Longleaf Partners Small-Cap Fund continued to hold Tripadvisor in the first quarter of 2026, even as the position detracted from performance. The fund noted that the legacy Tripadvisor business has deteriorated more than initially estimated a year ago, now representing closer to 10% of its value versus roughly 20% previously, while Viator and TheFork have grown. Macro travel trends worsened during the quarter, but the fund believes the company is now taking steps to realize value per share and sees a variety of strategic options ahead. Tripadvisor's revenue fell 4% year-over-year to $382 million, though consolidated adjusted EBITDA of $22 million exceeded expectations.
TripAdvisor IncFund maintains stake despite detraction; revenue fell but EBITDA beat expectations; strategic options ahead.
TheFork has grown, contributing to Tripadvisor's value.
Viator has grown, contributing to Tripadvisor's value.