IAC (IAC) is Recovering Significantly in 2023
Investment management company Cove Street Capital recently released its “Small Cap Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. On a relative and absolute basis, the fund continued its solid upward movement in the second quarter and returned 14.8% compared to 5.21% for the Russell 2000 Index and 3.18% for the Russell 2000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Cove Street Capital highlighted stocks like IAC Inc. (NASDAQ:IAC) in the second quarter 2023 investor letter. Headquartered in New York, New York, IAC Inc. (NASDAQ:IAC) is a media and internet company. On July 11, 2023, IAC Inc. (NASDAQ:IAC) stock closed at $66.57 per share. One-month return of IAC Inc. (NASDAQ:IAC) was 8.85%, and its shares lost 8.68% of their value over the last 52 weeks. IAC Inc. (NASDAQ:IAC) has a market capitalization of $5.715 billion.
Cove Street Capital made the following comment about IAC Inc. (NASDAQ:IAC) in its second quarter 2023 investor letter:
"On to other contributors, IAC Inc. (NASDAQ:IAC), which is the holding company for media investor Barry Diller, has recovered significantly so far in 2023. As CEO Joey Levin pointed out in his Q1 quarterly letter, IAC traded at an enterprise value below its 18% stake in MGM Resorts International (Ticker: MGM) and 85% position in Angi (Ticker; ANGI)…meaning you effectively “get” 31% of Turo, the equity of publishing giant DotDash Meredith, Care.com, Vivian Health, and other IAC companies for “free.” Levin became CEO of Angi in late 2022 and has already shown tremendous progress in improving product, rationalizing services, and restoring profitability. DotDash Meredith has shown some recovery from January ad-recession lows as it continues to migrate Meredith’s print publications to its digital platform. MGM is seeing continued strength at its Vegas properties and now has the tailwind of China’s domestic re-opening for its Macau properties. This is one of our largest positions, and we remain confident in this portfolio of businesses and IAC’s ability to allocate capital."
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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, 49 hedge fund portfolios held IAC Inc. (NASDAQ:IAC) at the end of first quarter which was 54 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 Q2 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.
