Hidden Value Stocks August 2026 Issue: Evan Tindell Of Bireme Capital On Two Of His Favorite Stocks

(MENAFN- ValueWalk) Welcome to the August 2026 issue of Hidden Value Stocks from Hedge Fund Alpha (formerly ValueWalk Premium).

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Meet Evan Tindell of Bireme Capital
The early years Background on Bireme Capital
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This edition features Evan Tindell of Bireme Capital. He chose to feature a Swiss firm which helps companies integrate and manage software and cloud spend across platforms, and a Japanese health-care IT services company. He set his price targets at CHF13 and ¥18,500–¥20,000, respectively.

Note: This edition features one manager. We were supposed to feature Dereck Pilecki of Gator Capital in this edition. We have been following Gator for many years and have been impressed with the manager and the fund. (Please note: we have no affiliation, nor do we endorse or do due diligence on any funds. Please see our full disclaimer.) For those unfamiliar with Gator, it's a market-beating long/short hedge fund focused on the financial sector. Their long-short hedge fund has produced ~22% ITD Since 2008.

We hope to have Gator in a special upcoming edition soon, or to have him featured alongside two other managers in our next edition. Please stay tuned.

Please contact us at [email protected] with any comments, questions or suggestions.

Jacob Wolinsky, Founder, Hedge Fund Alpha

Michelle deBoer-Jones, Editor-in-Chief, Hedge Fund Alpha

Meet Evan Tindell of Bireme Capital

Evan Tindell co-founded Bireme Capital with CEO Ryan Ballentine in 2016,. As chief investment officer, Tindell oversees the firm's investment strategy and bottom-up research across its separately managed accounts and fund.

The firm, which just celebrated its 10-year anniversary, has much to celebrate. Bireme has returned 570% since inception 10 years ago (or 22% annualized), which is 550 basis points annually above the S&P 500.

Before co-founding Bireme, Tindell served as lead equity analyst for seven years at Ballentine Capital, a family office and long/ short equity manager. Earlier in his career, he was a professional poker player for three years. While earning his mechanical engineering degree at MIT, Tindell also excelled on the tennis court, becoming a four-time All-American.

The early years

Growing up in Boca Raton, Florida, he learned to be curious from a very early age.

“My dad was a very curious person and... he was always trying something new, even after he retired, from writing a novel, to spending years diving reefs in Florida to create a guidebook,” Tindell recalled.“Today I am a big believer that almost anything in the world is interesting if you dig deep enough.”

He first began to think of investing as a potential career in 2007, when he was a professional poker player investing his own small bankroll. At the time, he was drawing up a Ben Graham-style comparison between two companies, one of which was Hurco (NASDAQ: HURC), the small industrial machine-tool company.

“My girlfriend's roommate's father, who worked in finance, looked over my shoulder and said, 'You know you can do that for a job, right?'” Tindell said.“Of course, I knew equity analysts existed, but that was the first time it really clicked that analyzing businesses could be its own game - one that might remain intellectually interesting long after poker stopped being. It also helped me understand why value investing appealed to me: it requires probabilistic thinking, discipline, and a willingness to spend time in obscure places.”

Background on Bireme Capital

Bireme has about $160 million in assets under management and invests in concentrated, value-oriented, long/ short equities. While Tindell describes the firm as a fundamental value firm, he said it's not in the sense of just buying statistically cheap stocks. He noted that most cheap stocks are cheap for a reason, so they seek businesses that are not just cheap but also misunderstood.

This misunderstanding typically stems from some type of investor bias, such as availability bias around the most obvious current problem, representativeness bias when a company is lumped with the wrong peer group, extrapolation of a temporary issue into a permanent one, unfamiliarity with a smaller or foreign-listed company, or anchoring to an old thesis.

“We are sector-agnostic and globally oriented,” Tindell explained.“When we find an idea where the business is understandable, the valuation is compelling, and we think there is a clear behavioral reason for the mispricing, we are willing to own it in size. We generally document our research (if only internally) via a formal writeup with an explicit expected IRR.”

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