Viasat: 13D’s $8M Gamble in the Satellite Jungle

The beast of Wall Street has turned its bloodshot eyes toward Viasat, a name that now hums in the underbelly of 13D Management’s portfolio like a rogue satellite orbiting the moon of greed. According to the SEC’s latest filing, this New York City-based fund-some call it a cult, others a machine-dumped $7.82 million into Viasat’s shares, transforming the stock into a Top 3 holding. Welcome to the circus, where the elephants are wearing suits and the jokers are counting zeros.

What Happened

On November 14, the SEC released a document that might as well have been written in code for the uninitiated. 13D Management, that shadowy cabal of financial alchemists, revealed a new position in Viasat (VSAT 0.97%) during the third quarter. They own 267,000 shares, each one a bullet in the chamber of their portfolio’s roulette wheel. The fund’s total equity holdings? A tidy 18, as of September 30. A number that feels both precise and absurd, like the price of a loaf of bread in a world run by madmen.

What Else to Know

This Viasat stake isn’t just a bet-it’s a 7.5% stake in the fund’s reportable assets under management. That’s like betting your last dollar on a horse named “Chaos” at the Kentucky Derby. The top holdings now read like a manifesto: Mercury Systems ($10.6M), Qorvo ($8.08M), and Viasat ($7.82M). A trifecta of defense and tech, where the margins are thin but the stakes are thicker than the fog rolling in off the Hudson.

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 floated at $34.81, up 271.5% over the past year. That’s not just a rally-it’s a full-scale invasion of the S&P 500’s territory, which managed a paltry 15% gain. The market is watching, twitching like a junkie waiting for the next fix.

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 sells satellite-based broadband, in-flight Wi-Fi, and communications gear. It’s the kind of stuff that keeps planes from falling out of the sky and consumers from screaming into their phones.
Their revenue model is a subscription-based nightmare, where customers pay recurring fees for connectivity while Viasat builds satellites like they’re Legos for billionaires.
They serve airlines, governments, and anyone who’s ever wanted to stream Netflix on a boat. It’s a global game of tag, where the ball is a satellite and the field is the atmosphere.

Viasat, Inc. is a beast with tentacles in every corner of the connectivity world. They blend satellite tech with subscription services, creating a Frankenstein monster of cash flow and capital expenditure. Their ViaSat-3 satellites promise bandwidth that could make your grandma’s dial-up connection blush. But let’s not forget: the company lost $522 million in the last 12 months. That’s the kind of red ink that makes accountants weep into their coffee cups.

Foolish Take

Viasat is teetering on the edge of a knife-a place where the madness of capital spending collides with the glimmer of cash flow. In their latest quarter, they narrowed the net loss to $61 million from $138 million a year ago, while free cash flow jumped by $58 million. It’s a dance on a tightrope strung between hope and despair. Operating cash flow hit $282 million, a number that makes you wonder if the company’s engineers have started charging for oxygen.

But the real fireworks come in 2026, when the ViaSat-3 F2 satellite launches. Each of these birds is supposed to deliver more bandwidth than Viasat’s entire legacy fleet. Meanwhile, their defense backlog hits $1.2 billion, a number so large it could buy a small island in the Caribbean and still have change for a mojito. This isn’t just a play-it’s a full-throated roar into the void, where the only answer is more satellites, more debt, and more caffeine.

13D’s portfolio is a rogues’ gallery of defense contractors and semiconductor grinders. Mercury Systems, Qorvo-they’re all part of the same fever dream, where long product cycles and capital intensity are the new rock ‘n’ roll. Viasat fits right in, like a bad toupee at a funeral. The fund isn’t just investing; it’s curating a collection of chaos, where the only certainty is the uncertainty.

Glossary

Assets Under Management (AUM): The total value of investments managed by a fund. Think of it as the weight of the anchor dragging the ship into the storm.
Reportable Assets: Investments that must be disclosed to the SEC. The kind of secrets that scream from the rooftops.
Position: The amount of a security held by an investor. A stake in the ground, or a stake in the game.
Equity Holdings: Shares owned by a fund. Ownership without responsibility, unless the market decides otherwise.
Quarterly Average Pricing: The average price of a security over three months. A number that changes faster than a politician’s promise.
Stake: Ownership percentage in a company. A claim check for the future, or a ticket to bankruptcy.
Outperforming: Beating a benchmark. A victory lap in a race where the finish line keeps moving.
TTM: Twelve months trailing. A rearview mirror that’s always dirty.
Subscription-based Services: Recurring revenue. A cash cow that charges admission to the pasture.
Integrated Approach: Combining functions for efficiency. A Venn diagram with no edges.

2025-12-27 00:52