Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -15.88% compared to a return of -4.88% for the S&P 500 Index and -5.62% for the Russell 1000 Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Longleaf Partners discussed stocks like IAC Inc. (NASDAQ:IAC) in the Q3 2022 investor letter. Headquartered in New York, New York, IAC Inc. (NASDAQ:IAC) is a media and internet company. On October 18, 2022, IAC Inc. (NASDAQ:IAC) stock closed at $50.50 per share. One-month return of IAC Inc. (NASDAQ:IAC) was -12.96% and its shares lost 65.97% of their value over the last 52 weeks. IAC Inc. (NASDAQ:IAC) has a market capitalization of $4.504 billion.
Here is what Longleaf Partners specifically said about IAC Inc. (NASDAQ:IAC) in its Q3 2022 investor letter:
“IAC Inc. (NASDAQ:IAC) – Digital holding company IAC was also a detractor in the quarter. The company is viewed as a complex consumer internet company with a reliance on slowing advertising revenues. This reaction ignores IAC’s strong balance sheet, as well as stability and growth at certain underlying holdings, such as MGM, which is benefitting from a strong COVID comeback. Additionally, privately held Turo, which is essentially an Airbnb for cars, has performed well and could be taken public when the time is right. Dotdash Meredith is a combination of online web brands, and the market is not giving credit for the potential merger synergies for the recently acquired Meredith business in this tougher environment. Angi, an online market for housing services, suffered as housing demand flipped dramatically in the year. While this is a long-term positive for the supply-demand dynamics of this platform, it has created uncertainty and price volatility in the short term. After quarter end, it was announced that IAC CEO Joey Levin has taken on the CEO role at Angi in what should be a positive move to accelerate its shift to profitability. The company also monetized yet another asset by merging its Bluecrew staffing business into a larger entity for stock and cash. Levin and Chairman Barry Diller have a history of creating value per year and are well positioned go on offense in the current environment.”
IAC Inc. (NASDAQ:IAC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held IAC Inc. (NASDAQ:IAC) at the end of the second quarter which was 48 in the previous quarter.
We discussed IAC Inc. (NASDAQ:IAC) in another article and shared Arch Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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