Patient Capital Management, a value investing firm, released its “Patient Capital Opportunity Equity Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy had a strong performance in the second quarter, returning 13.31% net of fees compared to the S&P 500’s 8.74% gain. The strategy grew 20.91% over the last year, compared to a 19.59% increase for the market. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Patient Capital Opportunity Equity Strategy highlighted stocks like IAC Inc. (NASDAQ:IAC) in the second quarter 2023 investor letter. Headquartered in New York, New York, IAC Inc. (NASDAQ:IAC) is a media and internet company. On October 4, 2023, IAC Inc. (NASDAQ:IAC) stock closed at $48.61 per share. One-month return of IAC Inc. (NASDAQ:IAC) was -9.95%, and its shares lost 15.62% of their value over the last 52 weeks. IAC Inc. (NASDAQ:IAC) has a market capitalization of $4.206 billion.
Patient Capital Opportunity Equity Strategy made the following comment about IAC Inc. (NASDAQ:IAC) in its Q2 2023 investor letter:
“We initiated two new positions in the quarter and exited one. IAC Inc. (NASDAQ:IAC) is our most material new position with a 2.5% weight. The market gave us the opportunity to buy a company with an excellent capital allocation track record around the price of its liquid securities, MGM Resorts International (MGM), Angi Inc. (ANGI) and cash. This means we got the rest of the company, including Dotdash Meredith, Care.com and Turo, and all future value creation nearly for free. At $69, the stock remains well below the 2021 highs ($179) and our assessment of what it’s worth. We like the collection of businesses, see significant opportunity in each one and believe management will continue to grow shareholder value.”
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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, 47 hedge fund portfolios held IAC Inc. (NASDAQ:IAC) at the end of second quarter which was 49 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 Q2 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.
