"Our second largest detractor for the quarter became our largest position in early September, IAC Corp (IAC). The stock is a sector-focused holding company with four at-scale media and marketplace businesses, a growth/venture program, and two minority investments. We originally bought shares in IAC early this year after the company announced a spinoff of one of its fast-growing portfolio companies, Vimeo. We have since been increasing our exposure, doubling our position size in Q3. Something to note is that our "look through" exposures to IAC's various segments are in-line with our position sizing framework. Known on the street as the "anti-conglomerate", investors still trade IAC around corporate events, even if the shares are trading at a significant discount to the sum-of-its-parts. Why hold the shares when one could wait for a deal announcement to quickly drive the price higher? This logic contributes to large swings in share price year in and year out. I have also fallen into this thinking.