Rowan Street Capital Sold Tripadvisor (TRIP) for Fundamental Reasons

Rowan Street Capital, an investment management company, released its first half 2023 investor letter. A copy of the same can be downloaded here. The fund gained +78.5% in the first half compared to a +16.8% gain for the S&P 500 Index. The fund’s portfolio is dominated by digital platform businesses. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Rowan Street Capital highlighted stocks like Tripadvisor, Inc. (NASDAQ:TRIP) in the Q2 2023 investor letter. Headquartered in Needham, Massachusetts, Tripadvisor, Inc. (NASDAQ:TRIP) is an online travel company. On July 12, 2023, Tripadvisor, Inc. (NASDAQ:TRIP) stock closed at $17.50 per share. One-month return of Tripadvisor, Inc. (NASDAQ:TRIP) was 4.54%, and its shares gained 1.69% of their value over the last 52 weeks. Tripadvisor, Inc. (NASDAQ:TRIP) has a market capitalization of $2.591 billion.

Rowan Street Capital made the following comment about Tripadvisor, Inc. (NASDAQ:TRIP) in its second quarter 2023 investor letter:

“Now, the bottom 3 performers from all the companies that we’d sold were Docusign (DOCU) -76%, Tripadvisor, Inc. (NASDAQ:TRIP) -59% and Under Armour (UA) -57%. These represent the losses we would have incurred had we held on to these positions until now. We must note that all 3 of these were sold for purely fundamental reasons and we ended up being correct on all of them.”

Tripadvisor, Inc. (NASDAQ:TRIP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Tripadvisor, Inc. (NASDAQ:TRIP) at the end of first quarter which was 31 in the previous quarter.

We discussed Tripadvisor, Inc. (NASDAQ:TRIP) in another article and shared the list of stocks recently downgraded by analysts. 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.