Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Longleaf Partners Fund Southeastern Asset Management, Inc. | “The related group of digital and print publisher People Inc. and hospitality and entertainment company MGM Resorts both contributed positively during the quarter. The main piece of news was the announcement of People Inc.'s bid for control of MGM. We believe that this can be a good way to grow and realize value per share at both companies, but of course the details will matter. MGM appreciated to the offer price and has fluctuated as the board evaluates the bid. Earlier in the quarter, People Inc. announced their decision to streamline the holding company to only focus on the People Inc. digital publishing business and MGM. This will lead to a decrease in corporate costs and ultimately a monetization of their other assets.” | NEUTRAL | Q2 2026 Jul 13, 2026 | View Pitch |
Longleaf Partners Global Fund Ross Glotzbach | “IAC – Digital holding company IAC has signaled its plans to dispose of all assets besides People Inc. and an approximate 25% stake in MGM. Chairman Barry Diller is focused on closing the valuation disconnect as no value has been ascribed by the markets to IAC's assets beyond MGM for too long. Share repurchase and increasing the stake in MGM are the main capital allocation options, and the company is already acting on both. One specific simplification move IAC made this year was the spinoff of Angi, the home services marketplace. BSD Analysis: IAC remains a deliberately messy collection of digital assets designed for asymmetric outcomes, not quarterly smoothness. The market hates the opacity, which is exactly why optionality stays mispriced. Management has a long track record of incubating, spinning, and monetizing businesses at moments of maximum advantage. Current assets look underwhelming on a sum-of-the-parts basis—until one of them isn't. Cash and patience are strategic weapons here. IAC is not about predictability; it's about convexity. You own this for the unlocks, not the wait.” | BULL | Q4 2025 Jan 1, 2026 | View Pitch |
Longleaf Partners Fund Southeastern Asset Management, Inc. | “IAC – Digital holding company IAC has signaled its plans to dispose of all assets besides People Inc. and an approximate 25% stake in MGM. Chairman Barry Diller is focused on closing the valuation disconnect as no value has been ascribed by the markets to IAC's assets beyond MGM for too long. Share repurchase and increasing the stake in MGM are the main capital allocation options, and the company is already acting on both. One specific simplification move IAC made this year was the spinoff of Angi, the home services marketplace. BSD Analysis: IAC is Barry Diller's capital allocation vehicle, built to incubate, spin, and recycle digital businesses over long horizons. The portfolio looks messy by design, which keeps valuation perpetually debated. Past successes like Match and Expedia prove the model works, even if timing is unpredictable. Current holdings offer optionality rather than near-term clarity. Investors need patience and tolerance for mark-to-market volatility. When value is unlocked, it tends to be lumpy and outsized. IAC is about asymmetric bets, not steady quarters.” | BULL | Q4 2025 Jan 1, 2026 | View Pitch |
Longleaf Partners Fund Southeastern Asset Management, Inc. | “Both companies have two of our lowest P/V ratios well under 50%. IAC's spin-off of Angi earlier this year worked well. Currently, after deducting the market value for IAC's holding in MGM, we are getting the rest of IAC for free. We expect increased management urgency on value realization at both companies in the coming months. BSD Analysis: IAC's sum-of-parts discount is pronounced; post-Angi spin and MGM stake mark-to-market, the RemainCo is implied at de minimis value. Management's history of spins/asset sales suggests catalysts ahead. Key risks include ad softness and People, Inc. trajectory, but capital allocation and buybacks can close the gap.” | BULL | Q3 2025 Oct 1, 2025 | View Pitch |
Patient Capital Management Christina Siegel Malbon | “IAC trades at a significant discount to the businesses it owns. Its stake in publicly traded MGM and its cash are worth more than the entire market cap. Dotdash Meredith is its most significant fully owned asset. The advertising business owns premium properties such as People, Allrecipes, Better Homes and Gardens and Investopedia and is well positioned in the current environment. IAC also owns Care.com and a piece of Turo. Barry Diller who has an excellent track record recently took the reigns as CEO and resumed share repurchases. We think IAC's underlying businesses are worth more than twice the current stock price. BSD Analysis: IAC is a high-stakes, activist arbitrage vehicle whose entire value hinges on its ability to successfully pivot from legacy search-driven revenue to a diversified digital model. The core thesis is a bet on aggressive financial engineering to unlock value: the company completed a major share repurchase in Q3 2025, buying back 2.7 million shares and reducing the total share count by 13.63% since 2020. This repurchase activity is the most relevant near-term catalyst. Despite facing structural risks from Google's AI-driven search changes, analysts maintain a view that the stock is significantly undervalued by 46% with a fair value target of $48.38. IAC is a conviction play on management's ability to execute a turnaround and close the massive discount to its estimated intrinsic value.” | BULL | Q2 2025 Jul 11, 2025 | View Pitch |
FPA Queens Road Small Cap Value Fund Steve Scruggs | “IAC is a digital holding company with a successful track record of incubating assets and executing tax-free spinoffs. Its underlying sum-of-the-parts value—including digital properties and public stakes in MGM and Angi—substantially exceeds its current market capitalization.” | BULL | Q2 2024 Jun 30, 2024 | View Pitch |
Zelikovic Investments Yoav Zelikovic | “Despite recent stock declines, this technology holding company has historically beaten the benchmark over nearly three decades. The manager continues to add to the position, confident in its core holdings and management's effort to turn around its Angi subsidiary.” | BULL | Q4 2023 Dec 31, 2023 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
