HF Best Ideas

I compile hedge fund pitches
Database: 3000 pitches & 2000 fund letters ↓
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[HF Best Ideas @StockCompil]

Q3 fund letters are starting to come out. 170 new letters are already on the site since Oct 1.

Good time to show what I've built to save you hours of reading fund research 🧵

[HF Best Ideas @StockCompil]

Full letter → https://t.co/8IxcjyIWAq

[HF Best Ideas @StockCompil]

📊 Software sub-sector returns versus tech indices
Source: Bailador Technology Investments — October 2026 letter

[HF Best Ideas @StockCompil]

Full letter → https://t.co/2dQ4LukyMk

[HF Best Ideas @StockCompil]

BlueBox Global Technology Fund - Top 10 Holdings

Source: Oct '26 letter

[HF Best Ideas @StockCompil]

Full article → https://t.co/5me1zjErU6

[HF Best Ideas @StockCompil]

Chilton Capital Management's latest research, "REITs: The Cure for High Rates is High Rates | November 2026" — key points:

Higher interest rates are creating a temporary valuation dislocation in REITs while restricting new supply and supporting stronger property fundamentals in 2027 and 2028.

• The Vanguard Real Estate ETF fell about 6% from its July 28 peak after the U.S. 10-year Treasury yield reached its highest level since 2002, while futures priced in three more rate hikes by the end of 2027.

• Chilton analyzed approximately $42 billion of 2020–2022 vintage floating-rate apartment loans and found that roughly one in four no longer covered debt service; a $1.3 billion Blackstone multifamily loan subsequently entered special servicing.

• Private-market cap rates are estimated to have risen 25–50 basis points from July, implying a 7–13% NAV decline for REITs at roughly 30% leverage, but the median REIT already trades at a 10% discount to NAV and large-cap REITs at a 15% discount to Green Street's estimate.

[HF Best Ideas @StockCompil]

Insider buying at MGM Resorts International ($MGM): Keith A. Meister, a director of MGM Resorts International, bought $51.7M of stock at an average $29.64 a share between Oct 30 and Nov 2.

Nightview Capital NITE ETF pitched MGM Resorts International in their Jun '26 letter. Their thesis: MGM Resorts operates integrated resorts with scarce regulatory licenses and exposure to in-person gaming.

Source: SEC Form 4 filings.

Read Nightview Capital letter → https://t.co/cJS0yY7a5H

[HF Best Ideas @StockCompil]

Full letter → https://t.co/jDy1VmZu4x

[HF Best Ideas @StockCompil]

Spheria Global Smaller Companies Fund - Top 5 Holdings

Source: Oct '26 letter

[HF Best Ideas @StockCompil]

📊 U.S. Defense Spending and FY2027 Proposal
Source: Global X Management Company LLC

[HF Best Ideas @StockCompil]

@achaldarbari Those are company analyses, a different part of the site.
We have fund manager analyses on two of them:
Hitachi Energy India: https://t.co/IYwUJisis9
INOX India: https://t.co/ofqpqvb5yw

[HF Best Ideas @StockCompil]

Goldman Sachs, Bridgewater, KKR and Man Group publish free research notes on their websites. Most investors never read them.

We read them every day and summarise the best. Last 30 days: 909 read, 469 kept, from 130+ banks and funds.

Free, no account needed: https://t.co/sCbJMQARiw

Know a firm we should add? Reply with the name.

[HF Best Ideas @StockCompil]

@RouleurCapital Added. We were only following Pictet Asset Management and Pictet Bank & Trust before. Thanks

[HF Best Ideas @StockCompil]

📊 Tech profit margins and AI capex as share of GDP
Source: GAM Investments

[HF Best Ideas @StockCompil]

Insider buying at Accenture ($ACN): 2 insiders bought $3.2M of stock on Oct 26, led by Julie Spellman Sweet, Chair and CEO of Accenture ($3.0M).

Aristotle International Equity pitched Accenture in their Sep '26 letter. Their thesis: Accenture is a technology consulting leader whose deep expertise and client relationships become more valuable as technological change accelerates.

Source: SEC Form 4 filings.

Read Aristotle letter → https://t.co/MecWNGD3Y1

[HF Best Ideas @StockCompil]

Insider selling at The Travelers Companies ($TRV): 8 insiders sold $69.5M of stock at an average $399 a share between Oct 20 and Oct 28, led by Alan D Schnitzer, Chairman and CEO of The Travelers Companies ($35.3M).

Also selling: Gregory C Toczydlowski ($14.0M), Maria Olivo ($6.0M), Mojgan M Lefebvre ($4.3M) and 4 more.

Source: SEC Form 4 filings.

[HF Best Ideas @StockCompil]

1 Main Capital Partners is long Limbach Holdings, Inc. ($LMB) — their thesis in 5 points:

• LMB is a mechanical, electrical and plumbing contractor focused on HVAC for mission-critical infrastructure such as hospitals, and management shifted the business from low-margin general contractor work toward higher-margin owner-direct relationships, driving EBITDA margins from low single digits to low double digits.

• The stock fell roughly 50% after Q2, when EBITDA guidance was cut from $90 million to $80 million; 1MC says the market overshot fundamentals, with the shares down to 75% below their 2025 highs on weak results and fears of another guide-down.

• LMB is now pursuing data center work again after stepping away from it, including the CYMCOR acquisition, a data center program management firm with $12 million of annual professional services revenue; the company also has excess fabrication capacity while larger competitors are capacity constrained.

• 1MC also expects non-data center demand to normalize as tariff uncertainty, Medicaid cuts and the Iran war fade, with second-half results more representative of earnings potential if burn rates recover as expected.

• Limbach keeps buying smaller contractors at 5-6x EBITDA in a fragmented industry, while public MEPs trade at 10-20x EBITDA; 1MC says LMB currently trades for 6x 2027E EBITDA and could be an attractive acquisition target if the gap persists.

Source → https://t.co/5IuH2fFt3X

[HF Best Ideas @StockCompil]

Lindsell Train Global Equity Fund is long Fair Isaac Corporation (FICO) ($FICO) — their thesis in 5 points:

• FICO is the deeply embedded incumbent in US mortgage credit scoring, with decades of history defining the market and lender infrastructure built around its scores.

• The fund thinks the market overreacted to FHFA-driven competition: lenders now have choice between FICO and VantageScore 4.0, but the new system may actually encourage pulling both scores to “game” for the cheapest rate.

• Near-term pricing has been hit, with rates set to remain flat at $10 per score in 2027, but the fund says FICO can still raise prices longer term and shift from per-score pricing to a performance model.

• FICO’s Direct Licensing Programme, now approved by the regulator, could let it license directly to resellers, remove the bureaus’ mark-up, and support that performance model.

• The cost of a credit score is small versus the overall average cost of a mortgage, and the fund believes FICO is best positioned to retain leadership and continue growing revenues and profits at highly accretive rates.

Source → https://t.co/3QQhRWVXNv

[HF Best Ideas @StockCompil]

Halvio Capital's latest quarterly letter — key takeaways:

• The portfolio remains centered on undervalued, often illiquid companies, and the manager views recent weakness as market volatility rather than evidence that the underlying theses have broken.

• The manager sees potential near-term market risk from weakening AI enthusiasm, higher 10-year Treasury yields, and narrow market breadth, but explicitly avoids trying to forecast macroeconomic or geopolitical outcomes.

• Sold FILA after the investment stayed range-bound even after a special dividend, a DOMS stake sale, and reiterated double-digit 2026 revenue and EBITDA growth.

• Sold QEPC after the stock rose nearly 50% year to date, choosing to reallocate capital into cheaper opportunities despite continued solid operating results and share buybacks.

• Citizens Bancshares (CZBS) stands out as a rate-sensitive value realization story: normalized U.S. interest rates could help, and the ECIP position could unlock value; a comparable transaction suggests substantial upside to book value.

• Mestek (MCCK) looks inexpensive on operating cash flow and EBITDA despite a reported loss, which the manager says was mainly driven by unrealized losses in its precious-metals portfolio; the core business remained profitable.

• Goldmoney (XAU) combines buybacks with meaningful EBIT from its precious-metals business and ownership of a substantial, profitable UK real-estate portfolio trading below book value.

• Initiated Master Drilling (MDI.JSE) on a record $1 billion backlog, exposure to rising mining investment—especially gold—and a valuation of roughly 4x earnings and 2.3x EV/EBITDA.

• The Master Drilling thesis is also operational: shaft-boring and reef-cutting technologies could speed mine development and reduce ore dilution, though the name remains exposed to mining cyclicality, South African illiquidity, and currency complexity.

Read the full letter → https://t.co/BZF80fASlr

[HF Best Ideas @StockCompil]

Full letter → https://t.co/5Z9gPiDpJP

[HF Best Ideas @StockCompil]

Baron Emerging Markets Select ETF - Top 10 holdings

Source: Q3'26 letter