Alphyn Capital Management, an investment management firm, released its third-quarter 2023 investor letter. The same can be downloaded here. The Master Account of the fund returned -1.1% net in the third quarter compared to -3.3% for the S&P500 Index. As of September 30, 2023, the top ten holdings accounted for approximately 71% of the portfolio, and approximately 8.6% of the portfolio was held in cash. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Alphyn Capital Management highlighted stocks like IAC Inc. (NASDAQ:IAC) in the third quarter 2023 investor letter. Headquartered in New York, New York, IAC Inc. (NASDAQ:IAC) is a media and internet company. On November 24, 2023, IAC Inc. (NASDAQ:IAC) stock closed at $48.47 per share. One-month return of IAC Inc. (NASDAQ:IAC) was 14.05%, and its shares gained 0.92% of their value over the last 52 weeks. IAC Inc. (NASDAQ:IAC) has a market capitalization of $4.161 billion.
Alphyn Capital Management made the following comment about IAC Inc. (NASDAQ:IAC) in its Q3 2023 investor letter:
“IAC Inc. (NASDAQ:IAC)’s stock price will likely remain under pressure until DotDash Meredith’s advertising revenue rebounds and until Joey Levin demonstrates clear progress in reviving Angi. In time, DotDash should benefit from IAC’s new intent-based advertising platform that helps deliver scaled targeting to advertisers without relying on cookies (given their recent ban by Apple). While Angi’s turnaround effort hinges on enhancing both the professional and consumer experiences, simplifying fixed-price services, boosting liquidity, improving search engine visibility, and implementing cost-reduction measures, facets the company is making measured progress on. There is further upside potential from advancements at Turo, Care.com, and the astute investment in MGM.”
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IAC Inc. (NASDAQ:IAC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held IAC Inc. (NASDAQ:IAC) at the end of third quarter which was 47 in the previous quarter.
We discussed IAC Inc. (NASDAQ:IAC) in another article and shared Longleaf Partners Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 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.
