Why One Investor Made a $58 Million Bet on This Travel Platform Stock
Key Points
New York City-based Anchorage Capital Advisors added 7.2 million shares of Global Business Travel Group in the third quarter—representing a value of about $58.1 million.
The move is substantial for Anchorage, representing about 50% of its reported assets.
Global Business Travel Group is now the fund’s largest holding.
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New York City-based Anchorage Capital Advisors established a new position in Global Business Travel Group, Inc. (GBTG) during the third quarter, adding nearly 7.2 million shares valued at approximately $58.1 million, according to an SEC filing on November 14.
What Happened
Anchorage Capital Advisors disclosed a new stake in Global Business Travel Group (NYSE:GBTG), acquiring nearly 7.2 million shares worth $58.1 million as of September 30. The position, revealed in a Securities and Exchange Commission (SEC) filing dated November 14, accounts for 50% of the fund’s reportable equity assets.
What Else to Know
Top equity holdings after the filing:
- NYSE:GBTG: $58.1 million (57.3% of AUM)
- NYSE:XIFR: $33.4 million (33% of AUM)
- NYSE:AMBP: $9.8 million (9.7% of AUM)
As of Friday's market close, shares of Global Business Travel Group were priced at $7.71, down 17% over the past year and well underperforming the S&P 500's 14% gain in the same period.
Company Overview
| Metric | Value |
|---|---|
| Market capitalization | $4.1 billion |
| Revenue (TTM) | $2.5 billion |
| Net income (TTM) | $10 million |
| Price (as of market close Friday) | $7.71 |
Company Snapshot
Global Business Travel Group, Inc. provides a business-to-business travel platform offering technology-enabled solutions and is based in New York City. The company has built a B2B travel marketplace to deliver unrivalled choice, value, and experiences for its clients with a platform that manages travel, expenses, and meetings and events for business customers. It primarily serves enterprise and corporate customers, travel content suppliers, and third-party travel agencies globally.
Foolish Take
A concentrated bet of this size is notable because Global Business Travel Group is at a strategic inflection point: The company just delivered double-digit revenue growth, closed an acquisition of CWT to help expand its footprint in Europe, and raised full-year guidance, even as the stock remains well below its 2022 levels. A new position representing 50% of its reported portfolio signals conviction in the company’s ability to compound earnings and expand margins as integration synergies and AI-driven productivity gains carry through.
According to the latest SEC filing, Anchorage acquired nearly 7.2 million shares of GBTG in the third quarter—an investment valued at $58.1 million. The firm now holds three disclosed equity positions, with GBTG representing half of its reportable assets.
GBTG reported 13% revenue growth to $674 million, 9% adjusted EBITDA growth to $128 million, and improved net loss margins during the third quarter, aided by the September closing of the CWT acquisition and accelerating AI adoption across its platform. Management reiterated confidence in its long-term runway, with CEO Paul Abbott calling out “multiple levers for growth and value creation ahead,” including a new SAP Concur partnership and next-gen Egencia platform launching in early 2026.
For long-term investors, the setup is clear: execution on synergies, improving free cash flow, and normalized corporate travel demand are now the catalysts to watch.
Glossary
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
Reportable assets: Investments that must be disclosed in regulatory filings, such as those reported on SEC Form 13F.
13F: A quarterly SEC filing required from institutional investment managers to disclose certain equity holdings.
Stake: The ownership interest or investment a person or entity holds in a company.
Position: The amount of a particular security or asset owned by an investor or fund.
Holding: A security or asset currently owned in a portfolio.
B2B (Business-to-Business): Transactions or services conducted between businesses, rather than between a business and individual consumers.
Marketplace model: A business structure where a platform connects buyers and sellers, facilitating transactions between them.
Expense management: The process of controlling and tracking business spending, often using specialized software.
TTM: The 12-month period ending with the most recent quarterly report.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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