Should You Hold IAC?

Patient Capital Management, a value investing firm, released its “Patient Capital Opportunity Equity Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter the strategy returned -6.0% net of fees compared to the S&P 500’s -3.3% return. As the quarter demonstrated, the markets are uncertain. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Patient 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 3, 2023, IAC Inc. (NASDAQ:IAC) stock closed at $44.80 per share. One-month return of IAC Inc. (NASDAQ:IAC) was -7.53%, and its shares lost 2.44% of their value over the last 52 weeks. IAC Inc. (NASDAQ:IAC) has a market capitalization of $3.846 billion.

Patient Capital Management made the following comment about IAC Inc. (NASDAQ:IAC) in its Q3 2023 investor letter:

“Most of our top holdings are cheap, out-of-favor companies where market expectations fall far short of business prospects. You’ll note most of our top holdings combine good fundamentals (returns) with cheap valuations. The few that appear to have lower returns are either turnarounds (C, UBS with Credit Suisse deal) or holding company structures (IAC Inc. (NASDAQ:IAC).

IAC management has one of the best capital allocation track records in the market. It owns many assets, and the stock reflects little value for stakes outside of its publicly owned company stakes (MGM, ANGI) and cash. I could go on, but you get the idea.”

A modern digital device being used to access the content & services of the company.

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 Davis Funds’ 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.