Davis Funds, an investment management firm, released its “Davis New York Venture Fund” third quarter 2023 investor letter, a copy of which can be downloaded here. During the initial seven months, ending on July 31, 2023, the fund yielded a return of 25.38%. This recent performance of the fund aligns with the burst of the easy-money bubble, which originated in the wake of the financial crisis and gained momentum throughout the pandemic. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.
In its Q3 2023 investor letter, Davis New York Venture Fund mentioned IAC Inc. (NASDAQ:IAC) and explained its insights for the company. IAC Inc. (NASDAQ:IAC) is a New York, New York-based internet services company with a $3.8 billion market capitalization. IAC Inc. (NASDAQ:IAC) delivered a 0.90% return since the beginning of the year, while its 12-month returns are down by -1.02%. The stock closed at $44.80 per share on November 3, 2023.
Here is what Davis New York Venture Fund has to say about IAC Inc. (NASDAQ:IAC) in its Q3 2023 investor letter:
“We have also added to our holdings in a lesser-known but spectacularly well-managed company called IAC. IAC owns dozens of popular online brands and services including Angi, Vimeo, Dotdash Meredith (Investopedia, People) as well as a large position in MGM Resorts. While we are not short-term traders, the enormous price volatility of these online tech leaders has led us to be opportunistic, trimming when prices are high and adding when they are low. We have also added to our position in IAC, a lesser-known, but spectacularly well-managed tech and media holding company. IAC created and spun out companies such as Expedia Group Inc. (NASDAQ:EXPE) and Match Group, Inc. (NASDAQ:MTCH) and currently owns Home Advisor, Angi, Dotdash Meredith (Investopedia, People) and a range of smaller internet and media properties as well as owning a significant stake in MGM Resorts International (NYSE:MGM).”
A CEO and a software engineer discussing a new project on a laptop at a modern office space.
Our calculations show that IAC Inc. (NASDAQ:IAC) failed to make it on our list of the 30 Most Popular Stocks Among Hedge Funds. IAC Inc. (NASDAQ:IAC) was in 47 hedge fund portfolios at the end of the second quarter of 2023, compared to 49 funds in the previous quarter. IAC Inc. (NASDAQ:IAC) delivered a -31.63% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
