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: every chart fund managers publish, on one page The best charts in fund letters and research are usually buried deep inside a PDF. We pull them out and put them side by side — macro, rates, earnings, valuations — each one credited to the firm that made it, with the original one click away. Free, no account needed. 👉 Browse the charts → 🔹 Adaptive Biotechnologies (ADPT US) by Aristotle Atlantic Core Equity Strategy 🔹 ALK-Abelló (ALK B DC) by Acatis 🔹 American Express Company (AXP US) by GFI Investment Counsel Good Opportunities Fund 🔹 Amrize (AMRZ US) by Harris Associates Global Concentrated Strategy 🔹 Apple (AAPL US) by Andrew Hill Client Account Strategy 🔹 ASML (ASML NA) by Antipodes Global Fund 🔹 Barclays PLC (BARC LN) by Royal London AM Corporate Bond Monthly Income Trust 🔹 Bending Spoons by Baillie Gifford International Alpha 🔹 Brookfield Corporation (BN US) by Baron Real Estate Fund 🔹 Builders FirstSource (BLDR US) by Black Bear Value Fund 🔹 Cadence Design Systems (CDNS US) by Generation IM Global Equity Strategy 🔹 Cloudflare Inc (NET US) by Alger Mid Cap Growth Fund 🔹 Compass, Inc. (COMP US) by Artisan Partners U.S. Mid-Cap Growth Strategy 🔹 Credicorp (BAP US) by Harding Loevner Emerging Markets Equity 🔹 Credo Technology (CRDO US) by TimesSquare U.S. Mid Cap Growth 🔹 Danone SA (BN FP) by Artisan Partners International Value Strategy 🔹 Datadog Inc (DDOG US) by Vision Capital Fund 🔹 Element Fleet Management (EFN CN) by Clearbridge Investments Canadian Equity Strategy 🔹 Enpro Inc. (NPO US) by Argent Capital Management Focused Small Cap Strategy 🔹 Flotek Industries (FTK US) by Polen Capital 5Perspectives Ultra-Small Growth 🔹 FTAI Aviation Ltd. (FTAI US) by Alger Mid Cap Growth Fund 🔹 FTI Consulting (FCN US) by FPA Queens Road Small Cap Value Fund 🔹 Integer Holdings (ITGR US) by Heartland Value Fund 🔹 MediaTek (2454 TT) by Harding Loevner Emerging Markets Equity 🔹 Meituan (3690 HK) by Vision Capital Fund 🔹 Meta Platforms, Inc. (META US) by Homestead Advisers Value Fund 🔹 Money Forward (3994 JP) by Artisan Partners Non-U.S. Small-Mid Growth Strategy 🔹 Motorola Solutions (MSI US) by Wedgewood Partners U.S. Large Cap Growth Strategy 🔹 National Grid (NG LN) by Artisan Partners Global Equity Strategy 🔹 NOV Inc. (NOV US) by Capital Management Focus Newsletter 🔹 Option Care Health, Inc. (OPCH US) by CDT Capital VNAV 🔹 PBF Energy Inc. (PBF US) by Third Avenue Small-Cap Value Fund 🔹 Peabody Energy Corporation (BTU US) by Argent Capital Management Focused Small Cap Strategy 🔹 Regal Rexnord (RRX US) by AMG TimesSquare Small Cap Growth Fund 🔹 Renishaw (RSW LN) by Jupiter UK Dynamic Equity Fund 🔹 Rolls-Royce Holdings (RR LN) by Malborough Multi-Cap Growth 🔹 ServiceNow (NOW US) by Acatis 🔹 Signify N.V. (LIGHT NA) by Artisan Partners International Explorer Strategy 🔹 SK Hynix (000660 KS) by White Brook Capital Ethical Strategies 🔹 Skyworks Solutions, Inc. (SWKS US) by Vulcan Value Partners Multi-Strategy Equity Portfolios 🔹 Thermo Fisher Scientific Inc. (TMO US) by Buffalo Growth Fund 🔹 Tradeweb Markets (TW US) by Guinness Global Quality Mid Cap Fund 🔹 Tyler Technologies, Inc. (TYL US) by Vulcan Value Partners Multi-Strategy Equity Portfolios 🔹 UCB S.A. (UCB BB) by Hardman Johnston International Equity Developed Markets 🔹 Unilever (ULVR LN) by WS Lindsell Train UK Equity Fund 🔹 Vertiv Holdings Co. Class A (VRT US) by Argent Mid Cap Strategy 🔹 Viatris Inc. (VTRS US) by Argent Mid Cap Strategy 🔹 Volex (VLX LN) by Langdon Global Smaller Companies Portfolio 🔹 Wynn Resorts (WYNN US) by PM Capital Global Companies Fund, Australian Companies Fund & Enhanced Yield Fund 🔹 Zeta Global (ZETA US) by Granahan Investment Management Small Cap Core Growth Strategy Adaptive Biotechnologies ($ADPT US) Fund: Aristotle Atlantic Core Equity Strategy Thesis: Adaptive Biotechnologies is benefiting from strong clonoSEQ growth, higher pricing, and a planned separation that will create a standalone MRD diagnostics company. Source: Read the original letter ↗ Analysis: Adaptive Biotechnologies contributed to performance in the quarter following second quarter earnings where the company beat consensus estimates and raised full-year revenue guidance on the back of strong clonoSEQ volume and rising average selling prices. Investor sentiment rose following Adaptive’s announcement of plans to separate its Immune Medicine business; this will result in a standalone Minimal Residual Disease diagnostic company. Access our full research database on Adaptive Biotechnologies ALK-Abelló ($ALK B DC) Fund: Acatis Thesis: ALK-Abelló is a allergy-treatment company that markets an adrenaline nasal spray for anaphylactic shock. Source: Read the original letter ↗ Analysis: 5 Winning solutions. We look for companies that make money with solutions for environmental and societal problems.The topics are as diver- se as the UN Sustainability Goals, i.e. they include health care as well as the circular economy and climate protection. Carbios uses enzymes to break down PET plastic into its basic components, which means that it can be recycled many times. ITM Power builds electrolyzers for green hydrogen. ALK-Abelló markets an adrenaline nasal spray against anaphylactic shock - much more comfortable than using an autoinjector. Access our full research database on ALK-Abelló American Express Company ($AXP US) Fund: GFI Investment Counsel Good Opportunities Fund Thesis: American Express benefits from a premium payments ecosystem, strong pricing power, high retention, and attractive long-term compounding potential at a discount valuation. Source: Read the original letter ↗ Analysis: American Express (Amex) occupies a rare position in global payments: it is not merely a transaction network, but a premium consumer brand with pricing power, a differentiated ecosystem and attractive long-term growth economics. The core of the investment case is American Express’s successful premiumization strategy and future payment growth. Roughly 65% of new card members are Millennials or Gen Z, and about 75% of new members choose fee-paying cards. Retention rates are approximately 90%, an unusually high level for a consumer product. Younger customers are also particularly attractive because they are spending faster than older cohorts and increasingly value travel, experiences and status. American Express has positioned its premium cards to benefit directly from these trends. Amex’ competitive advantage extends well beyond the card itself. Amex has built a global “mass luxury” ecosystem that is difficult to replicate. Its proprietary Centurion Lounge network includes roughly 35 exclusive lounges, complemented by access to Delta Sky Clubs, Priority Pass and Plaza Premium. Card members also receive priority airport services, access to concerts and restaurants, travel concierge services and automatic elite status with selected hotel and car-rental programs. Competitors can offer similar individual benefits but typically depend more heavily on third-party partners. American Express combines these benefits within a global network that is especially difficult to match outside the United States. This differentiation creates meaningful pricing power. Net card fees have compounded at approximately 17% annually since the second quarter of 2019, rising from roughly $1 billion to $2.9 billion. Despite substantial fee increases, American Express continues to add approximately three million new members per quarter. Higher fees can also fund richer benefits, reinforcing the attractiveness and exclusivity of the product and creating a virtuous cycle between pricing, rewards and customer demand. The company’s valuation provides another source of potential return. We assume 7%–9% annual payment-volume growth, similar growth in membership income, and 4%–5% annual capital return from dividends and share repurchases. Together, these revenue growth rates support 12%–14% medium-term compounding. At 16.8 times next-twelve-month earnings, American Express trades at roughly a 20% discount to the S&P 500, despite persistent earnings growth and strong historical returns. We look forward to being shareholders for years to come. Access our full research database on American Express Company 🔓 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 ($29/mo) adds Warren AI to ask questions across the whole corpus in plain English. Start your 7-day free trial → Amrize ($AMRZ US) Fund: Harris Associates Global Concentrated Strategy Thesis: Amrize is a leading building materials company with pricing power, strong market positions, Building Envelope growth potential, and margin upside. Source: Read the original letter ↗ Analysis: Amrize is a leading producer of building materials and construction solutions, established following Holcim’s spin-off of its North American operations in June ‘25. Amrize holds strong market positions—it is the largest cement producer, the second-largest commercial roofing products manufacturer and a top-five aggregates producer in the U.S. and Canada. The company benefits from meaningful pricing power due to its scale, advantaged regional footprint and tight supply dynamics. We also see long-term potential in the Building Envelope segment, which has been built up through acquisitions over the last five years. We believe there is a path to closing a substantial portion of the margin gap to roofing peers. In our view, Amrize is a strong business that is flying under the radar of U.S. investors. This created the opportunity to invest alongside a proven CEO that is focused on unlocking substantial value. Access our full research database on Amrize Apple ($AAPL US) Fund: Andrew Hill Client Account Strategy Thesis: Apple benefits from a powerful ecosystem, recurring services, product innovation, and strong capital allocation. Source: Read the original letter ↗ Analysis: Apple (AAPL) Apple continues to benefit from one of the strongest consumer ecosystems in the world, supported by a loyal customer base, growing recurring services revenue, and a balance sheet that remains among the best in corporate America. This quarter, Apple introduced its first foldable iPhone, marking the company’s most significant iPhone redesign in years and creating another potential catalyst for future upgrade cycles. At the same time, the company continues to expand its Apple Intelligence platform across devices, further integrating artificial intelligence into its ecosystem. While Apple’s growth profile is more measured than many technology peers, we believe its combination of innovation, brand strength, and shareholder-friendly capital allocation remains highly attractive. Access our full research database on Apple ASML ($ASML NA) Fund: Antipodes Global Fund Thesis: ASML benefits from a near-monopoly in EUV lithography, strong AI-driven order growth, and durable multi-year visibility. Source: Read the original letter ↗ Analysis: ASML (Entry): We initiated a position in ASML, the indispensable tollkeeper of the AI semiconductor buildout. As the sole supplier of leading-edge EUV lithography systems, ASML reported strong 2Q26 net sales of €9.3 billion and raised guidance as AI-driven demand continued to accelerate order growth. The company is nearing full utilisation of its 2027 EUV production capacity, with meaningful orders already secured for 2028, while also expanding capacity by approximately 30%. Beyond hardware, ASML has a significant margin opportunity through high-value software upgrades that enhance tool productivity for customers. With a near-monopoly competitive position, multi-year order visibility, and High-NA EUV now in production at Intel, we believe ASML is well positioned to deliver durable, highly defensible growth over the coming years. Access our full research database on ASML Barclays PLC ($BARC LN) Fund: Royal London AM Corporate Bond Monthly Income Trust Thesis: Barclays PLC is a global bank using an expanded client transition framework to steer financing and climate risk management. Source: Read the original letter ↗ Analysis: Barclays PLC - Climate - Transition Risk Purpose: We engaged Barclays PLC, a global banking and financial services company, as part of Royal London Asset Management’s Net Zero Stewardship Programme to assess how the company’s climate frameworks influence client engagement, financing decisions and real-world transition outcomes. Outcome: Barclays explained that its Client Transition Framework has expanded fivefold and now covers material clients across both its Investment Bank and UK Corporate Bank. Relationship managers own the assessments and use them in client discussions, portfolio reviews and Client Transition Review Forums, with financing limits or relationship constraints applied where appropriate. Barclays emphasised, however, that supporting clients through their real-world transition remains preferable to exiting relationships. We welcomed the framework’s increased coverage and practical integration but encouraged the company to publish anonymised case studies demonstrating how assessments influence credit risk appetite, financing decisions and measurable client outcomes. On accountability following Barclays’ departure from the Net Zero Banking Alliance (NZBA), the company stated that its climate commitments remain independently owned and supported by senior governance, including Board-level oversight. We identified greater transparency on policy advocacy and trade association alignment as an area requiring further development, and subsequently shared examples of good practice, including trade association reviews and guidance from InfluenceMap. We also requested further clarity on the link between Barclays’ sector decarbonisation targets and the Client Transition Framework. Next steps include following up on small and medium-sized enterprise coverage and monitoring any additional disclosures the company provides. Access our full research database on Barclays PLC Bending Spoons Fund: Baillie Gifford International Alpha Thesis: Bending Spoons is an Italian software acquirer that rebuilds neglected products with an exceptionally talented team and a hard-to-analyze venture-style model. Source: Read the original letter ↗ Analysis: With Bending Spoons, the opportunity is differentiated insight. The Italian company buys neglected software products, such as Vimeo and Airtable, and rebuilds them, making them more efficient. It is a growth business doing value investing through a venture capital model, and investors find it difficult to analyse. What we see is the culture behind it: an exceptionally talented team that transforms businesses faster and more thoroughly than other acquirers. Access our full research database on Bending Spoons Brookfield Corporation ($BN US) Fund: Baron Real Estate Fund Thesis: Brookfield Corporation is viewed as a long-term alternative asset manager with scale, a strong track record, and a compelling valuation. Source: Read the original letter ↗ Analysis: We remain optimistic long term on Brookfield Corporation, Brookfield Asset Management Ltd., and Blackstone Inc., each positioned to gain share in a growing industry through strong track records, global scale, and secular growth in alternatives—often with lower perceived volatility than other investments. Valuations look compelling: Brookfield trades at $36 per share, well below management’s estimated liquidation value of $67 per share. Access our full research database on Brookfield Corporation Builders FirstSource ($BLDR US) Fund: Black Bear Value Fund Thesis: Builders FirstSource benefits from its shift toward value-added building products and services, which strengthens its position as U.S. housing demand eventually recovers. Source: Read the original letter ↗ Analysis: BLDR declined approximately 36% during the third quarter and was down roughly 45% year to date as housing weakness continued to pressure results. In the latest reported quarter, sales fell 8.8% and adjusted EBITDA declined 34.9% reflecting softer demand and lower margins. Management reduced its 2026 free- cash-flow outlook to $400-$500 million. While the recovery is taking longer than anticipated, the company continues to generate cash in a difficult environment, BLDR manufactures and supplies building materials primarily for residential construction. Historically, its dependence on lumber and other commodity products made it highly cyclical, with limited pricing power. The company has since expanded into manufactured components and services that help builders reduce labor and improve efficiency on site. This shift has strengthened its competitive position and resilience leaving it better positioned to navigate the downturn and benefit when housing activity improves. Affordability remains the principal obstacle to recovery, but our investment case does not depend on a sharp decline in mortgage rates. Over time, wage growth and greater acceptance of prevailing mortgage rates could help demand recover, while constrained housing supply supports the need for new construction. Higher rates also discourage homeowners with inexpensive mortgages from selling, limiting existing-home inventory. New homebuilders can respond with mortgage-rate buydowns and other incentives, potentially capturing a greater share of transactions even in a subdued market. BLDR is well positioned to serve those builders, and its value- added offerings help them build more efficiently. Our long-term thesis remains intact: the United States needs additional housing, and BLDR will play an important role in supplying it. We have reduced our near-term cash flow expectations to reflect a slower recovery. Lower earnings have increased leverage, making disciplined capital allocation important as the company works through the cycle. We continue to estimate normalized free cash flow of approximately $9-12 per share, equivalent to a yield of roughly 16-21% at the September 30 share price. This reflects our assessment of earnings power through the cycle, rather than a near-term forecast. While the timing of recovery remains uncertain, today’s valuation gives us an attractive opportunity to own a stronger business ahead of improving housing activity. We remain confident in BLDR’s long-term prospects. Access our full research database on Builders FirstSource
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