Here’s Why IAC (IAC) Outperformed in Q2
Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was 5.15% up in the second quarter, compared to S&P’s return of 8.74% and Russell 1000 Value’s 4.07% return. YTD, the fund returned 17.42% outperforming S&P 500’s 16.89% return. The portfolio’s lack of exposure to Information Technology and relative overweight to Consumer Discretionary weighed on the relative performance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Fund 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 September 7, 2023, IAC Inc. (NASDAQ:IAC) stock closed at $53.98 per share. One-month return of IAC Inc. (NASDAQ:IAC) was -7.98%, and its shares lost 21.78% of their value over the last 52 weeks. IAC Inc. (NASDAQ:IAC) has a market capitalization of $4.634 billion.
Longleaf Partners Fund made the following comment about IAC Inc. (NASDAQ:IAC) in its Q2 2023 investor letter:
"IAC Inc. (NASDAQ:IAC) – Digital holding company IAC was a top contributor in the quarter and for the first half, after having been among the largest detractors in 2022. Underlying holding MGM has continued to deliver great results, reporting double digit profit growth while being one of our largest share repurchasers. Controlled companies Angi and Dotdash Meredith have stabilized following positive management changes at Angi and further business integration at Dotdash Meredith. Angi reported year-over-year (YOY) revenue declines but positive YOY operating cash flow (OCF). Dotdash reiterated guidance for the second half with expected growth in revenues and OCF as it rolls off more challenging 2021 YOY comparables. IAC bought back more shares in the quarter than it has in many years, while also buying more Turo shares at good prices, and it still has net cash at the parent level."
Photo by Jakob Owens on Unsplash
IAC Inc. (NASDAQ:IAC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held IAC Inc. (NASDAQ:IAC) at the end of second quarter which was 49 in the previous quarter.
We discussed IAC Inc. (NASDAQ:IAC) in another article and shared billionaire Mason Hawkins’ net worth, hedge fund returns, and portfolio. 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.
