Trip.com (TCOM): China’s Largest Travel Platform Set for Long Term Gains

Loomis Sayles Global Growth Fund released its Q2 2026 investor letter, reporting a 6.43% return, trailing the MSCI ACWI Index's 14.93% gain. The fund adopts a long-term private equity investment approach, targeting high-quality businesses with durable competitive edges at substantial discounts to their intrinsic value. The fund maintained an overweight in communication services, consumer discretionary, and healthcare sectors, while holding an underweight in information technology, financials, industrials, and consumer staples sectors.

Among the fund's top five holdings for 2026, it emphasized Trip.com Group Limited (NASDAQ:TCOM), a prominent online travel services company. In its Q2 2026 outlook, the fund noted that Trip.com detracted from performance during the quarter, closing at $46.11 per share with a market capitalization of $29.04 billion. Trip.com Group posted a 1-month return of 2.99% yet lost 30.06% over the past 52 weeks.

The fund highlighted that Trip.com is China's leading global travel platform, providing services for lodging, transportation, packaged tours, online advertising, financial services, and corporate travel management. China accounts for over 85% of its revenue, while the platform serves non-Chinese customers through Trip.com and Skyscanner, available in 24 languages and 35 local currencies.

Despite being on the list of 40 most popular stocks among hedge funds, the fund expressed belief that certain AI stocks present better upside potential with less downside risk.