Groups

IAC is comprised of nine groups, of which six focus on covering an industry and three focus on non-equity asset classes or unique opportunities. Each group is lead by a portfolio manager, assisted by analysts who each cover of their sector’s positions. See below for a description of each group and their holdings.

Industry Groups

Consumers

The consumers group covers companies that sell consumer goods including consumer discretionary (e.g. automobiles, durables, apparel), consumer staples (e.g. food & beverage, household products) and retailers across brick and mortar and E-commerce.

Energy & Utilities

The energy & utilities group covers renewable energy providers, regulated utilities which provide electricity, gas, and water, and engineering and infrastructure services companies which operate on energy and power related projects.

Financials

The financials group covers financial institutions such as banks and insurance providers, as well as asset managers, payment card companies, payment processors, and fintech companies.

Healthcare

The healthcare group covers companies across pharmaceuticals, biotechnology, life sciences, and medical devices, in addition to service providers including hospitals, pharmacies, and outpatient care, as well as managed care organizations.

Industrials & Commodities

The industrials and commodities group covers companies across capital goods (machinery, building products, etc.) Transportation (air, road, rail, distribution, & logistics), and industrial services, as well as taking positions in individual commodities (e.g. gold, uranium).

Tech, Media, & Telecom (TMT)

The TMT group covers tech companies across software, semiconductor, and internet companies, as well as telecommunications companies including service and connectivity providers, as well as media companies (broadcasting, film, news, etc.).

Asset Class & Strategy Focused Groups

Fixed Income

The fixed income group focuses on debt securities across investment grade and high yield as well as less liquid assets such as collateralized loan obligations (CLOs) and business development companies (BDCs). Most fixed income holdings are ETFs.

Real Estate, Gaming, & Lodging

The real estate, gaming, & lodging sector covers real estate investment trusts (REITs) which hold residential, commercial, and industrial properties, as well as developers and homebuilders and companies in the gaming, lodging and leisure sectors.

Special Situations

The special situations group focuses on identifying opportunities that arise from corporate event-driven situations (e.g. board-level action like a bankruptcy, liquidation, spin-off, restructuring, merger, acquisition, takeover, etc.) to drive uncorrelated returns.