EXPE

EXPE

EXPE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 25, 2025	Lyrical Asset Management	12.7%	11.9%	AAPL, AIZ, AMZN, CNC, CPAY, EXPE, FLEX, GOOGL, GPN, HCA, JCI, META, MSFT, NRG, NVDA, SU, TSLA, UBER, URI, WEX	growth, international, Outperformance, stock selection, valuation, value	Lyrical maintains an uncommon combination of deep value and growth, with S&P 500 forward P/E 73% higher than Lyrical's CS composite despite higher growth profile. The firm attributes outperformance to idiosyncratic stock selection in a difficult environment where only 29% of S&P 500 constituents outperformed.		View
2024 Q2	Jul 7, 2024	Richie Capital Group	-	-	CSCO, DAL, EXPE, HPQ, NVDA	AI, Bubble, Hype Cycle, Investment, Nvidia, technology, Telecom	The letter extensively analyzes the current AI hype cycle, comparing it to the telecom boom and bust of the late 1990s and early 2000s. The manager expresses concern about overinvestment and unrealistic expectations, noting that while AI technologies show promise, the true impact is likely 10 years away rather than immediate.		View
2023 Q2	Jul 26, 2023	Pelican Bay Capital Management	9.1%	11.5%	AAPL, AMZN, APAM, BATRA, BLDR, CPRI, EXPE, FLT, GNRC, GOOGL, META, MSFT, NTR, NVDA, PSX, TOL, TSLA	Fertilizers, Homebuilders, Speculation, Travel, Valuations, value	Homebuilders are benefiting from record low inventory of existing homes as high rates discourage homeowners with 3% rates from moving. They can buy down mortgage rates to 4-5% instead of offering traditional incentives, making new homes more attractive than existing properties with 7% mortgages. The sector continues to trade at reasonable valuations despite recent gains.		View
2025 Q2	Jul 23, 2025	Aristotle Atlantic Core Equity Strategy	14.3%	7.5%	AAPL, ADPT, AVGO, AWK, BDX, CB, EXPE, HAL, ORCL, TECH, TT, ZTS	AI, Cloud, earnings, healthcare, large cap, technology, Trade Policy, value	President Trump introduced a universal 10% import tariff and reciprocal tariffs on dozens of countries as part of Liberation Day, followed by a 90-day pause on reciprocal tariffs to encourage negotiations. The U.S. and U.K. finalized the Economic Prosperity Deal, while negotiations continued with the EU, Japan, Canada and India. More than 425 companies referenced tariffs in earnings calls and nearly 12% issued negative EPS guidance for the quarter ahead.	AVGO ORCL ZTS EXPE CB BDX AVGO ORCL	View
2024 Q2	Jul 23, 2024	Pelican Bay Capital Management	-6.3%	0.8%	ALB, BLDR, CPAY, CPRI, CVS, EXPE, FANG, FIS, GNW, GOOG, TOLL, TPR, ULTA	Concentration, Homebuilders, Quality, retail, technology, value	The fund employs a concentrated value strategy seeking high-quality companies trading at steep discounts to intrinsic value. Portfolio companies have higher operating margins and returns on invested capital than the index while trading at 13.5x forward P/E versus 16.3x for Russell 1000 Value. The manager believes these higher-quality companies should trade at a premium to the market over time.	ULTA	View
2025 Q2	Jul 19, 2025	Aristotle Core Equity Fund	14.3%	7.5%	AAPL, ADPT, AVGO, AWK, BDX, CB, EXPE, HAL, ORCL, TECH, TT, ZTS	AI, earnings, large cap, technology, Trade Policy	Strong demand for AI infrastructure and silicon continues to drive performance across Oracle's OCI infrastructure and Broadcom's AI compute and networking business. Customer demand for AI silicon for training and inference remains robust with positive outlook for 2025 and 2026.	AVGO ORCL ZTS EXPE CB BDX AVGO ORCL	View
2025 Q2	Jul 11, 2025	Pelican Bay Capital Management	5.9%	3.1%	BF.B, BLDR, CSCO, EXPE, GNRC, MU, ON, RPRX, SLB, ULTA, VZ	concentrated, energy, semiconductors, Spirits, technology, Travel, value	Technology stocks, particularly semiconductors Micron and On Semiconductor, were primary performance drivers with gains of 42% and 29% respectively during the quarter. The manager views this as recovery from previous underperformance.	BF-B VZ BF/B SLB	View
2024 Q1	Apr 25, 2024	Patient Capital Management	5.6%	15.8%	AMZN, BIIB, C, CLF, COIN, CROX, EXPE, GOOGL, KOS, META, NVDA, PTON, SOFI	AI, Biotechnology, Buybacks, crypto, growth, large cap, technology	Nvidia dominates the GPU market with 92% data center market share, benefiting from insatiable AI demand. The company grew revenue, earnings and FCF by 126%, 392%, and 610% respectively over the last year. Despite the massive market cap expansion, valuation has actually compressed from 61x to 37x forward earnings.	BIIB NVDA	View
2024 Q1	Apr 25, 2024	Pelican Bay Capital Management	7.6%	7.6%	BLDR, BRK-B, CBOE, CPRI, EOG, EXPE, FANG, FIS, Gold, GOOG, ON, RSG, TOL, TPR, VZ	Concentration, energy, gold, Homebuilders, Quality, value	Homebuilders have become less financially leveraged and cyclical, mitigating past concerns about rising interest rates. The manager believes investors are recognizing this shift and starting to value homebuilders based on price-to-earnings ratios rather than historical price-to-book metrics. Recent relative strength of homebuilders has lots of runway left.	Gold	View
2025 Q1	Apr 23, 2025	Pelican Bay Capital Management	-2.6%	-2.6%	BRK-A, CBOE, CME, CPAY, EXPE, GNRC, Gold, GOOGL, ON, RPRX, SLB, TOLL, ULTA, VZ	Exchanges, gold, Pharmaceuticals, Quality, value, volatility	The portfolio focuses on high-quality companies trading at steep discounts to intrinsic value, seeking wide margins of safety. The manager emphasizes identifying significant differences between market value and intrinsic value as the core investment opportunity.	RPRX	View
2026 Q1	Apr 21, 2026	Harbor Mid Cap Value Fund	4.6%	4.6%	ANGI, APA, CF, CMC, DINO, EXPE, FLEX, FOXA, HAL, JBL, MTDR, SFD, UPWK, WDC	AI, energy, mid cap, quantitative, Rotation, small caps, value			View
2026 Q1	Apr 20, 2026	Invesco Small Cap Value Fund	9.8%	9.8%	AAOI, BHE, CON, DAR, ERO, EXPE, ICHR, ICLR, LITE, MKSI, QDEL	Intrinsic Value, semiconductors, small caps, technology, undervalued, value			View
2026 Q1	Apr 16, 2026	Lyrical Asset Management	-6.7%	-6.7%	ARW, EBAY, EXPE, FFIV, FIS, FLEX, GEN, ICLR, JCI, NRG, SSNC, UBER, WCC	earnings, financials, healthcare, industrials, technology, value			View
2025 Q4	Feb 24, 2026	Hayden Capital	-12.9%	22.3%	1519.HK, 7974.T, ABNB, APP, BKNG, CPNG, DASH, EDU, EXPE, GTLB, MELI, NFLX, NOW, RBLX, SE, SPOT, TEAM, TTWO, U, UBER	AI, competition, E-Commerce, gaming, international, software, technology, valuation	The AI cycle is shifting from building core infrastructure to attacking real-world applications, creating uncertainty about which legacy firms will benefit versus face disruption. Software companies are experiencing a valuation reset as investors question the fundamental value of code when AI can commoditize engineering work. The manager sees opportunities in incumbent companies that can successfully leverage AI to amplify their business models. Ecommerce platforms like Sea Ltd are protected by physical logistics infrastructure and network effects that AI cannot easily replicate. The manager argues that TikTok Shop's growth is decelerating based on alternative data, and that Shopee's margin compression is discretionary investment to strengthen competitive positioning. The core value remains in the network and distribution capabilities. Gaming platforms benefit from network effects where millions of players create instant matchmaking and attract user-generated content creators. As games become easier to make with AI, profit pools will shift toward distribution and monetization platforms rather than game creation itself. The bottleneck remains in attracting users and monetizing games, not creating them.	SE EDU	View
2024 Q4	Feb 11, 2025	Invesco Small Cap Value Fund	4.3%	24.5%	AVTR, COHR, CSTM, EWBC, EXPE, GL, GTLS, HUN, ICLR, LITE, MSM, MXL, NRG, ONTO, QDEL, RMBS, TECK, VRT, VST, WAL, WBS	financials, industrials, Intrinsic Value, semiconductors, small cap, value	The fund employs an intrinsic value approach to select holdings, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and estimates of intrinsic value was attractive, indicating above-average long-term capital appreciation potential. The fund maintains a long-term investment horizon focused on wealth creation through undervalued opportunities.	MSM ONTO ICLR	View
2024 Q4	Dec 31, 2024	Aristotle Atlantic Core Equity Strategy	4.0%	13.8%	AMP, AVMD, AVY, CHG, CI, CRWD, DAR, EXPE, GE, MCHP, NEE, SNOW, SPR, ZTS	aerospace, AI, cybersecurity, earnings, growth, industrials, large cap, technology	Broadcom demonstrated continuing strength in AI networking and custom accelerator semiconductor business with long-term guidance indicating $60-90 billion market opportunity from current three customers. The company exceeded investor expectations for AI semiconductor content and is ahead on VMware integration timeline.	CRWD GE	View
2025 Q3	Nov 16, 2025	ClearBridge Mid Cap Growth Strategy	-	-	ALNY, APP, ARGX, AXON, CASY, CCK, CHWY, DKNG, DT, EQT, EXPE, ICLR, IP, LNW, PFGC, QXO, REZI, TECH, UMBF, WSC	Biotechnology, Consumer Staples, Food Distribution, Health Care, mid cap, policy, Rate Cuts, stock selection	Health care was a key driver of outperformance, anchored by strength in biotechnology. Argenx delivered robust results supported by continued adoption of its lead therapy for autoimmune disorders and promising progress across its clinical pipeline. Alnylam Pharmaceuticals advanced driven by accelerating uptake of its treatment for transthyretin cardiac amyloidosis.		View
2023 Q3	Nov 10, 2023	Patient Capital Management	5.6%	15.8%	AMZN, ANGI, C, ET, EXPE, GOOGL, IAC, META, MGM, OMF, UBS	banks, dividends, Expectations, Opportunities, Patience, value	Manager sees extreme valuation dispersion with lowest valued stocks trading below 10x earnings. Value Index P/Es are below long-term averages while Growth Index P/Es are above, creating opportunities in mature, low multiple companies with basement level expectations.	^GSPC	View
2024 Q2	Nov 7, 2022	Patient Capital Management	5.6%	15.8%	AAPL, AMZN, BIIB, CVS, DAL, EVRI, EXPE, GOOGL, IAC, ILMN, KOS, META, MSFT, NCLH, NVDA, RPRX, TSLA, UAL	AI, energy, healthcare, small caps, technology, Travel, value	Manager recognizes AI bubble potential but believes it may still be early. Nvidia captured bulk of AI profits with significant market lead and competitive advantages. Current AI/quality compounder momentum could get more extreme before ending.	EXPE EVRI KOS IAC NVDA	View
2025 Q3	Oct 21, 2025	Starboard Value	-	-	ABNB, BKNG, CART, CHWY, EBAY, ETSY, EXPE, MTCH, TRIP, W	AI, Experiences, M&A, Marketplace, Online travel, Travel, valuation	Tripadvisor operates three distinct market-leading businesses in the online travel category. The experiences segment is the fastest growing category in travel, having grown approximately 200% since 2019. Online experiences has the lowest penetration of all travel categories at less than 30%, compared to 85% for cruises and 74% for flights, creating significant growth opportunity.	TRIP TRIP	View
2023 Q3	Oct 17, 2023	Kovitz Core Equity	-3.0%	14.8%	AXP, BX, DEO, DIS, EXPE, HAS, KEYS, KMX, PM, SPLK	credit, Economic Resilience, inflation, interest rates, long-term, Portfolio Management, value	Federal Reserve raised rates from 0.00%-0.25% to 5.25%-5.50% over 14 months in the fastest tightening cycle in history. Long-term bond yields surged with 10-year Treasury rising from 3.8% to 4.6%. Higher rates creating challenges for borrowers but opportunities for bond investors with real returns now exceeding 2%.	0PMJ LN KEYS ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO DEO AXP	View
2025 Q3	Oct 14, 2025	Lyrical Asset Management	3.4%	15.7%	AAPL, AMP, CI, CNC, CPAY, EBAY, EXPE, FIS, FLEX, GOOGL, GPN, HCA, JCI, LKQ, MSFT, NRG, NVDA, TSLA, UBER, URI	earnings, growth, Outperformance, Performance, value	The portfolio maintains an uncommon combination of deep value and growth characteristics. The value spread between the portfolio and S&P 500 is historically wide at 80%, with portfolio trading at 12.2x-12.6x P/E versus S&P 500 at 22.7x. Despite value characteristics, portfolio EPS growth exceeds 10% annually, significantly outpacing S&P 500 growth of 6.4%.		View
2024 Q4	Jan 9, 2025	Torre Financial	2.4%	19.3%	AAPL, AMP, AMZN, CI, CNC, CPAY, EBAY, EXPE, FIS, FLEX, GOOGL, HCA, JCI, META, MSFT, NRG, NVDA, TSLA, UBER, URI	earnings, growth, international, Performance, portfolio, value	Portfolio trades at significant discount to S&P 500 with value spread at historically wide 80%. Manager emphasizes uncommon combination of deep value and growth characteristics.		View
2025 Q4	Jan 30, 2026	Invesco Small Cap Value Fund	6.8%	17.6%	ACM, ARCB, COHR, CR, CRL, ENTG, EXPE, GL, GMED, HBM.TO, KBR, LITE, MKSI, NRG, PENN, SAIA, WAL, WBS	AI, Biotech, financials, healthcare, Intrinsic Value, small cap, technology, value	The fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and intrinsic value estimates was attractive, indicating potential long-term capital appreciation. Small-cap value stocks appear attractive relative to S&P 500 Index stocks. Following outperformance of large-cap stocks over small-cap stocks in recent years, the managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps. The Russell 2000 Value Index P/E multiple has been at a historical discount compared to the S&P 500 Index P/E. The fund benefited from AI-driven growth potential in holdings like Lumentum, which rallied due to investor enthusiasm for its AI applications. ArcBest's operational efficiency and technological advancements using artificial intelligence should position the company well for demand recovery in trucking.	LITE GTLB ARCB GMED CRL	View
2025 Q4	Jan 26, 2026	ClearBridge Mid Cap Growth Strategy	0.0%	0.0%	APG, ARE, ARGX, BSY, CHDN, CHWY, CMPO, CPAY, CWST, DKNG, DOCS, DT, EXPE, LNW, PFGC, PTC, RBLX, RESI, TDY, TYL, XPO	AI, dispersion, fundamentals, gaming, mid cap, real estate, stock selection, technology	AI-driven disruption concerns weighed on software businesses as investor sentiment weakened amid heightened sensitivity to earnings expectations. The market showed unusually concentrated focus on AI and its immediate beneficiaries throughout 2025, with limited investor attention for performance not tied to artificial intelligence. Gaming holdings provided positive contributions with Light & Wonder rebounding following technical selling pressure and Churchill Downs advancing as operating trends normalized. The gaming sector showed resilience despite broader market headwinds affecting other areas of the portfolio. Online travel platforms contributed positively with Expedia benefiting from improved execution in its consumer business and continued strength in its business-to-business segment. The travel sector demonstrated solid fundamentals amid the challenging market environment. Real estate was a significant source of pressure, particularly Alexandria Real Estate Equities which declined due to slowdown in biopharma research spending and excess laboratory capacity weighing on leasing demand and rental growth expectations. The position was exited due to ongoing uncertainty and dividend cut.	CPAY CWST ARE CHDN EXPE LNWO	View
2025 Q4	Jan 26, 2026	Brown Advisors Mid-Cap Growth strategy	-4.7%	12.5%	AS, AXON, CPNG, CSGP, CVNA, EFX, EXPE, FICO, HWM, INSM, IOT, MDLN, NTRA, PLTR, PSN, PSTG, RKLB, ULTA, VEEV, ZS	AI, energy, growth, healthcare, industrials, mid cap, semiconductors, technology	Several portfolio companies are generating meaningful revenue from GenAI-enabled products, with Axon leading through DraftOne and related offerings that drove over $500 million in bookings. The strategy sees AI as a key driver for companies delivering solutions that save time and reduce labor intensity. AI-driven demand for data center construction is benefiting holdings like Comfort Systems, which exceeded expectations with revenue growth over 20% driven by MEP contracting demand. Rising power demand from data center customers is also supporting Vistra through direct sourcing agreements. The strategy maintains exposure to semiconductor companies like Monolithic Power Systems, which benefited from easing concerns around NVIDIA market share and expanding exposure to other AI compute architectures including AMD, TPU, and Trainium to reduce customer concentration. The strategy repurchased Zscaler following a selloff, viewing it as an attractive entry for the leader in the growing SASE security software market that is executing a multi-product cross-sell strategy driving ARPU and margin growth. The strategy is modestly overweight Energy with positions in Cheniere Energy for LNG exposure and Oceaneering International. Vistra benefited from rising power demand in Texas and growing investor appreciation for nuclear assets, signing large power purchase agreements with hyperscalers. The strategy is overweight Healthcare with broad exposure across services, devices and biotechnology. Cardinal Health delivered strong results driven by improved specialty mix and margin recovery, while Medline offers exposure to both medical technology demand and provider volumes through its vertically integrated platform.		View
2024 Q4	Jan 22, 2025	Pelican Bay Capital Management	-5.5%	6.6%	CBOE, CPRI, CSCO, EXPE, GNRC, GOOG, KNSL, MU, TPR, ULTA	AI, Concentration, insurance, Quality, semiconductors, technology, value	Artificial intelligence is driving demand for High Bandwidth Memory (HBM), with market projections suggesting HBM demand could surge to over $100 billion by 2028 from $16 billion in 2024. AI agents require specialized memory systems, positioning companies like Micron as technological leaders in this space.	KNSL MU	View
2025 Q4	Jan 21, 2026	Harbor Mid Cap Value Fund	4.1%	16.0%	AMKR, BK, CFG, COIN, EA, ENS, EXPE, FOXA, GM, GTX, HIW, HLF, HOG, HOOD, HPQ, JAZZ, KR, NEU, OC, PHM, PLAB, PVH, SNDK, STT, TXT, WBD, WDC	Buybacks, consumer discretionary, dividends, financials, mid cap, technology, value	The fund maintains its disciplined value investment approach, seeking high-quality, profitable companies that generate cash, pay dividends, and repurchase shares. Mid- and small-cap value stocks continue to trade at attractive multiples despite strong relative performance. AI-driven demand for storage led to strong earnings and increases in revenue growth and margins for technology holdings. AI-related technology stocks may appear priced to perfection, but the fund continues to identify opportunities among mid-cap value stocks. The fund seeks companies that repurchase shares, viewing aggressive stock buybacks positively. Several holdings including General Motors, Garrett Motion, and EnerSys have been aggressively buying back stock.	AMKR EA ENS GTX	View
2025 Q4	Jan 18, 2026	Octahedron Capital	0.0%	0.0%	ABNB, AMZN, BKNG, CART, CHWY, CPNG, CVNA, DASH, ETSY, EXPE, GOOGL, GRAB, MELI, META, NVDA, PINS, RDDT, SNOW, UBER, W	AI, Cloud, Digital, E-Commerce, growth, infrastructure, semiconductors, technology	AI infrastructure demand remains robust with cloud providers aggressively adding capacity and seeing strong bookings. Enterprise AI adoption is accelerating with over 70% of Google Cloud customers using AI products. AI is enabling productivity gains and new business models across software companies. On-demand delivery continues accelerating growth with companies like Uber reaching $12B grocery run-rate and DoorDash seeing highest growth in 3+ years. Cross-selling and new product initiatives are driving engagement while autonomous delivery platforms are being deployed. Cloud providers are seeing demand significantly ahead of capacity with AWS reaccelerating to 20.2% growth and Azure growing 40%. Multi-billion dollar bookings and long-term contracts are driving unprecedented infrastructure investments. Memory entering historic cycle with step-function margin gains and tight supply through 2026. AI networking components fully booked through 2027 while foundry utilization improves with increased capex outlook. Payment volumes remain stable with consumer loan charge-offs steady. NuBank continues dominating LATAM with Mexico scaling and strong unit economics while maintaining growth focus over margin optimization. US travel rebounded strongly in Q3 with nights and seats booked up 9% year-over-year. Booking.com's Genius program accounts for mid-50% of room nights while Airbnb received 110,000 experience supplier applications.		View
2023 Q4	Jan 16, 2024	Pelican Bay Capital Management	12.2%	28.6%	APAM, BLDR, CPRI, CSCO, EOG, EXPE, GNRC, GOOGL, MO, NTR, ON, PXD, TOL, XOM	concentrated, energy, Fertilizers, Homebuilders, Quality, semiconductors, Travel, value	Homebuilding-related stocks were top performers in Q4 with Toll Brothers up 39% and Builders FirstSource rising 32% as interest rates dropped from 5.0% to 3.8%. The manager made tactical position sizing adjustments in BLDR, trimming at $143 in summer and adding back at $117 in October before shares rebounded to $170.	EOG 6ON GR	View
2025 Q4	Jan 15, 2026	Lyrical Asset Management	2.0%	17.9%	AAPL, AER, AMG, AMZN, EBAY, EXPE, FFIV, FLEX, GOOGL, HCA, JCI, META, MSFT, NRG, NTAP, NVDA, SNX, TSLA, UBER, URI	EPS Growth, growth, international, Performance, valuation, value	Lyrical emphasizes their uncommon combination of value and growth, with their portfolio trading at a 78% discount to the S&P 500 while generating 10.6% EPS growth versus 6.6% for the S&P 500. The value spread between their portfolio and the S&P 500 is historically wide. The firm highlights strong performance in travel-related holdings including Expedia Group and AerCap Holdings. Air transportation industry cash flows show recovery with air lessors outperforming airlines and aircraft manufacturers from 2020-2025.		View
2024 Q3	Sep 30, 2024	Invesco Small Cap Value Fund	6.5%	19.5%	ATGE, BECN, COHR, EWBC, EXPE, GL, GTLS, HSIC, IART, LITE, MKSI, MTZ, MXL, NFE, NRG, QDEL, RMBS, SPB, VRT, VST, WAL, WBS	AI, healthcare, industrials, Intrinsic Value, Regional Banks, semiconductors, small cap, value	The fund uses an intrinsic value approach to select investments, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market price and estimated intrinsic value of holdings was very attractive according to their estimation. Following outperformance of large-cap over small-cap in recent years, they see greater long-term upside to intrinsic value in many small-cap stocks compared to large-cap stocks.	QDEL RMBS BECN	View
2023 Q2	Jul 14, 2023	Patient Capital Management	5.6%	15.8%	ANGI, C, COST, DAL, EXPE, FTCH, GM, IAC, JPM, MAT, META, MGM, OMF, WAL	Behavioral Edge, capital returns, financials, large cap, Travel, value	Manager sees significant exposure to travel as mispriced with continued upside potential. Travel has been booming for the last year but valuations remained depressed until recently. Spending has yet to normalize to pre-pandemic levels and the category is expected to grow at twice the rate of overall consumer spend next year.	^GSPC WAL IAC	View
2024 Q2	Jun 30, 2024	Invesco Small Cap Value Fund	6.5%	19.5%	ATGE, AVTR, COHR, CRS, ENDV.L, EPAM, EXPE, GL, LITE, MOH, MTZ, MXL, NFE, NRG, SEM, SIMO, VRT, VST, WAL, WBS	Intrinsic Value, materials, small cap, technology, Utilities, value	The fund benefits from AI growth through holdings like Coherent, which develops optical transceivers that are key enablers for networking of AI servers. Vistra shares rose due to better outlook for long-term demand driven by the build out of energy-intensive AI data centers.	EPAM DAVA GL	View
2023 Q4	Feb 26, 2024	Aristotle Atlantic Core Equity Strategy	3.1%	21.7%	AR, AVGO, BDX, BMY, CHH, DAR, EXPE, HAL, LLY, NOW, PEP, SPR, TFX, VRTX	earnings, energy, healthcare, large cap, technology, value	Broadcom reported strength in its AI business segments during Q4. The company provided positive fiscal year 2024 guidance that included synergy target goals ahead of schedule for the combined businesses following the VMware acquisition.	MELI\|NFLX\|ORCL\|TCOM\|VRTX\|YUMC ALLY	View
2023 Q4	Jan 17, 2024	Patient Capital Management	5.6%	15.8%	AMZN, COIN, EXPE, FTCH, GOOGL, KRTX, META, SPLK, UBER, UBS, WAL	Banking, growth, Long/Short, Opportunistic, Quality, technology, value	Manager believes low multiple classic value stocks have been left for dead and offer very handsome return potential after the worst performance in history. Previous episodes of low-multiple underperformance were followed by sustained outperformance averaging 18%-plus annualized returns.	FTCH EXPE WAL HUBS	View
2024 Q4	Jan 13, 2025	Patient Capital Management	-	-	AMZN, BIIB, COST, CVS, DAL, EXPE, FBTC, GOOGL, KOS, META, NCLH, NVDA, OMF, PGEN, PLAY, RPRX, SDRL, TSLA, UAL	AI, Bull Market, Cyclical, energy, healthcare, technology, Travel, value	Manager believes we are in the midst of a technological revolution driven by AI. The most brilliant technology experts agree AI will transform the world, with massive data and capital requirements creating advantages for scaled incumbents like the Mag 7. This supports the manager's view that we're still early in the AI cycle.	BIIB CVS RPRX SDRL KOS FBTC OMF PGEN	View
2023 Q4	Jan 13, 2024	ClearBridge Investments Mid Cap Growth Strategy	0.0%	0.0%	ACGL, APIO, APTV, ARGX, CAE, CDW, COTY, ENTG, EVBG, EXPE, HAS, ICLR, KKR, MRVI, NATL, PFGC, PINS, SXT, VYX	consumer discretionary, growth, healthcare, industrials, mid cap, Quality, technology	Expedia was the top performing holding as negative investor sentiment and recession fears gave way to soft landing optimism. The company's completion of integrating multiple brands under the same technology and marketing infrastructure has helped bolster its ability to capture additional market share.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Patient Capital Management	Expedia Group Inc	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	competitive positioning, direct-to-consumer, Fundamental Analysis, market inefficiency, Online Travel, Patience, Technology investment	View Pitch
Apr 13, 2026	Fund Letters	Patient Capital Management	Expedia Group Inc	Consumer Discretionary	Hotels, Restaurants & Leisure	Bull	NASDAQ	B2b, Online Travel, share repurchases, Technology Transformation, Travel, Value	View Pitch
Jan 28, 2026	Fund Letters	Brian Angerame	Expedia Group, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	consumer, Execution, Margins, Platforms, Travel	View Pitch
Dec 3, 2025	Fund Letters	Owen Fitzpatrick	Expedia Group, Inc.	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Bear	NASDAQ	Competition, Cyclical, Demand, Margins, recession, tariffs, Travel, Volatility	View Pitch
Dec 3, 2025	Fund Letters	Owen Fitzpatrick	Expedia Group, Inc.	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Bear	NASDAQ	Competition, Cyclical, Demand, Margins, recession, tariffs, Travel, Volatility	View Pitch
Dec 3, 2025	Seeking Alpha	Seeking Alpha	Expedia Group, Inc.		Travel Services	Bull		bookings growth, competitive edge, EBITDA margin, Expedia, market share, One Key rewards program, promotional deals, travel industry, valuation discount, Vrbo	View Pitch
Aug 13, 2025	Seeking Alpha	Ricardo Fernandez	Expedia Group, Inc.	Consumer Discretionary	Travel Services	Bull	NASDAQ	—	View Pitch

BSD Shareholders of EXPE

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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