Alphyn Capital Management, an investment management firm, released its third-quarter 2022 investor letter. The same can be downloaded here. In the third quarter, the fund returned -10.95% net compared to -4.88% return for the S&P 500 Index. Year-to-date the fund returned -34.2% compared to -23.9% return for the S&P500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Alphyn Capital 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 21, 2022, IAC Inc. (NASDAQ:IAC) stock closed at $48.41 per share. One-month return of IAC Inc. (NASDAQ:IAC) was -8.35% and its shares lost 69.12% of their value over the last 52 weeks. IAC Inc. (NASDAQ:IAC) has a market capitalization of $4.318 billion.
Alphyn Capital made the following comment about IAC Inc. (NASDAQ:IAC) in its Q3 2022 investor letter:
“Angi, IAC Inc. (NASDAQ:IAC)’s home services business, has had an especially tough time. The company has not cracked the code on its fixed-price service and still has difficulty matching consumer demand to service professionals. Pricing missteps with its recently acquired roofing business have not helped matters. We also recently learned that Oisin Hanrahan is stepping down as CEO to be replaced by Joey Levin, IAC’s CEO. It is unclear how Mr. Levin plans to salvage the situation, for example, by giving his full personal attention to a turnaround or by preparing the company for a sale (I am speculating). It will be an important test of Mr. Levin’s pragmatic leadership and operating skills.
IAC has had better results with its investment in MGM, whose shares have doubled since IAC first invested. With its brand and substantial casino operations, MGM is well-placed to compete in the rapidly growing online betting market. IAC believes they have the talent to help with this and consequently bought more shares.
DotDash’s acquisition of Meredith’s print business has been mixed so far. On the one hand, DotDash, as promised, has successfully transferred most of Meredith’s content online and improved advertising performance through better targeting, website speed, and customer experience. On the other hand, the turn in the macro environment impacted ad spending, and the combined company will not meet its initial $450m EBITDA target. I expect that macro factors, though unpleasant, will be temporary.
At the current share price, MGM, DotDash, and approximately $1bn in cash make up IAC’s entire value, while Angi and IAC’s portfolio of earlier-stage companies all provide upside optionality.”
AC 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 Longleaf Partners’ 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.
When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.
Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.
At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.
Do the math. According to Musk, this technology could be worth $250 trillion by 2040.
Put another way, that’s roughly equal to:
175 Teslas
107 Amazons
140 Metas
84 Googles
65 Microsofts
And 55 Nvidias
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In fact, Verge argues this company’s supercheap AI technology should concern rivals.
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Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.
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