TCS Capital Management, the other hedge fund discussed in this article, was established by Eric Semler in 2001. The firm aims to invest in value stocks by employing a long/short strategy accompanied by a bottom-up stock picking approach. TCS Capital mainly invests in the media and telecom sectors. As stated by the fund’s 13F filing for the June quarter, Eric Semler’s firm manages a public equity portfolio worth $197.2 million at the end of June.
Angie’s List Inc. (NASDAQ:ANGI) operates a local services marketplace and consumer review site in the United States. The company offers a marketplace to research and purchase local services for home, health, and automotive service needs. The company’s stock has dropped by slightly more than 24% since the beginning of the year, and MHR Fund Management expressed its belief that the shares of Angie’s List are trading at an attractive level. Additionally, Eric Semler and his team believe that Angie’s List might have several options to increase its market value, so they intend to discuss its operations and strategic direction with the company’s officers and members of the Board. Among the potential topics of discussion are a potential sale, strategic business partnerships and combinations, and the pending selection of its next Chief Executive Officer. Some analysts believe that Angie’s List has a great brand name and has a good base of subscribers, but the company lacks technology and its marketing strategy is not quite appropriate. One of the main challenges the company faces at the moment is its leadership, as the firm’s co-founder and CEO, William Oesterle, stepped down earlier this year. In addition to that, some analysts familiar with the matter believe that Angie’s List might actually be very eager to sell itself if the company is made an attractive offer. Andrew Redleaf’s Whitebox Advisors is among the largest shareholders of Angie’s List Inc. (NASDAQ:ANGI) within our database, holding 1.04 million shares.