What smart money is saying about Expedia Group
1 fund in our archive has pitched Expedia Group — most recently Renaissance IM Midcap Growth Strategy in June 2026.
Expedia Group, Inc. operates as a leading online travel company, serving customers both within the United States and across international markets. The enterprise structures its extensive operations into three primary divisions: Retail, Business-to-Business (B2B), and Trivago. Its comprehensive brand portfolio caters to diverse travel needs. Key retail brands include Brand Expedia, a full-service online travel platform offering localized websites; Hotels.com, specializing in the marketing and distribution of lodging accommodations; and Vrbo, an online marketplace dedicated to alternative accommodation options. Other prominent travel booking websites under its umbrella are Orbitz, Travelocity, and CheapTickets. For the EMEA region, ebookers functions as an online travel agent, presenting travelers with a broad spectrum of choices, while Hotwire provides various travel booking services. Complementing these are CarRentals.com, an online car rental booking service; Classic Vacations, a specialist in luxury travel experiences; and Expedia Cruise, which guides travelers in booking cruises. In the B2B sphere, Expedia Partner Solutions offers travel and non-travel vertical services to a wide array of clients, including corporate travel management firms, airlines, travel agents, online retailers, and financial institutions. Egencia, another key brand, focuses specifically on delivering corporate travel management services. Further extending its reach, the portfolio also features Trivago, a hotel metasearch website that refers users to online travel companies and service providers, alongside Expedia Group Media Solutions. The company also provides online travel services through several regional brands like Wotif.com, lastminute.com.au, travel.com.au, Wotif.co.nz, and lastminute.co.nz. Beyond brand-specific offerings, Expedia Group, Inc. delivers loyalty programs, a wide array of hotel and alternative accommodation choices, and advertising and media services. Serving both individual leisure travelers and corporate clients, the company was initially founded as Expedia, Inc. in 1996. It subsequently rebranded to Expedia Group, Inc. in March 2018, and its headquarters are located in Seattle, Washington.
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Position history
Between Q4 2024 and Q3 2026, 11 fund letters reported a position in Expedia Group — 3 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 4 | 0 | 1 | 0 |
| Q2 2026 | 0 | 0 | 0 | 1 |
| Q1 2026 | 1 | 0 | 0 | 0 |
| Q4 2025 | 1 | 0 | 0 | 0 |
| Q3 2025 | 1 | 0 | 0 | 0 |
| Q2 2025 | 3 | 0 | 2 | 0 |
| Q4 2024 | 1 | 0 | 0 | 0 |
Fund activity · 11 positions · 3 moves
- September 2026
“Within Consumer Discretionary, our underweight to the sector in addition to strong performance from Expedia Group, Inc. (EXPE) drove our performance during the period.”
Expedia Group - September 2026
“In consumer discretionary, we exited MercadoLibre and reduced Expedia reflecting increased caution on the consumer.”
Expedia Group - 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 Group - July 2026
“Stock selection remained strong across several structural growth themes. Notable contributors included BayCurrent, Thermo Fisher, Expedia, Spotify and Full Truck Alliance.”
Expedia Group - 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 Group - December 2025
“Expedia, a global online travel platform, contributed as improved execution in its consumer business complemented continued strength in its business-to-business segment.”
Expedia Group - September 2025
“However, the sector did include a bright spot in Expedia, which operates online travel platforms, whose stock rallied on strong B2B bookings and margin expansion driven by advertising monetization.”
Expedia Group - June 2025
“Recent Portfolio Activity The table below shows all buys and sells completed during the quarter, followed by a brief rationale. Buys Sells Expedia Group Zoetis Buys There were no buys in the second quarter of 2025. Sells Expedia Group We sold Expedia Group due to a higher risk of a recession following the significant increase in global tariffs, which can be expected to reduce overall levels of economic activity.”
Expedia Group - June 2025
“The table below shows all buys and sells completed during the quarter, followed by a brief rationale. Buys Sells HubSpot Expedia Group Antero Resources Buys HubSpot HubSpot provides a cloud-based customer relationship management (CRM) platform that integrates marketing, sales, service, content management and operations hubs into a unified system. Its platform features applications and tools for tasks such as website creation, business blogging, search engine optimization, web analytics, lead generation and more, while also offering a native payment solution. Designed to create adaptable and cohesive customer experiences, HubSpot’s Smart CRM and engagement hubs facilitate unified customer profiles and seamless interaction across the customer lifecycle. The hubs, available in free and paid tiers, can function independently, integrate with HubSpot’s Smart platform or third-party CRMs, and scale alongside growing businesses. We invested in HubSpot for its strategic positioning in a large, underserved SMB market, its effective freemium-to-enterprise conversion funnel and its rapidly growing AI suite “Breeze,” which enhances automation and personalization across customer interactions. With strong adoption across product tiers, momentum in enterprise expansion, and scalable financials driving margin expansion and free cash flow growth, we believe the company is well-positioned to deliver durable, long-term value. We believe the current valuation is fair based on the combination of durable revenue growth, expanding margins and the early signs of traction in AI monetization. Antero Resources Antero Resources is engaged in the development, production, exploration and acquisition of natural gas, natural gas liquids (NGLs) and oil properties located in the Appalachian Basin. Operating entirely within the U.S., Colorado-based Antero Resources holds approximately 502,000 net acres of oil and gas properties in Ohio and West Virginia. Antero Resources intends to leverage its team’s experience delineating and developing natural gas resource plays to continue developing its reserves and production, primarily on the company’s existing multi-year project inventory. Antero Resources is among the largest U.S. natural gas producers, benefiting from constrained supply growth and increasing long-term demand driven by coal-to-gas switching, power generation for AI datacenters, and liquefied natural gas (LNG) imports to Europe and Asia. It is also one of the largest producers of NGLs in the U.S., which are experiencing heightened global demand due to petrochemical uses and energy security needs. The company's strong transportation portfolio ensures price stability, premium pricing and reliable production flow. With over 20 years of premium drilling inventory in the Marcellus and Utica shales, the company is poised for attractive free cash flow (FCF) generation, 50% of which is planned to be returned to shareholders through buybacks. Since 2019, it has reduced debt by $2.3 billion, achieved an investment-grade credit rating with a 1.5x leverage ratio and now possesses a robust financial position, providing a defensive edge amid global economic risks. We continue to see a structural shift in demand for natural gas and NGLs supporting prices at these levels or higher, leading to attractive FCF growth for Antero Resources. 2Q 2024 Commentary 5 | Aristotle Atlantic Partners, LLC Quarterly Commentary – Large Cap Growth Sells Expedia Group”
Expedia Group - June 2025
“Another top contributor was Expedia Group, Inc. (EXPE), the world’s second-largest online travel agency. Between EXPE and its #1 competitor, Booking Holdings Inc. (BKNG), the two companies dominate the global online travel agency market. EXPE has used its massive scale to invest in technology and improve the user experience, which has helped the company to maintain or grow market share and benefit from the secular growth in global travel. We appreciate that insiders own 4% of the company and that media legend Barry Diller serves as Chairman, typically operating with overcapitalized balance sheets, which provides financial flexibility. Expedia’s strong stock performance was driven by several positive factors. The company exceeded revenue expectations with a 3.8% year-over-year growth excluding Trivago, while its B2B segment showed robust growth of 18.4%, demonstrating strong momentum in corporate partnerships. Operating income surged by 26% to $762MM, while net income soared by 61% to $684MM. Most notably, investor confidence was bolstered by strong capital returns through significant share repurchases totaling $1.6B year-to-date (9% of shares outstanding) and improved free cash flow of $2.3B, up 2.8% year-over-year, despite some margin pressure from increased marketing spending. We maintained the position.”
Expedia Group - HoldsFocus GrowthDecember 2024
“CONTRIBUTORS Expedia Expedia contributed to performance in the fourth quarter of 2024.”
Expedia Group
Also mentioned · 3
These funds discuss Expedia Group — as a competitor, benchmark or comparable — without disclosing a position in it.
- MentionedBrown Advisory U.S. Value FundSeptember 2026
“Within Consumer Discretionary, our underweight to the sector in addition to strong performance from Expedia Group, Inc. (EXPE) drove our performance during the period.”
Expedia Group - 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 Group - MentionedStarboard Value on TripadvisorOctober 2025
“ Tripadvisor has been a controlled company for the last two decades Tripadvisor was controlled by Expedia, Barry Diller, and Liberty over the course of the past two decades. Source: Public News Articles. While Tripadvisor Has Been a Controlled Company for Most of Its History… Tripadvisor Ownership Timeline Expedia owned Tripadvisor until Tripadvisor was spun off in 2011…”
Expedia Group
Fund coverage · 1 thesis
Expedia Group is the largest online travel company in North America with margin expansion potential and attractive double-digit earnings growth.
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