in. Alchip provides exposure to hyperscaler custom AI chip design at the leading edge of Taiwan’s semiconductor ecosystem, with 3nm designs in production, a 2nm ecosystem under active development and growing leadership in chiplet-based architectures and advanced packaging. SG Micro provides exposure to China’s domestic analog chip upcycle, where Texas Instruments’ third round of price increases in a year has validated the structural pricing power of well-positioned domestic manufacturers. SG Micro achieved double growth in both revenue and profit in Q1 2026, capturing the triple tailwind of demand volume growth, pricing elasticity and domestic substitution. SG Micro’s structural opportunity is reflected in its ability to grow earnings over the last three years, while peers in the analogue chip industry saw major declines. Lite-On provides exposure to the server power supply buildout enabling AI data centres, with a dominant share of the hyperscaler power supply market that positions it as a direct beneficiary of the accelerating capital expenditure cycle. All three were initiated at valuations we considered attractive relative to the earnings growth trajectories visible over the investment horizon. Access our full research database on Alchip Technologies Alphabet Inc. ($GOOGL US) Fund: Baron Technology ETF Thesis: Alphabet Inc. is a highly integrated AI and cloud leader with massive cash flow, custom silicon, and compounding growth drivers. Source: Read the original letter ↗ Analysis: During the quarter, we added to our position in Alphabet Inc. , the parent company of Google — the world’s largest search and digital advertising franchise — as well as YouTube and Google Cloud Platform, one of the three leading hyperscale cloud infrastructure businesses globally. Alphabet also owns DeepMind, one of the premier AI research organizations in the world. Alphabet generates approximately $174 billion in trailing operating cash flow, a funding advantage that becomes increasingly important as the AI race enters a phase of high capital intensity. Our conviction deepened this quarter as several developments reinforced our view that Alphabet is one of the most strategically advantaged businesses in the AI era. At Google I/O 2026, management disclosed that Alphabet now processes 3.2 quadrillion tokens monthly — seven times increase year-over-year — with the Gemini app surpassing 900 million monthly active users, more than doubling in a year. AI is proving additive rather than cannibalistic to core search. Search revenue grew 19% year-over-year in the first quarter, and CEO Sundar Pichai noted that AI features are driving more search usage, not less. Google Cloud accelerated to 63% year-over-year revenue growth — a five-year high — with operating margins expanding to 33% and the cloud backlog nearly doubling sequentially to approximately $462 billion, anchored in part by a landmark multi-year tensor processing unit (TPU) 4 commitment from Anthropic, affirming that Alphabet’s custom silicon is winning the confidence of the most demanding AI infrastructure customers. What distinguishes Alphabet from every other competitor in the AI landscape is the breadth of its vertical integration: custom eighth-generation TPUs optimized for both training and inference, frontier Gemini models, the Antigravity enterprise agentic coding platform, and consumer distribution across 13 products with more than one billion monthly active users each — including five with more than three billion. No pure-play AI lab or cloud competitor replicates this stack, and we believe the cost and distribution advantages it confers widen over time. We see a long runway for growth as Google Cloud accelerates, Gemini monetization deepens across search and subscriptions, and this full-stack advantage compounds — a combination we believe bodes well for long-term shareholders. Access our full research database on Alphabet Inc. 🔓 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 ($29/mo) adds Warren AI to ask questions across the whole corpus in plain English. Start your 7-day free trial → Amer Sports ($AS US) Fund: Tributary Capital Management Multi Cap Core Equity Strategy Thesis: Amer Sports is expected to grow through geographic expansion and direct-to-consumer mix shift that should drive margin expansion. Source: Read the original letter ↗ Analysis: Amer Sports (AS) manufactures, markets and sells sports equipment, apparel and footwear. Sales growth and margin expansion are lifting the company’s profit outlook higher. Sales are expected to grow through expanded geographic reach, new store openings and increased online traffic. Additionally, margin expansion driven by shifting the sales mix from third-party channels to direct-to-consumer will likely amplify operating profit gains beyond sales growth alone. Access our full research database on Amer Sports American Express ($AXP US) Fund: Lorne Steinberg Wealth Management Steinberg Equity Strategies Thesis: American Express is a premium payments and financial services franchise with strong brand equity, affluent customers, low credit risk, and high returns on equity. Source: Read the original letter ↗ Analysis: Management has remained committed to returning excess capital to shareholders via steady dividend growth and continuing share repurchases. AMEX’s 10 - year annualized return is 20%. American Express Established in 1850, American Express has transformed from a freight forwarding company into a premier global financial services provider and a dominant player in the payments industry. Unlike Visa and Mastercard, Amex is a bank, and therefore it has a relationship with both the cardholder and the merchant involved in any transaction. The company’s primary competitive advantage is its premium brand equity and industry-leading rewards program, which attracts an affluent consumer and corporate customer base characterized by high spend volume and low credit risk. The business operates with superior operating efficiency, translating robust revenue growth into high returns on equity. Access our full research database on American Express Amphenol Corporation ($APH US) Fund: Baron Durable Advantage Fund Thesis: Amphenol Corporation is a mission-critical connectivity supplier with a decentralized culture, strong growth, and a long runway. Source: Read the original letter ↗ Analysis: We added to our investment in Amphenol Corporation , a leading provider of mission critical interconnect, sensor, and antenna solutions to a diverse set of end markets – industrial, automotive, mobile devices, IT datacom, communications networks, defense, and commercial aerospace. As the world electrifies, Amphenol’s content opportunity continues to grow. The hallmark of the company is its unique, decentralized “Amphenolian” culture of agility and accountability, in which over 140 general managers each have autonomy over their individual business units. This leads to a highly agile organization that can quickly respond to changes in market dynamics with best-in-class products delivered on a global scale. This culture has enabled the company to compound growth in revenue and cash flow over many years through both above-market organic growth and successful M&A. Long-time CEO Adam Norwhitt commented on many occasions that his number one priority is to preserve and scale the unique Amphenolian culture. He has been a great capital allocator over his more than 15-year tenure in which Amphenol’s market cap increased more than 50 times! The stock continues to be volatile, driven by changing investor perceptions regarding the extent to which copper will continue to play a role in future generations of AI chips. We continue to believe that the market underestimates Amphenol’s ability to innovate and adapt over many years and across many cycles and end markets, with the recent acquisition of CommScope’s optical business, further increasing optionality for the company in case optical gathers steam faster than expected. Fundamentally, the company reported great first quarter results, reflecting continued momentum with strong 33% year-on-year organic growth and record $9.4 billion of orders, which suggest a clear growth trajectory ahead given a book to bill ratio that is well in excess of 1.0x. While we expect the data center segment to continue to lead growth for the company, the rest of the business is also delivering outstanding results having finished 2025 with a 10% organic growth rate despite a weak global industrial spend environment, once again reflecting the unique franchises throughout the company. Margins are also at all-time highs and are expected to continue to expand as sales volume grows over time. Through a combination of organic growth both within the IT datacom segment and throughout its other end markets, continued margin expansion, capital allocation towards accretive M&A, and a strong management team grounded in a unique culture, we believe the company has a long runway for growth ahead. Access our full research database on Amphenol Corporation ARM Holdings ($ARM US) Fund: Tran Capital Management Multi-Cap Growth Thesis: ARM Holdings powers most mobile devices and is increasingly exposed to AI data center workloads, with its new AGI CPU seen as an inflection point for growth. Source: Read the original letter ↗ Analysis: ARM Holdings (ARM) was our strongest contributor during the quarter. We discussed our holding in Arm at length in our last two quarterly letters. ARM’s CPU platform powers most of the world’s mobile devices, and increasingly, the chips running artificial intelligence workloads in data centers. In late March, ARM successfully launched its Arm AGI CPU, which was not only its first fully in-house designed chip but also one that was specifically catered towards handling the demands of agentic AI workloads. The market responded enthusiastically, and we believe this launch marks an important inflection point in ARM’s growth trajectory. The rise of AI agents from services such as Claude, OpenAI, OpenClaw/NemoClaw, etc. are increasing the needs of CPUs for data centers, and we believe Arm is one of the best positioned companies to serve this need through its leading CPU platform. Access our full research database on ARM Holdings BlackRock ($BLK US) Fund: Nightview Capital NITE ETF Thesis: BlackRock is favored as a large, durable asset-management platform with compounding scale advantages. Source: Read the original letter ↗ Analysis: Within financials, we rotated toward scale. We roughly doubled our stake in BlackRock and added substantially to Charles Schwab , while trimming Goldman Sachs and Morgan Stanley . The through-line is a preference for the largest, most durable platforms in asset management and retail brokerage, businesses that stand to become more efficient as they apply AI internally while their scale advantages only compound. Access our full research database on BlackRock Blackstone Digital Infrastructure Trust Inc. ($BGP US) Fund: Baron Real Estate Income Strategy Thesis: Blackstone Digital Infrastructure Trust Inc. has a first-mover advantage in stabilized data centers and attractive external growth potential. Source: Read the original letter ↗ Analysis: Following several management meetings over the course of a few weeks, we participated in the Blackstone Digital IPO that was priced in May. We believe the company, which is supported by the same team at Blackstone that built out its broader data center platform, has a first mover advantage in institutionalizing the “stabilized” segment of the data center market. We believe there is a highly compelling external growth opportunity combined with potential cap rate compression/multiple expansion that will lead to strong future investor returns. Access our full research database on Blackstone Digital Infrastructure Trust Inc. Brookfield Asset Management Ltd. ($BAM US) Fund: Baron Real Estate Fund Thesis: Brookfield Asset Management Ltd. is a leading real estate-focused asset manager with global scale, strong track record, and secular growth exposure. Source: Read the original letter ↗ Analysis: Over the long term, we remain optimistic about leading real estate-focused asset managers, including Brookfield Corporation , Brookfield Asset Management Ltd. , and Blackstone Inc. Each has the potential to gain market share in a growing industry, supported by strong investment track records and global scale. These companies are well positioned to potentially benefit from secular growth in alternative assets, leveraging their ability to deliver attractive relative and absolute returns – often with lower perceived volatility compared with other investment options. Valuations, in our opinion, are compelling. Access our full research database on Brookfield Asset Management Ltd.
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