We added Match Group (MTCH, Financial) to the Fund in the third quarter. With popular brands, including Tinder, Match.com, Meetic, OurTime, PlentyofFish, Pairs, OKCupid, and Hinge, Match Group is the global leader in online dating. Some estimates suggest that globally, approximately 25% of the 600-700 million single adults use online dating services—suggesting a massive and largely untapped market. We believe Tinder, the most-downloaded and top-grossing dating app in the world, has significant room for further paid-subscriber penetration. We view the company as largely, structurally immune from Big Tech competition and well-positioned in a post-COVID world, as growth is set to accelerate with the company's monetization strategy, which includes tiered products.
From Spiros Segalas (Trades, Portfolio)' Harbor Capital Appreciation Fund third-quarter 2020 commentary.
