As of September 30, the most substantial contributors to the fund’s portfolio were Interactivecorp (NASDAQ:IAC), a New York-based holding company and owner of more than 150 brands worldwide, mostly in media and Internet, and Nort Carolina-based supplier of highly engineered products and technologies, SPX Corp (NYSE:SPXC). The fund owns 149,491 shares of Interactivecorp (NASDAQ:IAC) worth $32.39 million, after decreasing its stake in the company by 14%. The company also found its place among 25 Stocks Billionaires Are Piling On, while it’s quite obvious that hedge funds are fond of its stock as well. Currently, the company is trading at price-to-earnings (PE) ratio of 35.82 and it has a market cap of $14.85 billion. The closing price of the company’s stock was $167.80 on December 26th (Wednesday). When it comes to SPX Corp (NYSE:SPXC) the situation isn’t much different. The fund reduced its stake in the company by 5% to 801,716 shares valued at $26.7 million, accounting for 6.13% of the portfolio’s value. At the end of the third quarter, 11 smart money investors were long SPX Corp, up by one from the previous quarter.
Among the biggest third-quarter additions to Corsair Capital Management was position in TiVo Corp (NASDAQ:TIVO) a San Jose, California- based technology company whose 97,959 shares the fund purchased for $1.22 million, accounting for 0.28% of the portfolio’s value. It’s interesting to note that in its Q2 investor letter, the fund actually expressed doubts regarding investing in tech stocks. It’s left to be seen what will be the fund’s next move when it comes to this stock, knowing that Nasdaq 100 Index lost 8.7% in October, that way taking down stocks in the technology sector with it. On December 26th (Wednesday), TiVo Corp (NASDAQ:TIVO), closed at $8.75 in the latest trading session. Over the past three months, the company’s stock price has lost 37.27%. The company has a market cap of $1.16 billion.
The fund was quite optimistic when it comes to Ryman Hospitality Properties Inc. (NYSE:RHP), a hotel, resort, media, and entertainment company, and Willscot Corp (NASDAQ:WSC), a warehousing and storage services company, since it significantly increased its stake in the companies by 230% and 97%, respectively. As of September 30th, the fund owns 155,211 shares of Ryman Hospitality Properties Inc. (NYSE:RHP) worth $13.37 million, and 697,067 shares of Willscot Corp (NASDAQ:WSC) valued at $11,95 million. At the end of Q3, 24 smart money investors were long Ryman Hospitality Properties Inc., up by seven from the previous quarter, while 26 hedge funds owned Willscot Corp shares, down from 31 in the second quarter.
In the meantime, it seems that Corsair Capital Management lost faith in some of its other holdings. For instance, some of the biggest positions the fund decided to completely sell during the third quarter were in Houghton Mifflin Harcourt Co (NASDAQ:HMHC) whose 142,865 shares the fund previously held and Natus Medical Inc (NASDAQ:BABY), to whose 45,905 shares the fund said goodbye to.
Disclosure: None. This article was originally published at Insider Monkey.
