Investment management company Cove Street Capital recently released its “Small Cap Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. On a relative and absolute basis, the fund continued its solid upward movement in the second quarter and returned 14.8% compared to 5.21% for the Russell 2000 Index and 3.18% for the Russell 2000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Cove Street Capital highlighted stocks like Liberty TripAdvisor Holdings, Inc. (NASDAQ:LTRPA) in the second quarter 2023 investor letter. Headquartered in Englewood, Colorado, Liberty TripAdvisor Holdings, Inc. (NASDAQ:LTRPA) is a travel guidance platform. On July 11, 2023, Liberty TripAdvisor Holdings, Inc. (NASDAQ:LTRPA) stock closed at $0.8632 per share. One-month return of Liberty TripAdvisor Holdings, Inc. (NASDAQ:LTRPA) was 31.79%, and its shares gained 18.65% of their value over the last 52 weeks. Liberty TripAdvisor Holdings, Inc. (NASDAQ:LTRPA) has a market capitalization of $242.294 million.
Cove Street Capital made the following comment about Liberty TripAdvisor Holdings, Inc. (NASDAQ:LTRPA) in its second quarter 2023 investor letter:
“Liberty TripAdvisor Holdings, Inc. (NASDAQ:LTRPA) has been volatile over the last 6 months having been a top contributor to performance in Q1 2023 and now a top detractor in Q2. While travel at large has shown strength, the marketing budgets at hotel and travel related companies – from which the Core TripAdvisor platform takes share – have lagged in the recovery. In the quarter, Trip’s new CEO Matt Goldberg announced his new “strategic plan” to focus on curated travel planning tools, a mobile first approach, better rewards programs, and a more effective use of their data. The investment community largely took a negative view on the plan, desiring more “revolution” than the “evolution” that was delivered. Notwithstanding these concerns, TRIP’s leading experiences OTA Viator has continued its strong growth and more than doubled revenue YoY in Q1 of 2023. Smaller experience OTA competitor GetYourGuide was valued by VCs in June at $2B, and while we certainly don’t benchmark to profligate venture valuations, even a massive discount to that $2B figure for the Viator piece provides a strong case for the overall company with an enterprise value at ~$2.1B today. LTRIPA is a high beta security tied to TripAdvisor (Ticker: TRIP), and our 1.5% allocation is an interesting risk/reward bet on its prospects, which we think are excellent from current levels.”
Liberty TripAdvisor Holdings, Inc. (NASDAQ:LTRPA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Liberty TripAdvisor Holdings, Inc. (NASDAQ:LTRPA) at the end of first quarter which was 17 in the previous quarter.
We discussed Liberty TripAdvisor Holdings, Inc. (NASDAQ:LTRPA) in another article and shared Cove Street Capital’s views on the company in the previous quarter. 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.
