13D Activist Fund is a mutual fund that focuses on companies invested in by shareholder activists. The fund released its Q3 2025 investor letter. The class I shared of the fund returned 8.88%, net of fees and expenses, in the quarter compared to 12.39% for the Russell 2000 Index. Overall, the fund was thrilled with its performance this quarter. However, on a relative basis, there is room for improvement. The Russell 2000 outperformed the S&P 500 by the largest margin in three years, with a return of 12.39% compared to the S&P 500’s 8.12%. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its third-quarter 2025 investor letter, 13D Activist Fund highlighted stocks such as Viasat, Inc. (NASDAQ:VSAT). Headquartered in Carlsbad, California, Viasat, Inc. (NASDAQ:VSAT) engages in providing broadband and communications products and services that operates through Satellite Services, Commercial Networks, and Government Systems segments. The one-month return for Viasat, Inc. (NASDAQ:VSAT) was -3.38%, and its shares gained 292.33% over the last 52 weeks. On December 03, 2025, Viasat, Inc. (NASDAQ:VSAT) stock closed at $34.29 per share, with a market capitalization of $4.638 billion.
13D Activist Fund stated the following regarding Viasat, Inc. (NASDAQ:VSAT) in its third quarter 2025 investor letter:
“Viasat, Inc. (NASDAQ:VSAT): This is an investment by an activist we had not followed before. Carronade Capital is a multi-strategy investment firm that focuses on process driven investments in catalyst-rich situations. Carronade was founded in 2019 by Dan Gropper as primarily a credit investor. But four of their seven person investment team, including Gropper, have spent considerable time working at Elliott Management, have experience with shareholder activism and are not afraid to use it. We had known Carronade from a previous activist campaign at Cannae Holdings which we did not invest in. But when we heard about the thesis here discussed below, we were floored at how clearly undervalued this Company was. We were able to quickly acquire a full position at $16.65 per share prior to the stock soaring to nearly $28 per share the following week. Read below and you will see why there is still tremendous value here.
ViaSat is a global communications and defense technology company that operates at the intersection of secure communications, global connectivity, and aerospace and defense technology. The Company operates in two businesses segments – Communications (73% of revenue and 80% of EBITDA) and Defense and Advanced Technologies (“DAT”) (27% of revenue and 20% of EBITDA). Communications is ViaSat’s legacy satellite business, with offerings of fixed broadband, government, maritime and inflight communications (“IFC”). DAT offers defense-technology platforms for information security and cyber defense, space and mission systems, tactical networking, and other advanced technologies. This is a newer but rapidly growing business, with high to mid-teens revenue growth. Despite the Company’s strong strategic positioning, ViaSat’s share price has significantly underperformed, down 21.12%, 51.56%, and 57.98% over the past 1-,3-, and 5-year periods, respectively (prior to Carronade’s engagement)…” (Click here to read the full text)
Viasat, Inc. (NASDAQ:VSAT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Viasat, Inc. (NASDAQ:VSAT) at the end of the third quarter, which was 37 in the previous quarter. In second quarter of fiscal 2026, Viasat, Inc. (NASDAQ:VSAT) generated revenue of $1.1 billion, up 2% year-over-year. While we acknowledge the risk and potential of Viasat, Inc. (NASDAQ:VSAT) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Viasat, Inc. (NASDAQ:VSAT) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Viasat, Inc. (NASDAQ:VSAT) and shared the list of hottest SMID-cap stocks so far in 2025. In addition, please check out our hedge fund investor letters Q3 2025 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
