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. 🚀 Beyond this week’s pitches: the full searchable archive of 3,000+ hedge-fund pitches across 300+ funds lives on the site. Start a 7-day free trial 🔹 Adobe (ADBE US) by RGA Investment Advisor Investment Portfolio 🔹 AG Barr (BAG LN) by Goodhart Partners Global Real Return Fund 🔹 Alphabet (GOOGL US) by Aristotle Value Equity Strategy 🔹 Amazon (AMZN US) by Pershing Square 🔹 AstraZeneca (AZN LN) by Harris Associates Global All Cap Strategy 🔹 Bentley Systems (BSY US) by Aoris International Fund 🔹 Broadcom Inc. (AVGO US) by Emerald Focused Equity Strategy 🔹 Core Natural Resources (CNR US) by Black Bear Value Fund, LP 🔹 Curbline Properties Corp. (CURB US) by Baron Real Estate Income Strategy 🔹 Digital Network SA (DIG WP) by Alluvial Fund 🔹 DPC Holdings Limited by Baron Global Opportunity Strategy 🔹 E Ink Holdings (8069 TT) by Artisan Partners Emerging Markets Fund 🔹 Experian plc (EXPN LN) by Artisan Partners Global Value Strategy 🔹 Freetrailer (FREETR DK) by Symmetry Invest 🔹 Glenveagh Properties PLC (GLV IR) by Artisan Partners International Explorer Strategy 🔹 Guidewire Software, Inc. (GWRE US) by Baron Technology ETF 🔹 Healthcare investments by CDT Capital 🔹 Hyatt Hotels Corporation (H US) by Baron First Principles ETF 🔹 Kazatomprom (KZAP KZ) by Goehring & Rozencwajg Natural Resource 🔹 Kwality Pharmaceuticals (KWPL IN) by Seven Canyons Advisors Ark Global Emerging Companies, LP 🔹 Lifecore Biomedical, Inc. (LFCR US) by Greenhaven Road Capital Fund 🔹 Lincoln Educational Services (LINC US) by Praetorian Capital Fund LLC 🔹 Marsh & McLennan (MMC US) by Harris Associates U.S. Concentrated Strategy 🔹 McBride (MCB LN) by Symmetry Invest 🔹 MDA Space (MDA CN) by Hood River CM International Opportunity Fund 🔹 MediaTek (2454 TT) by Artisan Partners Sustainable Emerging Markets Strategy 🔹 Mettler-Toledo International Inc. (MTD US) by Baron Health Care Fund 🔹 nCino, Inc. (NCNO US) by Conestoga Capital Advisors Small Cap, SMid Cap & Micro Cap Growth Composites 🔹 NetScout Systems, Inc. (NTCT US) by Riverwater Partners Small Cap Strategy 🔹 NVIDIA Corporation (NVDA US) by Royal London AM Global Equity Income Fund 🔹 OSG (6136 JP) by TimesSquare International Small Cap Portfolio 🔹 PDEX (PDEX US) by Long Cast Advisers Small- & Micro-Cap Concentrated Strategy 🔹 Prysmian S.p.A. (PRY IM) by Hardman Johnston International Equity Strategy 🔹 Qualcomm (QCOM US) by Royal London AM Global Equity Transitions Fund 🔹 Sabre Insurance Group PLC (SBRE LN) by Artisan Partners International Explorer Strategy 🔹 Samsung Electronics Co., Ltd. (005930 KS) by Baron Global Opportunity Strategy 🔹 Scout24 (G24 GR) by Harris Associates International Small Cap Strategy 🔹 ServiceNow (NOW US) by Emerald Wealth Partners AG 🔹 Shake Shack Inc. (SHAK US) by Baron SMID Cap ETF 🔹 Shimadzu Corporation (7701 JP) by Artisan Partners International Explorer Strategy 🔹 SoftwareOne (SWON SW) by Symmetry Invest 🔹 Space Exploration Technologies Corp. by Baron Focused Growth Fund 🔹 Strattec Security Corporation (STRT US) by Riverwater Partners Micro Opportunities Strategy 🔹 The Macerich Company (MAC US) by Baron Real Estate Income Fund 🔹 The Magnum Ice Cream Company N.V. by Aristotle International Equity ADR WM 🔹 TPG Inc. (TPG US) by Vulcan Value Partners Quarterly Fund 🔹 UMB Financial (UMBF US) by Aristotle Small/Mid Cap Equity WM Composite 🔹 Unilever (ULVR LN) by Guinness European Equity Income Fund 🔹 Vontier Corp. (VNT US) by Rewey AM RAM Smid Value Composite 🔹 Zegona Communications plc (ZEG LN) by Alluvial Fund Adobe ($ADBE US) Fund: RGA Investment Advisor Investment Portfolio Thesis: Adobe provides creative and subscription software, and the fund views it as undervalued with durable products, AI workflow positioning, and strong cash generation. Source: Read the original letter ↗ Analysis: Adobe (NASDAQ: ADBE) – an AI loser so cheap that it will win We had watched and studied Adobe with admiration for many years following their evolution from selling licensed software to subscription software. Adobe became the template by which numerous other software companies pivoted to SaaS and the rest, as they say, is history. Or so we all thought. Over the past several years, Adobe’s shares have dropped dramatically. At first, the concern was competition from Figma and Canva. Then Adobe became Exhibit 1 in the “AI losers basket.” We think Adobe is far more resilient than fears suggest. Similar to GitLab, there is seat-based pricing risk; however, in many industries, Adobe’s offerings are irreplaceable, even with AI. Moreover, Adobe is in a great position to become the layer on top of which key AI workflows are built. Data and context are critical to these workflows, and Adobe has considerable advantages in both. We acknowledge some of the risks Adobe faces, but at a P/E of sub-10x and a FCF yield north of 10%, the market is pricing the stock as a melting ice cube while growth is still right around 10%. The company is using its healthy balance sheet and robust free cash flow to repurchase shares at a healthy clip. We think this is a potent setup as the company proves its resilience for the AI era. Access our full research database on Adobe AG Barr ($BAG LN) Fund: Goodhart Partners Global Real Return Fund Thesis: AG Barr is a Scottish drinks company with improving growth ambitions, cost savings from capex, and a low valuation supporting attractive earnings growth. Source: Read the original letter ↗ Analysis: AG Barr - UK listed drinks company with market capitalisation c.£700m, yield c.4% AG Barr was added to the portfolio as a Resilient stock. This theme is intended to provide moderate absolute return potential over the longer term, with relatively low beta and greater resilience. The theme has not worked well at all in recent months. It hasn’t been defensive enough in falling markets and it hasn’t participated in rising markets. Sentiment towards Consumer Staples in particular has been difficult to understand given the obvious economic impact of a protracted war in Iran. AG Barr sold off on apparent concerns that the war in Iran would impact costs but we think that was overdone. After many years as a rather sleepy Scottish company that sells Irn-Bru, largely in Scotland, there is evidence the company is flexing its growth ambitions. It has bought a number of small, branded drinks companies and is coming towards the end of a capital expenditure cycle that should cut costs long term and increase capacity. It seems perfectly reasonable to us that it can grow earnings at 10% per annum over the coming 5 years and that puts it on a very undemanding forward multiple. Access our full research database on AG Barr Alphabet ($GOOGL US) Fund: Aristotle Value Equity Strategy Thesis: Alphabet operates Google and YouTube, and its resilient search, cloud, and video ecosystem plus durable competitive advantages support long-term value creation. Source: Read the original letter ↗ Analysis: Alphabet, the parent company of Google and YouTube, was a primary contributor during the period. We initiated our position in the first quarter of 2025, when investors were concerned that generative AI tools would fundamentally alter search behavior and erode Google’s advertising franchise. Since then, Alphabet has continued to demonstrate the strength of its ecosystem and the resilience of its core businesses. Google Search has remained strong, with AI-powered features increasing user engagement while supporting advertising growth, and Google Cloud has continued to benefit from robust enterprise demand for AI infrastructure and services. Importantly, Alphabet appears increasingly capable of monetizing these new experiences in a manner consistent with its historical strengths, through advertising, distribution, and integration across a broad user base rather than relying solely on paid subscriptions. YouTube also remains well-positioned to benefit from continued growth in advertising and subscription revenues, including YouTube TV, as consumers continue to shift away from traditional cable. In addition, while we continue to monitor regulatory risk, capital intensity, and changes in search behavior, recent execution reinforces our view that Alphabet remains a high-quality business with durable competitive advantages and multiple avenues for long-term value creation. Access our full research database on Alphabet 🔓 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 ($29/mo) adds Warren AI to ask questions across the whole corpus in plain English. Start a 7-day free trial Amazon ($AMZN US) Fund: Pershing Square Thesis: Amazon is seeing AWS acceleration and retail share gains that could support 20%+ long-term earnings compounding. Source: Read the original letter ↗ Analysis: Amazon’s share price increased 14% during the second quarter and is up 3% year-to-date. As with our other hyperscaler investments, we believe investor concerns around the magnitude of capital expenditures behind the datacenter buildout at Amazon Web Services (AWS) continue to weigh on the stock. These concerns understate the resiliency of Amazon’s business and its significant growth runway, as evidenced by the company’s robust operating momentum. Increasing AI adoption has materially accelerated AWS’s revenue growth profile from 20% growth in 2024 and 2025 to more than 30% this year. Likewise, Amazon’s retail segment continues to take market share, with unit volumes up 15% in Q1 2026, the fastest pace since 2021. Longer term, we believe Amazon can compound earnings at a 20%- plus rate, driven by secular tailwinds from AI and rising e-commerce penetration alongside substantial retail margin expansion. Access our full research database on Amazon AstraZeneca ($AZN LN) Fund: Harris Associates Global All Cap Strategy Thesis: AstraZeneca has a strong portfolio, leading pipeline, exceptional management, and attractive valuation. Source: Read the original letter ↗ Analysis: AstraZeneca is one of the largest pharmaceutical companies in the world. It researches, develops and commercializes prescription medicines designed to treat lung and breast cancers, cardiorenal diseases, respiratory problems and other rare diseases. We believe AstraZeneca’s robust on-market portfolio and sector-leading late-stage pipeline provide an attractive growth profile. Moreover, we believe the company can build on its long track record of a productive research and development program, thanks to its innovative culture and exceptional management team. In our view, CEO Pascal Soriot is one of the industry’s best executives, and he has cultivated a deep bench of talent, a robust decision-making framework and a differentiated R&D culture that should drive strong growth for years to come, in our view. Recent concerns over United States regulations have overshadowed AstraZeneca’s merits and weighed on the broader pharmaceutical industry. This opened a window for us to purchase shares of this company at a price well below our estimate of its intrinsic value. Access our full research database on AstraZeneca Bentley Systems ($BSY US) Fund: Aoris International Fund Thesis: Bentley Systems is a leading infrastructure software platform with embedded customer relationships, steady growth potential, and protection from AI disruption. Source: Read the original letter ↗ Analysis: Bentley is the global leader in software for the design and lifetime operations of infrastructure assets. These assets include airports, bridges, roads, water and wastewater systems, power systems, buildings, railways and tunnels. Its software is used by engineers to create their design models, simulate how physical and environmental forces might affect an asset, and for project management and collaboration. Bentley has an industry-leading position in the majority of disciplines it serves. We believe Bentley Systems can continue to grow revenue and earnings at a healthy rate by providing meaningful productivity benefits to labour-constrained engineering firms. The broad sell-off of software businesses over the last 18 months has provided an opportunity for us to invest in this resilient, steady-growth business at an unusually attractive discount to our fair value. We are confident that Bentley can protect its business from new AI entrants due to its longstanding, deeply embedded relationships within the industry, and that infrastructure is a highly regulated industry with high barriers to entry, where any software errors have material safety consequences. Access our full research database on Bentley Systems Broadcom Inc. ($AVGO US) Fund: Emerald Focused Equity Strategy Thesis: Broadcom is a leading designer of custom AI silicon and networking, with strong positioning in inference chips and AI infrastructure. Source: Read the original letter ↗ Analysis: Broadcom added 64 bps, its 22.3% share price climb helped by the news OpenAI has selected the company to design its custom inference chip. Broadcom is the dominant designer of custom AI silicon: it has long co-designed Google’s Tensor Processing Units, which power Gemini and some of Anthropic’s inference capacity through Google Cloud. Few companies possess the engineering depth to develop bespoke accelerators at hyperscale. AI spending is shifting from training models to running them, where custom chips deliver materially better performance per watt and a lower cost per token than Nvidia’s general- purpose GPUs. Under Hock Tan, one of the industry’s ablest capital allocators, the company has assembled two further pillars that sit at the center of the AI build- out: • It dominates the Ethernet switching silicon that interconnects AI clusters — content that grows with cluster size, whether those clusters run on Nvidia GPUs or custom chips. • Through VMware, it supplies the virtualization layer enterprises need to run AI workloads alongside their legacy applications. We added to the position on the back of the OpenAI announcement, and as the stock consolidated off its highs. Access our full research database on Broadcom Inc. Core Natural Resources ($CNR US) Fund: Black Bear Value Fund, LP Thesis: Core Natural Resources is a leading coal producer with long-lived assets and undervalued cash generation, supported by constrained supply and long-term demand growth for thermal and metallurgical coal. Source: Read the original letter ↗ Analysis: Core Natural Resources (CNR) CNR declined approximately 23% during the second quarter and is down roughly 9% year-to-date, including dividends. Core is one of the world’s leading producers of both metallurgical coal, used in steelmaking, and thermal coal, used in power generation. Thermal coal stands to benefit from growing global electricity demand following more than a decade of limited growth. While headlines often focus on renewable energy, we believe virtually every source of electricity generation will be needed to satisfy rising demand from AI, data centers, and broader electrification. Much of the developing world continues to rely on thermal coal as an essential source of baseload power, while global cement production, which also depends on coal as a key feedstock—is expected to grow meaningfully over the coming decades. We also remain constructive on metallurgical coal. Demand is expected to increase over the next several decades, driven by industrialization and urbanization across India and Southeast Asia. At the same time, years of ESG-driven underinvestment have constrained new supply, with industry capital spending having peaked more than a decade ago. We believe this combination of growing demand and limited supply should support attractive long-term pricing. Core offers multiple sources of value. The company owns a marine export terminal that we estimate is worth approximately $500–800 million, or roughly $11–17 per share. The operating coal business has the potential to generate approximately $6–18 of free cash flow per share across the commodity cycle, which we estimate is worth approximately $54–190 per share. Taken together, we believe Core’s intrinsic value is approximately $65–207 per share versus a quarter-end share price of $80. Coal earnings will always fluctuate with commodity prices, and there is inevitably a wide range of outcomes in any given year. At today’s valuation, however, we believe the market is discounting an overly pessimistic scenario while assigning little value to the company’s long-lived assets and favorable long-term industry fundamentals. In our view, that creates an attractive asymmetric opportunity. Access our full research database on Core Natural Resources Curbline Properties Corp. ($CURB US) Fund: Baron Real Estate Income Strategy Thesis: Curbline Properties Corp. has a differentiated convenience-center strategy, competitive advantages, and repeatable double-digit growth prospects. Source: Read the original letter ↗ Analysis: In the second quarter, we acquired shares in Curbline Properties Corp., a shopping center REIT that owns a portfolio exclusively concentrated on convenience properties located on the curbline of well-tracked intersections and vehicular corridors in highly desirable markets. We believe Curbline checks all the boxes that we seek in our investments: a differentiated strategy, competitive advantages, repeatable double digit annual growth prospects through organic growth and accretive acquisitions, healthy balance sheet (very little debt), and a proven management team with incentives aligned with investors. Access our full research database on Curbline Properties Corp. Digital Network SA ($DIG WP) Fund: Alluvial Fund Thesis: Digital Network SA operates digital billboards in Poland, combines exceptional revenue growth with strong capital allocation, and expanded via a natural-fit acquisition. Source: Read the original letter ↗ Analysis: A few years back, we spent a good deal of time looking at the Polish stock market. We came away highly impressed by the number of quality companies at low valuations that we saw, a few of which entered our portfolio. TIM SA was acquired at a good premium not long after we invested. Auto Partner SA remains in the portfolio and has been a solid performer. But our biggest Polish success story has been Digital Network SA, an operator of digital billboards. The company’s revenue growth has been exceptional, as has its capital allocation. Last year, the company snapped up Braughman Group, a scaled out-of-home advertiser with thousands of large-format billboards, screens, and murals across Poland. It was a natural fit, and shares have responded enthusiastically. Access our full research database on Digital Network SA
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