Patient Capital Management, a value investing firm, released its “Patient Capital Opportunity Equity Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter the strategy returned 17.6% net of fees compared to the S&P 500’s 11.7% return. The portfolio’s outperformance can be attributed to a three-factor model, where interaction, selection, and allocation effects all played a significant role. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Patient Capital Management featured stocks such as Expedia Group, Inc. (NASDAQ:EXPE) in the fourth quarter 2023 investor letter. Headquartered in Seattle, Washington, Expedia Group, Inc. (NASDAQ:EXPE) is an online travel company. On January 30, 2024, Expedia Group, Inc. (NASDAQ:EXPE) stock closed at $151.72 per share. One-month return of Expedia Group, Inc. (NASDAQ:EXPE) was 4.64%, and its shares gained 28.69% of their value over the last 52 weeks. Expedia Group, Inc. (NASDAQ:EXPE) has a market capitalization of $21.373 billion.
Patient Capital Management stated the following regarding Expedia Group, Inc. (NASDAQ:EXPE) in its fourth quarter 2023 investor letter:
“Expedia Group, Inc. (NASDAQ:EXPE) was our largest contributor in the quarter gaining an impressive 47.3%. Despite the strong move in the stock over the last quarter, we still see attractive upside from here. We initially purchased Expedia in the middle of 2022 when the company was nearing the end of a multi-year business and tech transition to a single platform. 2024 begins with a unified tech stack, efficient marketing program and the potential for improved relative growth, margin expansion and free cash flow (FCF) generation. Despite the improving growth and margin profile, EXPE still trades at a material discount to Booking Holdings Inc (BKNG). If previous correlations were to hold, this would imply more than 50% upside as Expedia’s multiple rerates to match its improved financials. The company continues to buy back stock, reducing the share count by 11% over the last year. As the company continues to execute, we believe the market will eventually give them credit for their improved fundamentals.”
People interacting with a travel website, searching for the perfect destination.
Expedia Group, Inc. (NASDAQ:EXPE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held Expedia Group, Inc. (NASDAQ:EXPE) at the end of third quarter which was 57 in the previous quarter.
We discussed Expedia Group, Inc. (NASDAQ:EXPE) in another article and shared the list of narrow moat stocks hedge funds are buying. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 35 Most Congested Cities in the World
- 20 Best Places to Retire in the US
- 30 Best Cardiology Hospitals In the US
Disclosure: None. This article is originally published at Insider Monkey.
