TRIP

TRIP

TRIP

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 9, 2025	Middle Coast Investing	-	-	ABM, BOOM, DECK, HSY, LEVI, LYFT, TRIP, WS	Caution, Hedging, tariffs, uncertainty, valuation	The letter frames the market environment as one of elevated uncertainty driven by tariffs, geopolitics, and policy risk. Management emphasizes cautious positioning, selective equity exposure, and the use of bonds and hedges. Individual stock value remains the core focus despite macro noise.	TRIP ABM DECK LYFT	View
2025 Q1	Apr 11, 2025	Middle Coast Investing	-	-	ACLS, ATRO, COF, ECG, GOOG, OMAB, PGR, PTLO, SON, TRIP, TSM, VMEO	-			View
2025 Q3	Oct 27, 2025	13D Activist Fund	8.9%	2.7%	BILL, PFGC, TRIP, VSAT, WK	activism, catalysts, Governance, Margins, SMIDcaps	Shareholder activism continues to accelerate in both frequency and success rates, aided by the universal proxy and a rotation toward SMID value that favors activist-led turnarounds. The letter highlights multiple new activist campaigns across technology, food distribution, travel, defense, and software, emphasizing margin improvement and strategic optionality. Activism remains a compelling alpha source as activists target undervalued companies with identifiable catalysts and operational inefficiencies.	WK VSAT TRIP PFGC	View
2025 Q3	Oct 21, 2025	Starboard Value	-	-	TRIP	AI, Data monetization, M&A, Online travel, valuation	Starboard Value highlights Tripadvisors undervaluation and strategic opportunities across its businesses. The firm advocates for a sale of TheFork, margin improvement at Viator, and AI-driven monetization of Tripadvisors travel data. The presentation positions AI partnerships and corporate restructuring as key catalysts for value creation.	TRIP TRIP	View
2025 Q3	Oct 2, 2025	Middle Coast Investing	-	-	AL, AVGO, BHF, CPAY, ECG, FILA IM, GOGO, GOOG, HI, LULU, LYFT, PGR, TFSL, TRIP	AI, Alphabet, Automation, Broadcom, M&A	The letter focuses on opportunistic value investing driven by company-specific fundamentals rather than macro forecasts. Mispricing created by fear, forced selling, or neglect is seen as the primary source of return. Patience and independent thinking are central to the process.	AL US TFSL US BHF US HI US GOGO US CORP US	View
2025 Q3	Oct 15, 2025	Longleaf Partners Small-Cap Fund	2.0%	6.4%	CLW, CNX, CUERVO* MM, GHC, GRUMAB MM, MAT, OSCR, PCH, RYN, TRIP, WTM	Compounding, free cash flow, Share repurchase, small caps, Value Investing	Longleafs Small-Cap Fund focuses on undervalued, high-quality small-cap franchises generating strong free cash flow. The team notes speculative excess in unprofitable small caps but remains confident in holdings such as Gruma, Becle, and White Mountains, which have multiple catalysts for value realization. Management sees substantial upside from disciplined ownership and shareholder alignment.	TRIP US MAT US WFG US CNX US	View
2025 Q4	Jan 9, 2026	Middle Coast Investing	2.7%	16.9%	AAPL, ABM, AER, AMZN, APOG, ATKR, ATRO, AVGO, BHF, CCK, COF, CPAY, ECG, FG, GOGO, GOOG, HI, HNI, HURC, LULU, LYFT, MLKN, OMAB, PAGS, PGR, PTLO, SCHW, TRIP, WS	Bottom-up, Cash, Defensive, Office Furniture, risk management, value	Manager emphasizes bottom-up investing approach, looking for companies that will do better in years ahead when stocks are priced attractively. Seeks good companies at fair prices to protect against market struggles while avoiding missing big years. Primary goal is to avoid blowing up and survive through bad times. Uses rules like not buying whole positions at once, demanding 50% upside, watching leverage, and knowing when to double down. Maintains defensive portfolio positioning. Decade-long investment theme in office furniture companies including Kimball International, Steelcase, and HNI Corporation. Believes return to office theme hasn't played out but might be soon, with order growth showing improvement across major players.		View
2024 Q4	Jan 8, 2025	Middle Coast Investing	-	-	CCK, INGM, KRUS, LEVI, MDU, TRIP	-			View
2025 Q4	Jan 14, 2026	Longleaf Partners Small-Cap Fund	1.1%	7.6%	ALX, CLW, CNX, CUERVO.MX, ESRT, GHC, GLIBA, GRUMA.MX, MAT, PCH, RYN, SAM, SHEN, TRIP, WTM	Alcohol, Media, real estate, small cap, Telecommunications, undervalued, value	Fund focuses on undervalued companies trading below intrinsic value with P/V ratios in low-60s%. Manager emphasizes buying quality companies at discounted prices when market favors unprofitable, lower quality stocks. Significant exposure to alcoholic beverage companies including Becle (tequila/whiskey manufacturer) and Boston Beer. Alcohol industry faces consumption headwinds but companies have strong brands and pricing power. Holdings in Empire State Realty and Alexander's provide exposure to New York real estate. Despite political concerns about Mayor Mamdani, on-the-ground leasing trends outpace weak stock performance. Graham Holdings diversified conglomerate includes broadcast television assets that could benefit from increased M&A activity. Kaplan education segment returning to growth after multi-year turnaround.	PK ALX ESRT CLW SAM OSCR MAT GHC GLIBA	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 8, 2026	Fund Letters	Daniel Shvartsman	TripAdvisor Inc.	Communication Services	Interactive Media	Bull	NASDAQ	Activism, growth, marketplace, Travel, valuation	View Pitch
Nov 29, 2025	Fund Letters	Jeffrey Smith	Tripadvisor Inc.	Consumer Discretionary	Online Travel Services	Bull	NASDAQ	Activism, AI data, Experiences, Governance, margin expansion, spin-off, valuation	View Pitch
Nov 28, 2025	Fund Letters	Jeffrey Smith	Tripadvisor Inc.	Consumer Discretionary	Online Travel Services	Bull	NASDAQ	Activism, AI data, Experiences, Governance, margin expansion, spin-off, valuation	View Pitch
Nov 28, 2025	Fund Letters	Ken Squire	TripAdvisor, Inc.	Consumer Discretionary	Interactive Media & Services	Bull	NASDAQ	AI, Governance, Platforms, Travel, valuation	View Pitch
Aug 13, 2025	Seeking Alpha	Gary Alexander	Tripadvisor, Inc.	Consumer Discretionary	Travel Services	Bear	NASDAQ	—	View Pitch
Aug 8, 2025	Seeking Alpha	WideAlpha	Tripadvisor	Consumer Discretionary	Travel Services	Neutral	NASDAQ	—	View Pitch

BSD Shareholders of TRIP

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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