DM Monthly Report – May 2018

MANAGING RISK THROUGH INTERIM POSITION MANAGEMENT  – In June of 2013, we first purchased shares in IAC/Interactive Corp., a company that owns more than 150 media and internet brands and which had established a long history of creating shareholder value through the management of its assets. Our investment thesis at the time said that the company would provide our portfolios with exposure to two of the fastest growing online business segments:

Search – IAC’s “Ask.com” is a niche offering, providing search functionality based on natural language questioning; it’s the world’s fourth most popular search engine.

On-line personals – IAC was (and is) the global leader in online dating, both through its flagship “Match.com” and other brands at the top of the space.

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