Core Insights - 13D Activist Fund reported a Q3 2025 return of 8.88%, 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 returns of 12.39% compared to 8.12% [1] Company Overview: Tripadvisor, Inc. (NASDAQ:TRIP) - Tripadvisor, Inc. is an online travel company with a one-month return of -1.04% and a 52-week gain of 8.46% [2] - As of December 03, 2025, Tripadvisor's stock closed at $15.26 per share, with a market capitalization of $1.784 billion [2] Business Performance - Tripadvisor operates three platforms: Tripadvisor.com, Viator, and TheFork, with Tripadvisor.com generating $900 million in revenue and 300 million monthly unique visitors [3] - Viator is expected to exceed $900 million in revenue this year, while TheFork is projected to generate over $200 million [3] - Despite strong revenue streams, Tripadvisor trades at a significant discount, around 7x EBITDA, compared to low to mid-teens for peers and higher historical multiples [3]