IAC Fell -20% in Q3
TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed the Russell Midcap Growth Index and returned -4.11% (net) while the index return was -5.22%. The third quarter saw a decline in global equities markets, although they have held up positive year-to-date. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like IAC Inc. (NASDAQ:IAC) in the third quarter 2023 investor letter. Headquartered in New York, New York, IAC Inc. (NASDAQ:IAC) is a media and internet company. On December 15, 2023, IAC Inc. (NASDAQ:IAC) stock closed at $51.56 per share. One-month return of IAC Inc. (NASDAQ:IAC) was 7.13%, and its shares gained 13.84% of their value over the last 52 weeks. IAC Inc. (NASDAQ:IAC) has a market capitalization of $4.426 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about IAC Inc. (NASDAQ:IAC) in its Q3 2023 investor letter:
"For the Communications Services sector, we generally prefer to invest in media and services companies that are either well placed from an advertising perspective with a target audience or provide differentiated services. IAC Inc. (NASDAQ:IAC) is engaged in the media and Internet business. Its two core business segments are Dotdash Meredith and ANGI Homeservices. Dotdash Meredith provides digital and print publishing services. ANGI Homeservices offers a gateway to repair, remodeling, cleaning, and other services. While Dotdash Meredith results were in line, ANGI fell short of expectations as they are shifting their focus to high-quality customers to generate more profitability. Shares of IAC fell -20% on this report and we added to the position on weakness."
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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, 44 hedge fund portfolios held IAC Inc. (NASDAQ:IAC) at the end of third quarter which was 47 in the previous quarter.
We discussed IAC Inc. (NASDAQ:IAC) in another article and shared Alphyn Capital Management's views on the company. In addition, please check out our hedge fund investor letters Q3 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.
