Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In a challenging risk-off period, the fund returned -1.82% in the third quarter, compared to S&P’s -3.27% return and Russell 1000 Value’s -3.16% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Fund 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 20, 2023, IAC Inc. (NASDAQ:IAC) stock closed at $48.52 per share. One-month return of IAC Inc. (NASDAQ:IAC) was 5.73%, and its shares gained 2.09% of their value over the last 52 weeks. IAC Inc. (NASDAQ:IAC) has a market capitalization of $4.118 billion.
Longleaf Partners Fund made the following comment about IAC Inc. (NASDAQ:IAC) in its Q3 2023 investor letter:
“IAC Inc. (NASDAQ:IAC) – Digital holding company IAC was the largest detractor in the quarter after reporting weak earnings, particularly at underlying holding Angi, which represents a relatively small (single-digit %) proportion of the value but has an outsized impact on IAC’s stock price. Casino and online gaming company MGM Resorts (which we also own directly and was a detractor in the quarter) comprises the largest portion of the IAC value. MGM faced multiple headwinds this quarter with a cyberattack that impacted all its properties and pending labor strikes in Las Vegas. Even with these events factored into our appraisal, MGM remains highly discounted today, and management is taking advantage of the price weakness to add value through meaningful share repurchase. Dotdash Meredith should begin showing its true earnings power as synergies of the merger begin to materialize. IAC is focused on growing the value of its hidden assets, like Care.com and Turo, which might go public later this year. IAC is well positioned with a net cash balance sheet to go on offense in any kind of market environment and offers a meaningful margin of safety and upside opportunity from today’s depressed level.”
Aerial view of broadcast segment of the media company at work.
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 Patient Capital Management’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.
