TRIP

TRIP

TRIP

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	Platinum Global Fund (Long Only)	0.0%	-	005930.KS, 055550.KS, 0700.HK, 1109.HK, 1810.HK, 3968.HK, 6201.T, 6479.T, 7203.T, AVGO, DSV.CO, ICE, INDIGO.NS, JD, MCHP, MU, PING, TRIP, TSM, TU, UBS, ZTO	China, interest rates, Japan, Korea, Logistics, semiconductors, Stimulus, value	The most important event during the quarter was the combined statements from the Politburo and the People's Bank of China aimed at drawing a line under the property market and lifting the economy out of its slump. The breadth and tone of the announcements were notably more aggressive and in a surprise move they explicitly called out support for the domestic equity market. This has triggered a swift rally in Chinese stocks, with the mainland A-share index rising 25% in five days from the first announcement on September 23rd.		View
2025 Q2	Jul 9, 2025	Middle Coast Investing	-	-	AAPL, ABM, AER, AMZN, ATRO, AVGO, BOOM, COF, DECK, ECG, FCNCA, FG, HSY, LEVI, LULU, LYFT, OMAB, PGR, SCHW, SCS, SJM, TRIP, VMEO, WS	Apparel, financials, inflation, small caps, tariffs, technology, value	The Trump administration has backed off its most extreme tariff positions but tariffs remain higher than before April 2nd. The administration has expressed admiration for current tariff levels of 30% for China, varied tariffs for NAFTA partners, and at least 10% for the rest of the world. One trade deal has been reached with Vietnam entailing 20% tariffs on Vietnamese goods and 40% on third-party goods shipped through Vietnam.	DECK LYFT TRIP ABM DECK LYFT	View
2025 Q2	Jul 22, 2025	Longleaf Partners Small-Cap Fund	2.7%	4.2%	BATRA, CNX, CUERVO.MX, DOLE, GHC, GRUMA.MX, KODK, MAT, OSCR, PCH, SAM, TRIP, WEST, WTM	Alcohol, Buybacks, real estate, small caps, undervalued, value	The fund has an overweight to the alcohol industry with Boston Beer and Becle. There is market debate about whether current weak industry trends are cyclical versus structural factors, with the manager leaning toward cyclical explanations.	PCH SAM WEST BATRA BECLE.MX OSCR PCH SAM WEST BATRA CUERVO MM OSCR	View
2025 Q2	Jun 30, 2025	Mapfre US Forgotten Value Fund	-2.3%	-6.6%	BATRA, GOOGL, HHH, KVUE, LH, MKL, MODG, MSGS, NWSA, QSR, SSNC, TRIP, UBER, WRB	Communication Services, small caps, technology, undervalued, US, value	The fund focuses on companies undervalued by the market, particularly forgotten stocks that may be outside the focus of the investment community. These include companies with complex capital structures, those in temporarily out-of-favor sectors, or smaller capitalization companies followed by fewer analysts.		View
2024 Q2	Jun 30, 2024	Platinum Global Fund (Long Only)	-2.0%	-	005930.KS, AAPL, ADBE, AMZN, AVGO, GOOGL, JD, META, MSFT, NFLX, NKE, NVDA, PUMA.DE, TCEHY, TRIP, TSM, UBS, UPM.HE, WIZZ.L, ZTO	AI, China, global, semiconductors, technology, value	AI-related companies enjoyed several positive developments with TSMC raising prices for leading-edge nodes used to make AI chips. Apple highlighted that AI functionality will be the next competitive battleground for smartphones, boosting DRAM producers as new phones would likely need 10-12GB of RAM to handle AI tasks.		View
2026 Q1	Apr 18, 2026	Longleaf Partners Small-Cap Fund	-2.7%	-2.7%	ALX, CNX, CUERVO.MX, ESRT, GLIBA, MAT, RYN, SAM, SHEN, TRIP	Alcohol, energy, private credit, real estate, small cap, Travel, value		TRIP MAT BECLE RYN ESRT SHEN SAM	View
2025 Q1	Apr 11, 2025	Middle Coast Investing	-	-	AAPL, AER, AMZN, ATKR, ATRO, AVGO, BRK.B, CCK, DALN, DFS, ECG, FCNCA, LULU, OMAB, PGR, PTLO, SCHW, SCS, SON, TRIP	aerospace, Airports, infrastructure, insurance, technology, Trade Policy, volatility	Manager expects continued volatility due to Trump administration's erratic policy approach and indifference to stock market performance. Planning to be quicker about buying and selling to take advantage of volatility, with raised cash levels to navigate uncertain environment.	GOOG SON ECG	View
2025 Q1	Mar 31, 2025	Platinum Asia Fund	2.0%	2.0%	000660.KS, 005930.KS, 0700.HK, 1024.HK, 1109.HK, 2318.HK, 2883.HK, BABA, IGLA, JD, TRIP, TSM	AI, Asia, China, semiconductors, tariffs, technology	Chinese AI advancement sparked strong performance in technology holdings. DeepSeek's emergence reminded investors that China is capable of competing on AI, challenging US AI supremacy narratives and boosting Chinese tech stocks including Tencent, Alibaba, and Kuaishou.		View
2023 Q1	Mar 31, 2023	Platinum Asia Fund	4.4%	4.4%	000338.SZ, 000660.KS, 005930.KS, 051910.KS, 0700.HK, 2689.HK, 3968.HK, 3988.HK, AVIA.JK, BABA, DADA, HTHT, INDIGO, JD, LODHA, MEITUAN, MWG.VN, PDD, SUPALAI.BK, TRIP, TSM, ZTO	Asia, China, E-Commerce, Reopening, semiconductors, Travel, Vietnam	China was a strong contributor to performance with reopening driving gains across travel and service-exposed areas. The economic recovery is occurring at a measured pace with domestic travel picking up dramatically and retail sales returning to growth.		View
2023 Q2	Dec 7, 2023	Cove Street Capital Small Cap Value Fund	3.7%	-6.0%	AAP, ALC, ANGI, AZO, DCO, DELL, GBLI, GLDD, IAC, LFCR, LTRPA, MGM, MPAA, ORLY, SCWX, SNEX, SSP, TRIP, VSAT	aerospace, Concentration, infrastructure, Media, small cap, technology, value	Manager views AI as a marketing term with unclear monetization prospects. Notes that market activity in 2023 has been driven by large tech stocks attaching themselves to the AI bandwagon, but emphasizes there is nothing remotely clear about making money in AI.		View
2025 Q3	Oct 27, 2025	13D Activist Fund	8.9%	2.7%	ABG, ALV, APD, BILL, EXEL, KVUE, MIDD, MRCY, PENN, PFGC, PSO.L, QRVO, RIOT, SWX, TRIP, TWLO, VSAT, VSTS, WK, YETI	activism, M&A, SMID Cap, technology, value	Activist activity and success have been flourishing with the Universal Proxy Card increasing campaign success rates from 73% to 88%. The fund expects significant alpha generation from activists like Jeff Smith, Scott Ferguson and Dan Loeb as markets rotate into value investing.	WK VSAT TRIP PFGC	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
2025 Q3	Oct 2, 2025	Middle Coast Investing	-	-	AAPL, AER, AMZN, ATRO, AVGO, COF, CPAY, DALN, FCNCA, GOGO, GOOG, LULU, LYFT, MSFT, OMAB, PGR, PTLO, SCS, TRIP, TSM	AI, buyouts, insurance, semiconductors, technology, value	Manager discusses AI cautiously, experimenting with it for business operations and research but finding limited practical value so far. Views AI as creating a bubble environment similar to the internet bubble, with many participants admitting it's in a bubble phase. Invests selectively in AI-related companies but maintains natural skepticism.	AL US TFSL US BHF US HI US GOGO US CORP US	View
2025 Q3	Oct 19, 2025	Harding Loevner Emerging Markets Equity	11.6%	24.4%	005930.KS, 1211.HK, 1398.HK, 2317.TW, 2454.TW, BABA, CATL, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, MARUTI.NS, MELI, MMYT, TCEHY, TCS.NS, TRIP, TSM, WEGE3.SA	AI, Automation, China, competition, E-Commerce, emerging markets, Travel	Alibaba regained dominance in Chinese e-commerce through aggressive competition in food delivery and quick commerce, using AI tools and financial firepower to transform market structure. The company leveraged synergies across businesses and integrated management to outspend rivals and boost market share significantly.		View
2025 Q3	Oct 15, 2025	Longleaf Partners Small-Cap Fund	2.0%	6.4%	BECLE.MX, CLW, CNX, GHC, GRUMAB.MX, H, KODK, MAT, OSCR, PCH, PK, RYN, TRIP, WEST, WTM	Alcohol, Buybacks, energy, FCF, insurance, small cap, Timberland, value	Fund focuses on investments grounded in real assets and brands producing growing free cash flow, trading at 10-12x FCF today with potential to reach mid-teens FCF multiples. Portfolio P/V ratio in high-60s% indicates significant discount to intrinsic value.	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	-	-	AAPL, ACLS, ADM, AER, AMZN, ATKR, ATRO, AVGO, BKNG, DFS, EB, FCNCA, FG, LULU, OMAB, PGR, PTLO, SCS, TRIP, TSM	Portfolio Management, Restaurants, small caps, technology, Travel, value	Travel is the manager's favorite sector to study and has paid off over the years. TripAdvisor's Viator business finally passed legacy TripAdvisor in revenue in Q3 2024, with the race between Viator's growth and legacy decline now seeming winnable. The manager views travel as offering continued opportunities.	TRIP PTLO	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
2024 Q2	Jun 30, 2024	Columbia Seligman Global Technology Fund	1.0%	0.0%	AAPL, AMAT, AVGO, BE, CRNC, EBAY, GDDY, GOOGL, GPN, LRCX, META, MSFT, NVDA, ORCL, RBRK, RNG, SYNA, TER, TRIP, TXG	AI, Cloud, growth, semiconductors, technology	AI continues to be the strongest theme in technology, driving infrastructure buildouts and accelerating company deployment of new AI capabilities. Capital spend from public cloud service providers continues to grow, with NVIDIA remaining the most important AI player despite supply constraints.		View
2023 Q2	Apr 8, 2023	GreenWood Investors	0.0%	16.6%	IPCO.TO, NXE, RH, TRIP	activism, Buybacks, defense, Europe, Logistics, Owner Operators, value	Multiple portfolio companies are aggressively repurchasing shares, with RH buying back 22% of shares in 8 months, Bolloré tendering for over 20% of net shares, and CTT launching a third repurchase program. The manager views these buybacks as extremely accretive given current undervaluations.	LDO.MI CTT.LS BOL.PA 1RH GR	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Longleaf Partners Small-Cap Fund	TripAdvisor Inc	Travel Services	Interactive Media & Services	Neutral	NASDAQ	asset separation, Board Governance, Digital Experiences, Online Travel, strategic options, TheFork, turnaround, Viator	View Pitch
Apr 13, 2026	Fund Letters	Middle Coast Investing	TripAdvisor Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	Experiences, legacy business, M&A interest, Online Travel Agency, Revenue Growth, Tours, Travel, turnaround, Viator	View Pitch
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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