What Makes IAC an Investment Opportunity for Patient Investors?
Alphyn Capital Management, an investment management firm, released its second-quarter 2023 investor letter. The same can be downloaded here. The goal of the firm is to balance and avoid dependence on any single position by ensuring sufficient allocation that results in successful investments that can meaningfully contribute to overall returns. The firm withholds the performance report until the next quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Alphyn Capital Management 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 5, 2023, IAC Inc. (NASDAQ:IAC) stock closed at $64.67 per share. One-month return of IAC Inc. (NASDAQ:IAC) was 10.32%, and its shares lost 19.16% of their value over the last 52 weeks. IAC Inc. (NASDAQ:IAC) has a market capitalization of $5.552 billion.
Alphyn Capital Management made the following comment about IAC Inc. (NASDAQ:IAC) in its second quarter 2023 investor letter:
“IAC Inc. (NASDAQ:IAC)’s cyclical share price patterns—rising before spin-offs and stagnating afterward—provide opportunities for patient investors. I believe the current undervaluation and subsidiary progress a profitable window. IAC’s $4.5bn market cap, lower than the combined value of its investments in MGM ($2.8bn), Angi ($1.1bn), and cash ($1bn), implies undervaluation of its private ventures—Dotdash Meredith, Care.com, Vivian Health, and Turo—businesses valued at $4.6bn two years ago. CEO Joey Levin has reoriented Angi towards fundamentals, focusing on manageable, easy-to-bid projects that enhance customers’ and service providers’ experiences. Moreover, IAC’s increased investment in Turo, a car rental service exhibiting promising growth, presents future optionality.”
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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 2023 which was 54 in the previous quarter.
We discussed IAC Inc. (NASDAQ:IAC) in another article and shared VGI Partners’ 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.
