IAC

IAC

IAC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2023 Q3	Sep 30, 2023	Farrer 36 Asset Management Private Limited	-	-	ADYEN NA, ASAI3 BZ, BLIN, EVO SS, IAC, SE, SPOT, TASK	-			View
2025 Q2	Jul 8, 2025	Right Tail Capital	-	-	BYD CN, CHTR, IAC, NSC, NSIT, SCHW, SSNC	Compounding, longterm, Patience, Quality, returnsOnCapital	The strategy centers on owning high-quality businesses with strong returns on incremental capital over multi-year horizons. Volatility is embraced as part of long-term compounding rather than a signal to trade. Patience and business fundamentals are prioritized over short-term market narratives.		View
2024 Q2	Jul 10, 2024	Alphyn Capital Management	8.9%	13.5%	AMZN, BUR, COGT, ENOV, ESAB, EXO NA, FFH CN, GOOG, IAC, KKR, KMX, PROSY, TVK CN, W	-			View
2024 Q2	Jun 30, 2024	Farrer 36 Asset Management Private Limited	-	-	ASAI3 BZ, EDR SM, EVO SS, GOOG, HWDN LN, IAC, SE	-			View
2025 Q1	Apr 12, 2025	Longleaf Partners Fund	-5.1%	-5.1%	ACI, BIO, CNX, FDX, IAC, MAT, PVH, PYPL, RTX	-			View
2025 Q1	Apr 12, 2025	Longleaf Partners Global Fund	-2.2%	-2.2%	ACI, BOL, CNX, FDX, GMKKY, IAC, TIGO	-			View
2024 Q4	Dec 31, 2024	Zelikovic Investments / Tavor Capital	-	-	ATKR, BN, BUR LN, EXO NA, FFH CN, IAC, KKR, KNSL, MKL, TASE IT, TPL	-			View
2024 Q4	Dec 31, 2024	Symmetry Invest	-	9.6%	0RL3 LN, ACIC, ADM LN, C7T GR, FBD ID, FREETR SS, G2M SS, IAC, IWG LN, JDC GR, OGN ID, PAR, PROT NO	-			View
2023 Q4	Dec 31, 2023	Zelikovic Investments / Tavor Capital	-	-	CSU CN, EXO NA, IAC, KKR, TASE IT, TPL, TVER	-			View
2022 Q4	Dec 31, 2023	Zelikovic Investments / Tavor Capital	-	-	BAM, EXO NA, HEI, IAC, KKR, MSFT, ODFL, TPL	-			View
2023 Q3	Dec 10, 2023	Longleaf Partners Fund	10.4%	10.3%	CNX, GE, IAC, MAT, WBD, WMG	-			View
2023 Q3	Dec 10, 2023	Longleaf Partners Global Fund	14.8%	18.4%	CNX, DHE GR, GE, IAC, MAT, WBD	-			View
2023 Q2	Dec 7, 2023	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	ALC, ANGI, DCO, DELL, GBLI, GLDD, IAC, LFCR, LTRPA, SCWX, SNEX, SSP, VSAT	-			View
2025 Q3	Nov 8, 2025	FPA Queens Road Small Cap Value Fund	7.5%	13.8%	FN, IAC, IDCC, REVG, RLI, SAIC, SFM, SNX, THS, VSH	Discipline, fundamentals, Quality, returns on capital, small caps	The fund underscores its four-pillar quality disciplinebalance sheet strength, earnings consistency, returns on capital, and strong managementamid a junky rally in speculative small caps. Q3 underperformance was driven by momentum-driven, low-quality segments outperforming, yet the fund remained focused on resilient compounders. The team continues reallocating toward higher-quality names with durable long-term economics.		View
2023 Q3	Nov 21, 2023	Alphyn Capital Management	8.9%	13.5%	8L8 GR, AHT LN, BUR, CRTA LN, ENOV, FFH CN, IAC, KFS, KKR, KMX, PRX SW	-			View
2024 Q2	Nov 7, 2022	Patient Capital Management	5.6%	15.8%	BIIB, DAL, EVRI, EXPE, IAC, KOS, NCLH, NVDA	-			View
2023 Q3	Oct 31, 2023	Davis New York Venture Fund	0.0%	0.0%	IAC	-			View
2025 Q3	Oct 15, 2025	Longleaf Partners Fund	-0.3%	-0.4%	ACI, BIO, CNX, EXO NA, FDX, FIS, IAC, KHC, MAT, PCH, PVH, REGN, RYN	Capital Allocation, free cash flow, Market cycles, Quality Companies, Value Investing	Longleaf reiterates its focus on long-term value and high free cash flow per share growth amid market froth driven by AI hype and mega-cap valuations. The fund holds concentrated positions in cash-generative firms like CNX, Kraft Heinz, and FedEx, emphasizing operational discipline and capital allocation. Management expects re-rating potential as fundamentals outweigh speculation.	BIO REGN PCH RYN ACI FDX MGM IAC KHC MAT CNX	View
2025 Q3	Oct 15, 2025	Longleaf Partners Global Fund	2.6%	10.9%	4613 JP, ACI, CAN LN, CNX, EXO NA, GLB LN, IAC, MAT, PCH, PHG, PVH, RYN	Compounding, free cash flow, Global Equities, Quality, Value Investing	Longleafs Global Fund emphasizes owning real-asset and cash-flow-generating businesses while avoiding speculative overvaluation driven by AI exuberance. Management sees opportunity in undervalued holdings such as timber, media, and consumer companies trading at low free cash flow multiples. The portfolio remains positioned for durable compounding through disciplined capital allocation and improving fundamentals.	PVH 4613 JP	View
2023 Q3	Oct 10, 2023	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AMSWA, CCF, CNX, CVLT, DLHC, ECVT, HCCI, HNRG, IAC, LFCR, MGM, SSP, VSAT	-			View
2022 Q3	Oct 10, 2022	Alphyn Capital Management	8.9%	13.5%	AHT LN, AMZN, BUR, EXO NA, FFX GR, IAC, KMX, LBRDA, PSH LN, VMEO	-			View
2025 Q4	Jan 27, 2026	Diamond Hill Small-Mid Cap Strategy	1.2%	8.5%	AMH, ARE, BAH, CCS, CIEN, CUBE, GIS, GTES, HII, HLIO, IAC, LEA, PRGO, SBAC, UDR, WCC, WIX, WLK, WNS	defense, healthcare, industrials, mid cap, real estate, small cap, technology, value	The portfolio faced headwinds from AI-driven market exuberance creating momentum-driven rallies favoring lower-quality businesses. However, some holdings like Ciena benefited from hyperscaler and AI-related demand optimism. The managers express caution about AI bubble concerns emerging in December. WESCO International's data center business reached nearly 20% of total revenue and drove better-than-expected organic growth. The rapid expansion of this segment was a key contributor to the company's outperformance during the quarter. Huntington Ingalls Industries benefited from strong execution, new frigate contract awards, and discussion of a potential Trump-class battleship. Booz Allen Hamilton faced pressure from Department of Government Efficiency initiatives but remains well-positioned given differentiated technology capabilities and sustained government demand. The portfolio includes exposure to various real estate segments including self-storage (CubeSmart facing occupancy pressures), wireless tower infrastructure (SBA Communications), life sciences real estate (Alexandria Real Estate), and single-family rentals (Invitation Homes). The sector faces headwinds from higher interest rates and housing market challenges.	INVH ARE BAH SBAC CUBE GTES HII WCC CIEN ZTS HII	View
2025 Q4	Jan 14, 2026	Longleaf Partners Fund	-0.3%	-0.4%	ACI, AMG, ANGI, AVTR, CNX, DINO, DIS, EXO.MI, FDX, H, IAC, KHC, MAT, MGM, PCH, PVH, PYPL, REGN, RTX, RYN	Buybacks, Cash, Defensive, Leverage, Quality, value	Fund focuses on undervalued companies trading below intrinsic value with P/V ratio in low-60s%. Manager emphasizes buying quality companies at discounts and waiting for market recognition of value. Multiple portfolio companies engaged in significant share repurchases including Mattel ($600M), Regeneron, MGM (40% over 5 years), and PVH. Manager views buybacks as value-creating at current discounted prices. Holdings include Mattel with strong IP portfolio (Hot Wheels, Barbie, UNO) and upcoming movie releases, plus IAC's digital assets. Focus on companies with valuable content and intellectual property.	ANGI PVH PYPL MGM IAC REGN MAT DINO KHC	View
2025 Q4	Jan 14, 2026	Longleaf Partners Global Fund	5.3%	16.7%	ANGI, AVTR, BIO, CNH, CNX, DHER.DE, EXOR.MI, F, FI, GLAN.L, GRUMA.MX, IAC, JFC.PS, KHC, MAT, MGM, PHG, REGN, STLA, TIGO, UNH	Buybacks, FCF, global, Holdings, Media, Quality, value	The fund maintains a concentrated portfolio of undervalued stocks trading at low P/V ratios in the low-60s%. Management emphasizes finding defensive growers like consumer staples and timberland companies at better prices, similar to their successful positioning in 1999. They focus on companies with strong free cash flow generation and quality management partners. Multiple portfolio companies are actively repurchasing shares at attractive prices. MGM has repurchased over 40% of shares in five years, Glanbia added to buyback programs, and Exor executed efficient share repurchases via Dutch auction. The fund views these as value-creating capital allocation moves. Canal+ renewed exclusive UEFA Champions League rights for 2027-2031 at better economics than feared, reinforcing subscriber base quality. The company made operational progress across European and African platforms following the MultiChoice merger, though remains underfollowed as a French media company on London Stock Exchange.	AVTR BIO ANGI MGM KHC IAC TIGO GLB LN CAN LN	View
2024 Q3	Sep 30, 2024	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	4.8%	0.0%	ARGX, BJ, CRWD, DASH, FND, IAC, ICON, IOT, MCHP, ORLY, OS, PINS, PR, ROST, RRX, SMAR, TSCO, VEEV, VRSK	-			View
2023 Q3	Sep 30, 2023	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	4.8%	0.0%	APTV, ARGX, BJ, CSGP, EFX, FIVE, FND, GFL, HCP, IAC, IDXX, LNG, MLM, PINS, PXD, RGEN, RNR, ROST, RPM, RPRX, SNPS, VAC	-			View
2022 Q3	Sep 11, 2022	Longleaf Partners Global Fund	14.8%	18.4%	CYTH SW, FDX, IAC	-			View
2022 Q4	Sep 2, 2023	Longleaf Partners Fund	10.4%	10.3%	AMG, CNHI, CNX, DEI, GE, IAC, LUMEN SS, PVH, WBD	-			View
2022 Q4	Sep 2, 2023	Longleaf Partners Global Fund	14.8%	18.4%	AMG, CNX, GE, IAC, LUMN, TIGO, WBD	-			View
2024 Q2	Jul 31, 2024	FPA Queens Road Small Cap Value Fund	7.5%	8.2%	ALTM, DAR, DECK, FN, IAC, MTZ, SFBS, SFM, SNX, VSH	-			View
2023 Q2	Jul 19, 2023	Longleaf Partners Fund	10.4%	10.3%	IAC, LYV, WBD	-			View
2023 Q2	Jul 19, 2023	Longleaf Partners Global Fund	14.8%	18.4%	GOOG, IAC, LYV, TIGO, WBD	-			View
2024 Q2	Jun 30, 2024	TimesSquare Capital Management U.S. Small Cap Growth Strategy	6.2%	0.0%	ADUS, ATRC, AZEK, BJ, BOOT, CERT, DRVN, ESAB, EWCZ, HLNE, HXL, IAC, MAX, MRUS, MVBF, NSA, RRX, SILK, SVV, TMCI, TTEK, VCTR, WRBY, WSC	-			View
2023 Q2	Jun 7, 2023	Alphyn Capital Management	8.9%	13.5%	1YL GR, ALVO, AMZN, BN, CCOI, EXO GR, FFX GR, IAC, SPX IND, W, WAND LN	-			View
2022 Q1	Mar 31, 2022	White Brook Capital	3.0%	3.0%	IAC, KAR, MHK, MTCH, QRTEA	-			View
2022 Q4	Jan 31, 2023	VGI Partners	0.0%	0.0%	AMZN, CFR SJ, CME, DB1 GR, DIS, IAC, OLYMY, RHMB GR, SAP, XM	-			View
2024 Q4	Jan 16, 2025	Longleaf Partners Fund	-1.3%	8.8%	CNX, DINO, FIS, IAC, K, LBRDK/A, MGM, PYPL, RTX, WBD	-			View
2024 Q4	Jan 16, 2025	Longleaf Partners Global Fund	-6.7%	10.5%	CNX, ERF FP, FIS, IAC, K, MGM, PRX NA, TIGO, VIV FP, WBD	-			View
2022 Q4	Jan 13, 2023	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AVID, CLMB, HRG, IAC, IEHC, LFCR, LTRPA, SKX, UFPT, VMD	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 16, 2026	Fund Letters	Ross Glotzbach	IAC Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	buybacks, Holdingcompany, spinoff, valuation	View Pitch
Jan 16, 2026	Fund Letters	Ross Glotzbach	IAC Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	buybacks, Holdingcompany, Simplification, spinoff, valuation	View Pitch
Jan 8, 2026	Fund Letters	Samantha McLemore	IAC Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	buybacks, digital media, holding company, SOTP, valuation	View Pitch
Nov 29, 2025	Fund Letters	Ross Glotzbach	IAC Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	asset monetization, buybacks, Catalysts, discount, spin-off, Sum-of-parts	View Pitch
Aug 13, 2025	Seeking Alpha	Howard Jay Klein	IAC Inc.	Communication Services	Internet Content & Information	Bull	NASDAQ	—	View Pitch

BSD Shareholders of IAC

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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