Investment management company Cove Street Capital recently released its “Small Cap Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In 2023, the fund returned 18.33% compared to 16.93% for the Russell 2000 Index and 15.26% for the Russell 2000 Value Index. The fund returned 8.35% in the fourth quarter compared to 14.03% and 15.26% for the indexes, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
In its Q4 2023 investor letter, Cove Street Capital featured stocks such as Liberty TripAdvisor Holdings, Inc. (OTC:LTRPA). Headquartered in Englewood, Colorado, Liberty TripAdvisor Holdings, Inc. (NASDAQ:LTRPA) is a travel guidance platform. On January 5, 2024, Liberty TripAdvisor Holdings, Inc. (OTC:LTRPA) stock closed at $0.79 per share. One-month return of Liberty TripAdvisor Holdings, Inc. (OTC:LTRPA) was 66.32%, and its shares lost 19.87% of their value over the last 52 weeks. Liberty TripAdvisor Holdings, Inc. (OTC:LTRPA) has a market capitalization of $84.476 million.
Cove Street Capital stated the following regarding Liberty TripAdvisor Holdings, Inc. (OTC:LTRPA) in its fourth quarter 2023 investor letter:
“TripAdvisor Holdings, Inc. (OTC:LTRPA) has made it a habit in 2023 of appearing in our contributor/detractor section. We are happy to say that the Q4 edition finds them in the former category as one of our top performers. The volatility in LTRPA stems from the investment community’s tennis-rally-esque focus, alternating between the two biggest holdings: TripAdvisor, a slowly declining (though highly profitable) legacy metasearch business and secondly Viator, a market-leading experiences online travel agency (OTA), that is growing 40% and nearing breakeven profitability. Lately, attention has been paid to the latter part of the business, as smaller experience OTA competitors like GetYourGuide and Klook raised $194m and $210m in private markets. It’s not just the dollars raised, but the valuations; GetYourGuide raised that capital at a $2B valuation. Our exposure to TripAdvisor comes through Liberty’s tracking stock, which provides 3:1 leverage to the TRIP share price. With Viator turning the corner to breakeven and setting its sights on “hotel OTA” margins, we continue to view LTRPA as highly attractive at these levels.”
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Liberty TripAdvisor Holdings, Inc. (OTC:LTRPA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held Liberty TripAdvisor Holdings, Inc. (OTC:LTRPA) at the end of third quarter which was 13 in the previous quarter. In addition, please check out our hedge fund investor letters Q4 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.
