Should You Retain Your Investment in IAC (IAC)?

Alphyn Capital Management, an investment management firm, released its fourth-quarter 2022 investor letter. The same can be downloaded here. The fund returned 20.4% in the fourth quarter compared to a 7.6% return for the S&P500 Index. For 2022, the fund returned -20.8% compared to the -18.1% return for the S&P 500 Index. The top 10 positions comprised 78% of the portfolio as of 31 December 2022, and the portfolio held 1% in cash. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Alphyn Capital highlighted stocks like IAC Inc. (NASDAQ:IAC) in its Q4 2022 investor letter. Headquartered in New York, New York, IAC Inc. (NASDAQ:IAC) is a global media and internet company. On January 30, 2023, IAC Inc. (NASDAQ:IAC) stock closed at $54.79 per share. One-month return of IAC Inc. (NASDAQ:IAC) was 23.40%, and its shares lost 59.87% of their value over the last 52 weeks. IAC Inc. (NASDAQ:IAC) has a market capitalization of $4.868 billion.

Alphyn Capital made the following comment about IAC Inc. (NASDAQ:IAC) in its Q4 2022 investor letter:

“Most of what I wrote about IAC Inc. (NASDAQ:IAC)in the third quarter letter remains applicable: the DotDash-Meredith merger is tracking behind expectations partly because of the more difficult advertising environment, partly because of a few hiccups with the integration, which should be largely behind the company. Moreover, IAC released encouraging data showing that as they migrate former Meredith internet properties to the DotDash platform, traffic initially takes a hit before eventually returning to solid growth and surpassing prior levels from the 6-month mark onwards. On this basis, they are optimistic for the second half of 2023. It is too early to tell how Mr. Levin’s direct leadership of Angi has improved performance, and I will monitor it going forward. In the meantime, MGM continues to be a solid investment for IAC, and there have been hints that under IAC’s ownership, some of the private and earlier stage companies are doing well. E.g., Care.com has grown revenues by 70% since IAC acquired it.”

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IAC Inc. (NASDAQ:IAC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held IAC Inc. (NASDAQ:IAC) at the end of the third quarter, which was 39 in the previous quarter.

We discussed IAC Inc. (NASDAQ:IAC) in another article and shared Cove Street Capital’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 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.