Do You Think Viasat (VSAT) is a Materially Misunderstood Business?

2 weeks ago 9

Soumya Eswaran

Thu, December 4, 2025 astatine 8:06 AM CST 4 min read

13D Activist Fund is simply a communal money that focuses connected companies invested successful by shareholder activists. The money released its Q3 2025 capitalist letter. The people I shared of the money returned 8.88%, nett of fees and expenses, successful the 4th compared to 12.39% for the Russell 2000 Index. Overall, the money was thrilled with its show this quarter. However, connected a comparative basis, determination is country for improvement. The Russell 2000 outperformed the S&P 500 by the largest borderline successful 3 years, with a instrumentality of 12.39% compared to the S&P 500's 8.12%. In addition, delight cheque the fund’s apical 5 holdings to cognize its champion picks successful 2025.

In its third-quarter 2025 capitalist letter, 13D Activist Fund highlighted stocks specified arsenic Viasat, Inc. (NASDAQ:VSAT). Headquartered successful Carlsbad, California, Viasat, Inc. (NASDAQ:VSAT) engages successful providing broadband and communications products and services that operates done Satellite Services, Commercial Networks, and Government Systems segments. The one-month instrumentality for Viasat, Inc. (NASDAQ:VSAT) was -3.38%, and its shares gained 292.33% implicit the past 52 weeks. On December 03, 2025, Viasat, Inc. (NASDAQ:VSAT) banal closed astatine $34.29 per share, with a marketplace capitalization of $4.638 billion.

13D Activist Fund stated the pursuing regarding Viasat, Inc. (NASDAQ:VSAT) successful its 3rd 4th 2025 capitalist letter:

"Viasat, Inc. (NASDAQ:VSAT): This is an concern by an activistic we had not followed before. Carronade Capital is simply a multi-strategy concern steadfast that focuses connected process driven investments successful catalyst-rich situations. Carronade was founded successful 2019 by Dan Gropper arsenic chiefly a recognition investor. But 4 of their 7 idiosyncratic concern team, including Gropper, person spent sizeable clip moving astatine Elliott Management, person acquisition with shareholder activism and are not acrophobic to usage it. We had known Carronade from a erstwhile activistic run astatine Cannae Holdings which we did not put in. But erstwhile we heard astir the thesis present discussed below, we were floored astatine however intelligibly undervalued this Company was. We were capable to rapidly get a afloat presumption astatine $16.65 per stock anterior to the banal soaring to astir $28 per stock the pursuing week. Read beneath and you volition spot wherefore determination is inactive tremendous worth here.