First Pacific Advisors released its third-quarter 2025 investor letter for the FPA Queens Road Small Cap Value Fund, which returned 7.46% in Q3, outperforming the Russell 2000 Value Index. In the first three quarters of 2025, the Fund returned 13.77%, compared to 9.04% for the index. Check the fund’s top 5 holdings for 2025 picks.

The FPA Queens Road Small Cap Value Fund highlighted IAC Inc. (NASDAQ:IAC) in its Q3 2025 letter. IAC is a leading media and internet company with a one-month return of -2.82% and shares losing 18.26% in the last 52 weeks. As of November 21, 2025, IAC stock was at $32.70 per share with a market cap of $2.621 billion.

IAC Inc. (NASDAQ:IAC) is a consumer technology conglomerate founded by Barry Diller. The company owns various brands like DotDash Meredith and has investments in MGM Resorts International and Turo. FPA Queens Road believes IAC’s asset value exceeds its share price, holding it as a midsized position in the portfolio for long-term value realization.

46 hedge fund portfolios held IAC Inc. (NASDAQ:IAC) at the end of Q2, up from 43 in the previous quarter. While IAC has potential, some AI stocks may offer greater upside potential with less downside risk. Consider exploring undervalued AI stocks in our free report for investment opportunities.

Read more at Yahoo Finance: Should You Hold IAC Inc (IAC)?