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 Munro Concentrated Global Growth Fund 🔹 Alphabet (GOOG US) by Sustainable Growth Advisers Global Growth Strategy 🔹 Alphabet Inc. (GOOGL US) by Baron Global Opportunity Strategy 🔹 Amazon (AMZN US) by Pender US Small/Mid Cap Equity Fund 🔹 Amazon (AMZN US) by Cambiar Investors Opportunity Fund 🔹 Anapario by Liontrust UK Micro Cap Fund 🔹 AngloGold Ashanti (AU US) by Artisan Partners Sustainable Emerging Markets Strategy 🔹 Applied Industrial Technologies (AIT US) by REQ 🔹 Autodesk (ADSK US) by Aristotle Value Equity Strategy 🔹 Baker Hughes (BKR US) by MayTech Global Investments Global Growth Strategy 🔹 BrightSpring Health Services (BTSG US) by Renaissance IM Small Cap Growth Strategy 🔹 Bufab (BUFAB SS) by REQ 🔹 Burford Capital (BUR FP) by Greenhaven Road Capital Fund 🔹 Carvana (CVNA US) by Optimist Fund 🔹 Charles Schwab Corporation (SCHW US) by Brown Advisory U.S. Value Fund 🔹 Croda International Plc (CRDA LN) by Mayar Capital 🔹 DaVita (DVA US) by Moon Capital U.S. Equity Strategy 🔹 Edwards Lifesciences (EW US) by Aristotle Value Equity Wealth Management Strategy 🔹 Elite Material (2383 TT) by Liontrust Global Innovation Fund 🔹 Equifax (EFX US) by Jensen Global Quality Growth Equity Composite 🔹 FedEx (FDX US) by Longleaf Partners Fund 🔹 Forgent Power Solutions, Inc. by Spyglass Growth Strategy 🔹 GE Vernova (GEV US) by Andrew Hill AHIA Portfolio Strategy 🔹 Grown Rogue International Inc. (GROG CN) by Bengal Catalyst Fund 🔹 Howmet Aerospace (HWM US) by Bristolgate U.S. Equity Strategy 🔹 Intercontinental Exchange (ICE US) by Pershing Square 🔹 Marzetti by Tributary Capital Management All Cap Plus Equity Strategy 🔹 Micron Technology, Inc. (MU US) by Baron Technology ETF 🔹 Mitsubishi Logistics Corporation (9301 JP) by AVI Japan Opportunity Trust (Asset Value Investors) 🔹 Norwegian Cruise Line (NCLH US) by Antipodes Global SMID Active ETF 🔹 Nvidia (NVDA US) by Platinium AM Platinum Trust 🔹 Power Grid Corporation of India Limited (POWERGRID IN? N/A) by Baron India Fund 🔹 Royalty Pharma (RPRX US) by PM Capital Global Opportunities Fund Limited 🔹 Saipem (SPM IM) by Robotti Value Investors 🔹 Samsung Electronics (005930 KS) by Polen Capital International Equity Strategy 🔹 Sansan (4443 JP) by Lakehouse Capital Global Growth Fund 🔹 Sibanye Stillwater Limited (SBSW US) by Hosking Partners Strategy 🔹 SiTime Corporation (SITM US) by Baron Discovery Strategy 🔹 Snowflake (SNOW US) by Liontrust GF Global Alpha Long Short Fund 🔹 SpaceX by CrossingBridge Advisors Funds 🔹 SpaceX by ClearBridge Investments Large Cap Growth Strategy 🔹 Taiwan Semiconductor Manufacturing Company Limited (TSM US) by Baron Technology ETF 🔹 TJX Companies (TJX US) by Jensen Investment Management Quality Growth Equity Composite 🔹 Topicus (TOI.V) by White Falcon Capital Management Partner Strategy 🔹 Unitil (UTL US) by FPA Queens Road Small Cap Value Fund 🔹 Upsales Technology AB (UPSALE SS) by Far View Partners L.P. 🔹 Visional Inc. (4194 JP) by Antipodes Global Value Fund (Hedged) 🔹 Western Digital (WDC US) by Aristotle Atlantic Focus Growth Strategy 🔹 Westinghouse by Brookfield Corporation 🔹 Wynn Resorts, Limited (WYNN US) by Baron Real Estate Fund Advanced Micro Devices ($AMD US) Fund: Munro Concentrated Global Growth Fund Thesis: AMD is positioned to benefit from rising CPU demand as agentic AI shifts workloads from training GPUs toward orchestration. Source: Read the original letter ↗ Analysis: Since the introduction of AI through large language models almost four years ago, much of the focus has been on ‘training’ these models to ensure they are both accurate and fast in augmenting con-sumer and business workflows. This has placed a heavy demand on GPUs from companies such as Nvidia, AMD and Broadcom to train these models. In the future, with agentic AI, models will be per-forming tasks for humans independently. Under the agentic AI lens, for models to perform tasks in-dependently, every workflow must be orchestrated, processed and managed by a CPU. As Jensen Huang, the CEO of Nvidia, puts it, think of CPUs like a conductor and GPUs like the orchestra. The role of the CPU is to keep the orchestra in sync. As shown in the diagram below from Nvidia, an AI agent needs to observe a problem, reason through it, break it into steps, incorporate external tools, and manage context memory in order to act on behalf of the user. All of that is orchestrated by the CPU. In the heavy training era of AI, data centres would only historically pair one CPU with every four to eight GPUs deployed. But as AI inference evolves from chatbots answering queries to AI agents au-tonomously completing complex, multi-step tasks in the background, the role of orchestration be-comes far more critical. If what Jensen said at Nvidia’s GTC conference in Taipei were true, that there will be far more AI agents than there are people in the world, we anticipate the demand for CPUs will inflect materially over the medium term. AMD and Arm are the two primary beneficiaries of the CPU renaissance in the AI era. In its most recent earnings, AMD’s CEO raised the total addressable market of CPUs by 2030 from US$60bn to US$120bn, and they expect to capture over half of the market share. ARM is also increasingly be-coming the CPU architecture of choice, given its power-efficient design and ability to be custom-ised to make it particularly well suited for the needs of agentic workloads. As the role of CPUs be-comes more important in the agentic AI era, we think there is a long runway for earnings growth ahead for both companies. Access our full research database on Advanced Micro Devices Alphabet ($GOOG US) Fund: Sustainable Growth Advisers Global Growth Strategy Thesis: Alphabet is a high-quality AI beneficiary with network effects, recurring revenues, and long-term digital advertising and cloud growth. Source: Read the original letter ↗ Analysis: Alphabet was a contributor to performance during the quarter supported by the continued narrative that the company is a well-positioned beneficiary of the AI investment cycle. Its full‑stack exposure spans infrastructure, foundational models, developer tools, and scaled consumer applications, providing broad participation in AI adoption. The stock benefited from the company’s Q1 report which highlighted robust ongoing demand for the company’s AI compute resources. We continue to view Alphabet as a high-quality, long-term compounder. Its leading global platforms, supported by strong network effects, direct user relationships, and scaled infrastructure, underpin durable pricing power and highly recurring revenue streams. The company remains well-positioned to benefit from sustained growth drivers, including the ongoing shift toward digital advertising and cloud computing, while its continued investment in AI and innovation supports its ability to reinforce its competitive position over time. We raised the position target, maintaining an above-average weight. Access our full research database on Alphabet Alphabet Inc. ($GOOGL US) Fund: Baron Global Opportunity Strategy Thesis: Alphabet Inc. owns Google’s global products and benefits from one of the most attractive advertising and distribution business models in technology. Source: Read the original letter ↗ Analysis: Alphabet Inc. is the parent of Google, whose products are used by billions of people every day and include Search, YouTube, Android, Chrome, Gmail, Maps, and the Gemini assistant. In total, 13 Google products each serve over 1 billion monthly users, and 5 surpass 3 billion. The company reports in two primary segments: Google Services, which earns most of its revenue from advertising, and Google Cloud, which sells infrastructure, platform, and application services to enterprises. Within Google Services, Google’s core Search and Advertising platform is one of the most attractive technology business models ever built – distribution is effectively free, advertisers compete against one another to bid up prices, and users themselves determine which advertisers earn placement. 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 ($29/mo) adds Warren AI to ask questions across the whole corpus in plain English. Start your 7-day free trial → Amazon ($AMZN US) Fund: Pender US Small/Mid Cap Equity Fund Thesis: Amazon benefits from accelerating AWS growth, strong AI demand and long-lived data center economics that support future earnings compounding. Source: Read the original letter ↗ Analysis: As we worked through the earnings releases, one company that stood out was Amazon. Investors responded positively to accelerating Amazon Web Services (AWS) growth and robust AI demand. AWS revenue increased 37% year-over-year, its fastest pace in 18 quarters, generating more than 60% of Amazon’s consolidated operating income in the quarter, which we believe reinforces its position as an earnings driver. Despite raising its expected 2026 capex to ~US$220 billion, management indicated that demand continues to exceed available capacity. Much of the infrastructure capacity being added in 2027 is already reserved, while Amazon is also seeing substantial demand extending into 2028. Management noted that AI servers with a life of at least 5 to 6 years are expected to reach breakeven in less than three years, while the underlying data centres have useful lives exceeding 30 years and can support multiple generations of server upgrades, with subsequent generations expected to have even better economics. CEO Andy Jassy noted that AI margins and returns are tracking a trajectory similar to the early years of AWS, if anything, slightly ahead. Access our full research database on Amazon Amazon ($AMZN US) Fund: Cambiar Investors Opportunity Fund Thesis: Amazon is investing ahead of the next AI inflection point, with AWS growth and a longer-term moat supporting high conviction. Source: Read the original letter ↗ Analysis: After a slow start to the year, Amazon rebounded in the second quarter. The company’s AWS segment showed impressive growth and should continue to benefit from the buildout of agentic AI. Amazon has a history of making sizable investments ahead of key inflection points – examples include e-commerce, AWS, and now AI. In short, the company is willing to sacrifice free cashflow in the short run to build a longer-term moat. An excerpt from Amazon’s most recent annual letter (April ’26) provides relevant context: “FCF is challenged until these initial tranches of capacity are being monetized and revenue growth out-paces capex growth. We’ve been through this cycle with the first big AWS growth wave, and liked the results. We expect to feel similarly about this next wave, with much larger potential downstream revenue and FCF. We have customer commitments that make our capex investments predictable. We’re not investing approximately $200 billion in capex in 2026 on a hunch.” Amazon remains a high conviction holding in the Fund. Access our full research database on Amazon Anapario Fund: Liontrust UK Micro Cap Fund Thesis: Anapario makes specialty feed additives for animal health and nutrition and is attractive for its differentiation, patents, and less price-sensitive market opportunity. Source: Read the original letter ↗ Analysis: The team initiated on Anapario, a UK-based independent manufacturer and distributor of natural, sustainable feed additives for animal health, nutrition, and biosecurity. It supplies products to over 80 countries through its established distribution network. The business is tightly focused on understanding and improving animal intestinal health and nutrition, offering feed additive solutions across poultry, swine, ruminant, aqua, and feed mill applications. Its focus on speciality feed additives offers it the opportunity to differentiate and add value, resulting in a less price sensitive market opportunity. The company also has patented, and proprietary products backed by scientific research, in-house expertise and in some cases, unique IP. Access our full research database on Anapario AngloGold Ashanti ($AU US) Fund: Artisan Partners Sustainable Emerging Markets Strategy Thesis: AngloGold Ashanti is a global gold miner with a higher-quality, lower-cost portfolio and disciplined capital allocation that support long-term cash generation. Source: Read the original letter ↗ Analysis: AngloGold Ashanti is a South African mining company with a global portfolio of gold operations. Shares declined as gold prices became more volatile in Q2, with shifting expectations around geopolitical risk and interest rates leading to uneven demand for safe haven assets. We view the weakness as more reflective of near-term commodity volatility than a change in company fundamentals. AngloGold has meaningfully reshaped its portfolio in recent years, simplifying its asset base and increasing its exposure to higher quality, lower cost mines. The company has also emphasized operating discipline and capital allocation, which we believe are especially important in a sector where rising commodity prices can often lead to higher spending. In our view, AngloGold’s improved portfolio, low- cost mining assets and execution capabilities provide a strong foundation for durable cash generation and long-term value creation. Access our full research database on AngloGold Ashanti Applied Industrial Technologies ($AIT US) Fund: REQ Thesis: Applied Industrial Technologies combines a fragmented market, recurring technical relationships, disciplined M&A, and multiple long-term industrial tailwinds. Source: Read the original letter ↗ Analysis: Applied Industrial Technologies is a US-listed value-added distributor and technical solutions provider in industrial motion, fluid power, flow control, automation, and related maintenance supplies. The company generates sales of c. USD 5bn and EBITDA of c. USD 600m, with a market capitalization of c. USD 12bn. The business is anchored in the unglamorous but durable economics of maintenance, repair, and operations spending — where the question is rarely whether something needs fixing, but how quickly the right part can be sourced. Consider the humble bearing — the ring of hardened steel that lets a shaft spin, hidden inside nearly every motor, pump, and conveyor on earth. When one fails on a packaging line, the whole operation stops: the part might cost a couple of hundred dollars, the downtime many thousands an hour. The customer’s question is never whether to replace it, but who can put the right one in my hands today. Applied is the closest North American analogue we have found to Momentum Group, another REQ holding: both began life as bearing distributors — box-movers, in industry shorthand — and both have spent the past decade becoming integrated technical partners whose relationships rest on engineering competence rather than logistics alone. The industry remains extraordinarily fragmented, with the largest players collectively accounting for only a quarter of the total market. Applied functions as a critical middleman across a vast range of end- markets — drawing on a catalogue of more than 9 million accessible product SKUs — but what makes it interesting is the transformation underway beneath the distribution business. Roughly 85% of what Applied sells today consists of specialized, technical products rather than simple commodity supplies, and the company is steadily moving from shipping boxes to engineering and installing the systems those products go into. Once Applied is designing fluid power systems, integrating robotics, or managing a customer’s critical equipment, switching costs rise sharply, and the relationship becomes structurally recurring. It is a flywheel, and it is still early. The governance model reinforces this. Each of Applied’s roughly 600 locations and 12 distribution centers runs its own P&L, with local managers accountable for inventory, receivables, and profitability, while centralized functions handle pricing, systems, and capital allocation. Acquired businesses frequently retain their own brand and identity, maintaining the local relationships that made them worth buying in the first place. Management draws a comparison to Fastenal in terms of operational discipline and local culture, and it is not an unflattering one. The programmatic M&A engine is central to our thesis. Applied avoids auctions, building relationships with targets over the years so that when a business is ready to transact, it is the natural home. Multiples paid are modest — typically mid-to- high single-digit EBITDA pre-synergy — and the synergy case is low-risk because Applied buys in categories it knows deeply. Several tailwinds support the longer-term trajectory: reshoring of industrial production to North America, an aging installed base of machinery driving maintenance demand, a shortage of skilled technical labor pushing customers to lean more heavily on outside partners, and the broad shift toward automation and Industry 4.0 — all of which play directly into Applied’s areas of focus. We initiated at a price that underwrites attractive forward returns and clears our qualitative bar. Access our full research database on Applied Industrial Technologies Autodesk ($ADSK US) Fund: Aristotle Value Equity Strategy Thesis: Autodesk provides subscription-based design and modeling software, with industry-standard positioning, recurring revenue, pricing power, and attractive long-term growth and cash flow potential. Source: Read the original letter ↗ Analysis: Autodesk, Inc. Headquartered in Northern California and founded in 1982, Autodesk produces software that allows companies to design and model their products and/or projects. The company is the global industry standard for computer-aided design in the architecture, engineering, and construction industry (AEC). Autodesk’s millions of subscribers rely on its software to design and model buildings, manufactured products, animated films, and video games. The company’s four segments are AEC (~48% of net sales), its iconic software AutoCAD (~27%), Manufacturing (~20%), and Media and Entertainment (M&E) (~5%). Autodesk primarily sells its software on a subscription basis, having discontinued perpetual license sales of most standalone products in 2016. As part of the move to subscription licensing, Autodesk replaced its product suite with three streamlined “Industry Collections” focused on AEC, Manufacturing and M&E. In recent years, the AEC industry has increasingly sought to resolve the inefficiencies that arise when many parties are needed to complete a building project. Autodesk has been at the cutting edge of enabling improvement through innovation and promoting the use of open standards, or open building information modeling (BIM), which allows for all relevant building data to be processed virtually in a 3D model and shared across stakeholders. Importantly, Autodesk’s leadership in ensuring the interoperability of its software with that of competitors increases collaboration and productivity among architects, engineers and contractors—an attractive value proposition for its customers. High-Quality Business Some of the quality characteristics we have identified for Autodesk include: • Brand power, as AutoCAD is one of the most recognizable products in the industry; • Leading market share in AEC software, where Autodesk’s BIM platform has reinforced its position as the industry standard; • Large and loyal installed base of over six million users across more than 180 countries; • Stable business model with a high degree of recurring revenue (97% of total) and significant FREE cash flow generation; and • Substantial switching costs and pricing power that stem from its advanced solutions, network effects and the time (often many years) it requires for a professional to master Autodesk software. Attractive Valuation We believe shares of Autodesk are attractively valued given our estimates of normalized earnings. In our view, the market underappreciates Autodesk’s ability to sustain double-digit revenue growth while maintaining high levels of profitability, with operating margins of approximately 40%. Supported by pricing initiatives, strong customer retention and a highly recurring revenue model, we believe the shares do not fully reflect the company’s long-term earnings power and ability to generate FREE cash flow. Compelling Catalysts Catalysts we have identified for Autodesk, which we believe will cause its stock price to appreciate over our three- to five- year investment horizon, include: • Expanding adoption of BIM, 3D modeling and construction coordination tools as customers increasingly seek to improve collaboration and productivity across complex projects, driving greater utilization of Autodesk’s software portfolio; • Benefits from its multi-year go-to-market modernization initiative, including greater automation of renewals through direct billing and auto-renew capabilities, allowing sales resources to focus on growth opportunities rather than maintenance activities; • Increased monetization through tiered offerings and consumption-based pricing initiatives, which should support higher average selling prices over time; and • Continued market share gains across its core AEC and Manufacturing software businesses. Access our full research database on Autodesk Baker Hughes ($BKR US) Fund: MayTech Global Investments Global Growth Strategy Thesis: Baker Hughes is a diversified energy technology company positioned to benefit from LNG infrastructure and power demand growth. Source: Read the original letter ↗ Analysis: Baker Hughes declined during the quarter as oil prices weakened, creating near-term pressure on the company’s oilfield services business. Despite this, Baker Hughes continues to benefit from its growing Industrial & Energy Technology segment, which is supported by long-term investment in energy infrastructure. The company is also seeing increased demand for equipment used in liquefied natural gas (LNG) projects and power generation, including solutions that support the growing energy needs of AI data centers. We believe these trends position Baker Hughes well for long-term growth. We initiated a position in Baker Hughes, a global energy technology company with leading businesses in oilfield services, liquefied natural gas (LNG) infrastructure, and power generation. The company is becoming increasingly diversified beyond its traditional oilfield services business through continued growth in its Industrial & Energy Technology segment. We believe Baker Hughes is well positioned to benefit from long-term investment in LNG infrastructure and rising demand for reliable power solutions, particularly as AI data centers and broader electrification increase global electricity needs. We expect these trends to support strong earnings growth over the coming years. Access our full research database on Baker Hughes
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