Do You Think Viasat (VSAT) is a Materially Misunderstood Business?

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...