What smart money is saying about Expedia
EXPE
No fund has written a full thesis on Expedia in our archive, but 3 fund letters report a position in it — most recently GMO Equity Dislocation Strategy in July 2026.
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3
Reported positions
0
Bought
0
Sold
4
Letters
Position history
Between Q1 2026 and Q3 2026, 3 fund letters reported a position in Expedia, with no move described.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 2 | 0 | 0 | 0 |
| Q1 2026 | 1 | 0 | 0 | 0 |
Fund activity · 3 positions
- HoldsGMO Equity Dislocation StrategyJuly 2026
“Rotation We are often asked how the strategy has generated strong performance, given that the dislocation between Value and Growth has not narrowed significantly. One of the keys to our success has been the ability to monetize strong security selection by managing exposures as valuations change. Expedia provides an excellent single stock case study of that rotation. ROTATING WITH EVOLVING VIEWS OF VALUATION Expedia contributed 195 bps cumulatively as its position in the portfolio varied Data from 11/30/20 to 5/31/26 | Source: GMO Price-to-Fair Value excludes Alerts. The orange line shows the price-to-fair-value (GMO’s proprietary valuation model) of Expedia. When it is above the dotted orange line, it is expensive, and it is cheap when it is below. The blue line in the same panel shows our exposure to Expedia – first long when it was cheap, then short as it became expensive, no exposure when it was about fair value, and then long again for much of the last few years. Expedia has been both a successful long and short position, adding almost 2% to cumulative performance, and is a great example of how dynamic portfolio rotation allows investors to make the most out of the Value opportunity.”
Expedia - July 2026
“Stock selection remained strong across several structural growth themes. Notable contributors included BayCurrent, Thermo Fisher, Expedia, Spotify and Full Truck Alliance.”
Expedia - March 2026
“The rapid progression of large language models (LLM) from the likes of Anthropic and OpenAI has produced significant ripple effects across many industries, with traditional software being at the epicenter, as investors began to question the terminal value of many of these businesses. This was a main contributor of the >16% performance spread between the Russell 1000® Growth Index Information Technology sector (down ~12% in 1Q26) vs its Russell 1000 Value counterpart (up >4% in 1Q26), as well as the indexes as a whole. The Russell 1000 Growth Index was down 10% in the first quarter vs the Russell 1000 Value Index which was up 2%- a dynamic we haven’t seen in many years. As potential disruption from AI spread from software to other parts of the economy, the emergence of the “HALO” trade and investors’ preference for businesses with limited perceived disruption risk quickly gained steam. We saw sectors such as Consumer Staples, Energy, Materials, Utilities, and Real Estate all perform well vs the Russell 1000 Value Index in the first quarter, reversing the underperformance that we have seen over the last three years heading into 2026. Outside of Energy, where companies are benefitting from the increase in the underlying commodity given the conflict in the Middle East, many of the companies in these sectors have seen little fundamental improvement from an earnings perspective but have benefitted from multiple expansion given the shift in investor sentiment. For those that know us well, given our focus on free cash flow and business models that don’t exhibit heavy capital intensity, it should come as little surprise that the rise of the “HALO” trade* and a market preference for companies with “Heavy Assets” was a headwind to performance in the first quarter. While the software sector drew all the headlines around AI disruption risk, capital light businesses across various sectors were hit during the first quarter and our portfolio was not immune. Companies such as Expedia Group, Inc (EXPE), Willis Towers Watson (WTW), ICON Plc (ICLR), Fidelity Information Services (FIS), and CBRE Group, Inc (CBRE) all sold off during the first quarter on the potential long-term risks of artificial intelligence’s impact on the business models.”
Expedia
Also mentioned · 1
These funds discuss Expedia — as a competitor, benchmark or comparable — without disclosing a position in it.
- March 2026
“Companies such as Expedia Group, Inc (EXPE), Willis Towers Watson (WTW), ICON Plc (ICLR), Fidelity Information Services (FIS), and CBRE Group, Inc (CBRE) all sold off during the first quarter on the potential long-term risks of artificial intelligence’s impact on the business models.”
Expedia
Read the letters behind these Expedia positions
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