Why One Fund Bought $8 Million of Viasat Stock and Made It a Top 3 Holding
Key Points
New York City-based 13D Management acquired 267,000 shares of Viasat in the third quarter.
The shares were worth an estimated $7.82 million based on quarterly average pricing.
Viasat is now the fund's third-largest holding, accounting for 7.5% of total reported AUM.
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New York City-based 13D Management disclosed a new position in Viasat (NASDAQ:VSAT) valued at approximately $7.82 million, according to a November 14 Securities and Exchange Commission filing.
What Happened
According to a Securities and Exchange Commission filing dated November 14, 13D Management initiated a new position in Viasat (NASDAQ:VSAT) during the third quarter. The fund reported ownership of 267,000 shares with a quarter-end market value of $7.82 million. This addition brought the number of disclosed equity holdings in the portfolio to 18 as of September 30.
What Else to Know
The new Viasat position represents 7.5% of the fund’s reportable assets under management after the quarter’s trading.
Top holdings after the filing:
- NASDAQ:MRCY: $10.60 million (10.2% of AUM)
- NASDAQ:QRVO: $8.08 million (7.7% of AUM)
- NASDAQ:VSAT: $7.82 million (7.5% of AUM)
- NYSE:ALV: $6.90 million (6.6% of AUM)
- NYSE:PSO: $6.49 million (6.2% of AUM)
As of Friday, VSAT shares were priced at $34.81, up 271.5% over the past year and vastly overperforming the S&P 500, which is up 15% in the same period.
Company Overview
| Metric | Value |
|---|---|
| Price (as of Friday) | $34.81 |
| Market Capitalization | $4.71 billion |
| Revenue (TTM) | $4.58 billion |
| Net Income (TTM) | ($522.34 million) |
Company Snapshot
- Viasat provides satellite-based broadband internet, in-flight connectivity, and communications equipment for commercial, consumer, and government markets.
- The company generates revenue primarily through subscription-based satellite services, equipment sales, and technology solutions for connectivity and data transmission.
- It serves commercial airlines, enterprise clients, maritime operators, energy companies, and individual consumers globally.
Viasat, Inc. is a leading provider of broadband and communications solutions, leveraging its satellite infrastructure to deliver connectivity across diverse markets. The company combines recurring service revenues with technology-driven product offerings, supporting both commercial and government clients. Its scale and integrated approach to satellite communications position Viasat as a key player in the global connectivity sector.
Foolish Take
Viasat is approaching an inflection point where years of heavy capital spending begin to give way to improving cash generation. In its latest quarter, the company narrowed its net loss to $61 million from $138 million a year earlier while generating $69 million in free cash flow, a $58 million year-over-year improvement. Operating cash flow climbed to $282 million as capital intensity eased and margins stabilized.
That matters because Viasat’s investment cycle is peaking just as new capacity is coming online. Management expects the ViaSat-3 F2 satellite to enter service in early 2026, with each ViaSat-3 satellite designed to deliver more bandwidth than the company’s entire legacy fleet. At the same time, defense backlog reached a record $1.2 billion, up 31% year over year, reinforcing visibility into future revenue.
Contextually, this is a focused bet. The fund’s top holdings include defense-oriented and semiconductor-adjacent names like Mercury Systems and Qorvo, suggesting an appetite for complex, capital-intensive businesses with long product cycles. Viasat fits that profile precisely.
Glossary
Assets Under Management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Reportable Assets: Assets that must be disclosed in regulatory filings, typically above a certain threshold or meeting specific criteria.
Position: The amount of a particular security or investment held by an investor or fund.
Equity Holdings: Shares of companies owned by a fund or investor, representing ownership stakes.
Quarterly Average Pricing: The average price of a security over a three-month financial reporting period.
Stake: The proportion of ownership or interest an investor holds in a company.
Outperforming: Achieving a higher return or better performance compared to a benchmark or index.
TTM: The 12-month period ending with the most recent quarterly report.
Subscription-based Services: Revenue model where customers pay recurring fees for ongoing access to a product or service.
Integrated Approach: Combining multiple business functions or technologies to deliver comprehensive solutions.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Pearson Plc and Qorvo. The Motley Fool has a disclosure policy.
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