Do You Think Viasat (VSAT) is a Materially Misunderstood Business?

Fund Performance - 13D Activist Fund's Class I shares returned 8.88% in Q3 2025, underperforming the Russell 2000 Index which returned 12.39% [1] - The Russell 2000 outperformed the S&P 500 by the largest margin in three years, with a return of 12.39% compared to the S&P 500's 8.12% [1] Company Highlight: Viasat, Inc. - Viasat, Inc. (NASDAQ:VSAT) is involved in providing broadband and communications products and services, operating through Satellite Services, Commercial Networks, and Government Systems segments [2] - Viasat's one-month return was -3.38%, but it gained 292.33% over the last 52 weeks, closing at $34.29 per share with a market capitalization of $4.638 billion on December 03, 2025 [2] Activist Investment Insight - Carronade Capital, an activist investment firm, has invested in Viasat, Inc. and is known for its process-driven investments in catalyst-rich situations [3] - The firm, founded in 2019, has a team with experience in shareholder activism, including members who previously worked at Elliott Management [3] - 13D Activist Fund recognized Viasat as significantly undervalued, acquiring a full position at $16.65 per share before the stock rose to nearly $28 per share shortly after [3]