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 → Free: up to 3 companies and 3 funds. 🔹 5N Plus Inc. (VNP CN) by Pender Alternative Special Situations Fund 🔹 Advanced Micro Devices (AMD US) by Guinness Global Innovators Fund 🔹 Alphabet Inc. (GOOGL US) by Vulcan Value Partners Quarterly Fund 🔹 Amazon (AMZN US) by Tapasya Investment Fund I 🔹 Amrize by Harris Associates Global Strategy 🔹 Atlassian (TEAM US) by Nightview Capital NITE ETF 🔹 Axon Enterprise, Inc. (AXON US) by Baron SMID Cap ETF 🔹 BP (BP LN) by Liontrust Special Situations Fund 🔹 Cencora (COR US) by Alpha Wealth Fund The Insiders Fund 🔹 Cloudflare (NET US) by Baillie Gifford Global Alpha 🔹 Coherent (COHR US) by Reaves W H & CO Long Term Value Strategy 🔹 Constellation Software (CSU CN) by Liontrust Sustainable Future Managed Growth Fund 🔹 Copart (CPRT US) by Alluvium AM Conventum 🔹 CrowdStrike Holdings, Inc. (CRWD US) by Baron Global Opportunity Strategy 🔹 Eldridge (ELDMM US) by Weitz Investments Short Duration Income Fund 🔹 Empresas COPEC SA (COPEC CI) by Kopernik International Fund 🔹 EPAM Systems Inc. (EPAM US) by Kopernik International Fund 🔹 Equinix (EQIX US) by Sustainable Growth Advisers Global Growth Strategy 🔹 Fermi (FRMI US) by Antipodes Global SMID Active ETF 🔹 Forgent Power Solutions, Inc. (FPS US) by Conestoga Capital Advisors Small Cap, SMid Cap & Micro Cap Growth Composites 🔹 Hiab (HIAB FH) by Harris Associates International Small Cap Strategy 🔹 Honeywell Aerospace by Cambiar Investors Opportunity Fund 🔹 Hubbell (HUBB US) by Troy Asset Management Multi-Asset Strategy 🔹 IDEXX Laboratories (IDXX US) by Jensen Investment Management Quality Growth Equity Composite 🔹 Intuitive Surgical (ISRG US) by Bell Global Equities Fund Wholesale Class 🔹 Jones Lang LaSalle (JLL US) by Aristotle Small/Mid Cap Equity WM Composite 🔹 Kyverna Therapeutics (KYTX US) by Jacob Funds Internet Fund, Small Cap Growth Fund and Discovery Fund 🔹 MediaTek (2454 TT) by Baillie Gifford Emerging Markets 🔹 MGM Resorts International (MGM US) by Nightview Capital NITE ETF 🔹 Microsoft (MSFT US) by QV Investors 🔹 Mosaic Co. (MOS US) by Kopernik International Fund 🔹 Neo Performance Materials Inc. (NEO CN) by Pender Alternative Special Situations Fund 🔹 NPK International, Inc. (NPKI US) by Conestoga Capital Advisors Small Cap, SMid Cap & Micro Cap Growth Composites 🔹 Nvidia (NVDA US) by Hayden Capital 🔹 Qnity Electronics by BCV Asset Management Antares Total Return Strategies 🔹 QV Investors by QV Investors Due Diligence 🔹 Salesforce (CRM US) by Harris Associates Global All Cap Strategy 🔹 Shopee by Hayden Capital 🔹 SiTime (SITM US) by Artisan Partners U.S. Small-Cap Growth Strategy 🔹 SK Hynix (000660 KS) by AGT Partners Fund 🔹 Sysmex (6869 JP) by Lindsell Train Japanese Equity Fund 🔹 Takeda (4502 JP) by Lindsell Train Japanese Equity Fund 🔹 TDK (6762 JP) by Antipodes Global Value Fund (Hedged) 🔹 Tencent Holdings Ltd (700 HK) by Coronation Global Emerging Markets Equity Strategy 🔹 TJX Companies (TJX US) by Jensen Global Quality Growth Equity Composite 🔹 Tokyo Century (8439 JP) by Aristotle Global Equity Advisory Strategy 🔹 Vertiv Holdings Co (VRT US) by Baron Small Cap Fund 🔹 Wal-Mart de Mexico SAB de CV (WMMVY US) by Aristotle Global Equity Advisory Strategy 🔹 Walt Disney (DIS US) by PM Capital 🔹 Weichai Power (2338 HK) by Guinness China A Share Fund 5N Plus Inc. ($VNP CN) Fund: Pender Alternative Special Situations Fund Thesis: 5N Plus Inc. is a critical-minerals exposure that the fund favors for its positioning in a sector with attractive demand growth and supply constraints. Source: Read the original letter ↗ Analysis: In Materials, the Fund experienced broad underperformance across its critical-minerals exposure. Blue Moon Metals Inc. (MOON), 5N Plus Inc. (VNP), Neo Performance Materials Inc. (NEO), and several of our copper holdings were among the largest detractors. Despite the near-term weakness, we continue to view the sector’s fundamental backdrop as attractive. Demand is being supported by electrification, grid investment, data-centre growth and increased defense spending, while years of underinvestment, lengthy permitting timelines and a growing emphasis on secure domestic supply chains continue to constrain new supply. Although commodity prices and investor sentiment may remain volatile over shorter periods, we believe well-capitalized businesses with high-quality assets, strategic processing capabilities and exposure to supply- constrained minerals are positioned to benefit as these structural trends translate into tighter markets and improved pricing. Access our full research database on 5N Plus Inc. Advanced Micro Devices ($AMD US) Fund: Guinness Global Innovators Fund Thesis: AMD is a high-performance AI semiconductor company benefiting from AI infrastructure build-out, server CPU share gains and margin expansion. Source: Read the original letter ↗ Analysis: In Q2 2026, we made two switches in the portfolio, purchasing AMD and Nasdaq and selling Adobe and Intuit. Buys Advanced Micro Devices (AMD) is a fabless semiconductor company focused on high-performance and AI computing. It designs and sells a broad portfolio of AI-optimised processors and networking chips, positioning itself as a full-stack solutions provider across cloud and AI infrastructure while maintaining strong competitive positioning in PC and gaming end- markets. AMD has notably closed the performance gap with Nvidia in recent years, driven by targeted acquisitions and sustained software investment. The Helios platform, built on AMD’s acquisition of systems integrator ZT Systems, is AMD’s first rack-scale system unifying graphical processing units (GPUs), computer processing units (CPUs) and Pensando networking into a frontier AI infrastructure solution, and should be a material growth driver from 2027 onwards. AMD is also structurally advantaged by a shift in data centre computational architecture. Its EPYC server CPUs offer industry- leading performance-per-dollar and have taken substantial share from Intel in enterprise and cloud deployments. The rapid build-out of AI infrastructure is driving demand for high core-density server CPUs to meet the orchestration requirements of agentic workloads, and the rise of AI agents could push the CPU-to-GPU deployment ratio toward parity, representing a four-times to eight-times increase from current levels. Beyond the data centre, AMD’s edge AI and FPGA franchises represent underappreciated optionality, with meaningful exposure to inference at the edge as AI workloads migrate beyond centralised infrastructure. AMD’s transformation is largely the product of its CEO, Lisa Su, whose tenure since 2014 represents one of the most consequential leadership runs in semiconductor history. She converted an underfunded, unfocused company with a deteriorating PC CPU franchise and no credible path to profitability into a high-quality, profitable, diversified semiconductor powerhouse. Looking ahead, we expect significant top-line growth as the AI build-out progresses and, importantly, even stronger bottom- line expansion. AMD’s operating margin opportunity is compelling, driven by improving unit economics and operating leverage as volumes scale. At 45x one-year forward price-earnings ratio, the valuation is objectively demanding but not excessive given the potential for 50% annualised earnings growth to 2030. Importantly, the market has a consistent track record of underestimating structural inflection points in AI infrastructure, with GPU and memory demand being the clearest precedents. We believe server CPU is in the early stages of the same pattern and poised to accelerate meaningfully over the coming years, making AMD an attractive investment opportunity. Access our full research database on Advanced Micro Devices Alphabet Inc. ($GOOGL US) Fund: Vulcan Value Partners Quarterly Fund Thesis: Alphabet is benefiting from accelerating Search and Cloud growth, expanding Cloud margins, and AI-driven demand for enterprise offerings. Source: Read the original letter ↗ Analysis: Alphabet delivered robust results during the first quarter. Core Google Search revenue accelerated to 19%, the fastest growth in 16 quarters. AI continues to be an expansionary moment for search as search queries are at an all-time high. Google Cloud revenue growth accelerated to 63%, the fastest growth rate it has ever reported. Google Cloud margins expanded to 33%, up from 18% in the first quarter of 2025. Google Cloud backlog grew 5X year-over-year with growth driven by enterprise AI offerings and TPU sales. While we have always had high expectations for Google’s Cloud business, its performance over the last several years has simply been astonishing. Google Cloud is now roughly 40% of our value for the company. As a reminder, 2023 was the first year that Google Cloud posted positive EBIT. Consensus estimates for Google Cloud 2027 EBIT are $54BN, a stark contrast to the negative EBIT margin business at $26BN of revenue in 2022. Thomas Kurian, CEO of Google Cloud, and Alphabet’s entire leadership team deserve a round of applause. We continue to monitor the AI disruption risks across all of our portfolio companies and MVP businesses. 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: Tapasya Investment Fund I Thesis: Amazon benefits from AWS tailwinds, highly profitable cloud economics, a competitive enterprise connectivity angle, and expanding advertising and retail profitability. Source: Read the original letter ↗ Analysis: Amazon Position As detailed in my February ’26 letter, “Amazon - Its the Time to Buy,” we have established a significant position in Amazon, making it the second-largest holding in our portfolio. This decision was primarily driven by the strong tailwinds in the AWS business, which saw growth rates climb to 28% YoY in Q2’26. This segment remains highly profitable. Additionally, we view Amazon as the only meaningful competitor to Starlink with a specific focus on serving the enterprise market. Their Advertising business also continues its robust expansion, reaching a $70B annual run rate. In the Retail sector, the US business is growing with improving operating margins, while international retail shows even higher growth rates and a path toward better profitability. We successfully utilized recent market downturns and volatility to build this position. Access our full research database on Amazon Amrize Fund: Harris Associates Global Strategy Thesis: Amrize is a strong North American building materials business with pricing power, acquisition-led growth potential, and margin upside. Source: Read the original letter ↗ Analysis: Amrize is a leading producer of building materials and construction solutions, established following Holcim’s spin-off of its North American operations in June. As a standalone company, Amrize holds strong market positions—it is the largest cement producer, the second-largest commercial roofing products manufacturer and a top five aggregates producer in the U.S. and Canada. The company benefits from meaningful pricing power due to its scale, advantaged regional footprint and tight supply dynamics. We also see long-term potential in the building envelope segment, which has been built up through acquisitions over the last five years. We believe there’s a path to closing a substantial portion of the margin gap to roofing peers. In our view, Amrize is a fundamentally strong business that is flying under the radar of U.S. investors. This created the opportunity to invest alongside a proven management team that is focused on unlocking material value. Access our full research database on Amrize Atlassian ($TEAM US) Fund: Nightview Capital NITE ETF Thesis: Atlassian provides software planning and delivery tools positioned to benefit as more software is built with AI. Source: Read the original letter ↗ Analysis: Atlassian is a new position this quarter. It owns the tools that software teams use to plan and ship their work, which places it at an interesting spot in the AI story. The world is about to write a great deal more software, much of it with AI assistance, and all of that software still has to be organized, tracked, and shipped by human teams. We think the company that sits at the center of how software gets built is a fine place to own in a decade defined by building more of it. Access our full research database on Atlassian Axon Enterprise, Inc. ($AXON US) Fund: Baron SMID Cap ETF Thesis: Axon Enterprise, Inc. is a market-leading public safety technology platform with strong moats and significant five-year upside. Source: Read the original letter ↗ Analysis: Axon Enterprise, Inc. is a public-safety-oriented company that sells its products to governments and law enforcement agencies around the world. Its mission is to “make the bullet obsolete” using non-lethal Taser devices combined with digital body cameras, drones, license plate readers, cloud-based software (including AI report generation which simplifies the administrative workload for law enforcement officers), and virtual reality training. This array of technology aims to provide better relationships between law enforcement and its constituent communities, and to reduce the number of fatal outcomes dramatically when stressful confrontations occur. Axon was a very successful investment for Baron Discovery Fund® when it was a smaller market cap company. In the current quarter we got a rare opportunity to repurchase Axon at a discount when it traded down as part of the “AI losers” basket. For the first half of 2026, the market has pressured the shares of all software-oriented companies as part of the “LLMs will eat all other software companies” trade. We view Axon as a market leading “atoms plus electrons” software provider with huge competitive moats. And we believe there’s an opportunity to more than double our money over a five-year time frame at current prices. Access our full research database on Axon Enterprise, Inc. BP ($BP LN) Fund: Liontrust Special Situations Fund Thesis: BP is held for its long-term energy-system role, capital discipline, and potential for better returns on capital. Source: Read the original letter ↗ Analysis: BP (-22%) and Shell (-17%) shares reversed a substantial proportion of their year-to-date gains as sentiment turned against them due to the ceasefire in Iran. Although the scale and rapidity of the oil price correction confounded analysts and market commentators, we believe that the structural outlook for oil points to a higher medium-term level, given depleted inventories around the world and damage to Middle East infrastructure. However, our ownership of both Shell and BP rests on a longer-term case for their significant intellectual property and distribution strengths conferring an essential through-cycle role upon both companies within an inescapably volatile global energy system. Both companies have reset strategy around capital discipline in recent years after past cycles of overspending, which we believe provides scope for material improvement in returns on capital outside of short-term commodity price moves. Access our full research database on BP Cencora ($COR US) Fund: Alpha Wealth Fund The Insiders Fund Thesis: Cencora is a high-quality pharmaceutical distributor with near-monopoly scale, strong cash generation, and long-term compounding potential. Source: Read the original letter ↗ Analysis: 9.Cencora Group (COR) ● Business: formerly known as AmerisourceBergen, is a top-tier global pharmaceutical solutions leader and a top 10 Fortune 500 company. Generating over $300 billion in annual revenue, Cencora anchors the global healthcare supply chain by facilitating secure, reliable distribution of pharmaceuticals and health products. The company partners with manufacturers, care providers, and pharmacies across the value chain to optimize market access to critical medical therapies. Cencora recently expanded its clinical reach by completing the major acquisition of OneOncology, boosting its specialized U.S. Healthcare Solutions infrastructure. ● Insider Buying/Selling: Mark Durcan made two separate purchases totaling 8,000 shares for a combined amount of $2,161,800: 2026-06-18: Purchased 4,000 shares at $274.19 per share (Total: $1,096,760) 2026-05-28: Purchased 4,000 shares at $266.26 per share (Total: $1,065,040) Lauren Tyler made one purchase of 550 shares for a total of $148,627 on 2026-06-22 ● Recent News: Large insider buys lke this might portend better than expected upcoming earnings. ● Our Thesis: A near monopoly in pharmaceutical distribution and a keyway to play healthcare in a value-oriented name. Cencora is a high-quality healthcare distributor with a mission-critical role in the pharmaceutical supply chain. Demand is driven by aging demographics, rising specialty drug usage, and resilient healthcare spending rather than economic cycles. The company generates strong free cash flow, consistently buys back shares, and has a long runway from high-margin specialty pharmaceuticals and oncology distribution. Scale creates competitive advantages and customer stickiness, while valuation remains reasonable versus its earnings growth. It isn’t flashy, but it compounds capital steadily—exactly the type of business that can outperform over long periods by quietly benefiting from healthcare’s secular growth and the expected efficiency and scientific gains from AI. Access our full research database on Cencora Cloudflare ($NET US) Fund: Baillie Gifford Global Alpha Thesis: Cloudflare is cited as an example of a network at the cloud edge benefiting from constraints that are driving AI infrastructure innovation. Source: Read the original letter ↗ Analysis: The AI buildout has started with data centres, but it won’t stop there. We can already see how constraints are driving innovation. Cloudflare’s network, which operates in the periphery of the cloud, is one example. SpaceX’s ambition for orbital compute is another. More straightforwardly, AI processing power may shift onto our devices. And that’s before we even begin to think about the local requirements of physical AI in vehicles and robots. Our initial expectations will inevitably look quaint in retrospect, and there will be huge developments that will require us to adapt our thinking. Access our full research database on Cloudflare This post has bonus content for paid subscribers. Upgrade to get full access.
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