=== modified file 'lisp/erc/erc-match.el'
--- lisp/erc/erc-match.el	2013-01-02 16:13:04 +0000
+++ lisp/erc/erc-match.el	2013-02-12 03:13:26 +0000
@@ -454,7 +454,14 @@
 		     (match-end 0)))
 	 (message (buffer-substring (if (and nick-end
 					     (<= (+ 2 nick-end) (point-max)))
-					(+ 2 nick-end)
+					;; Message starts 2 characters after
+					;; the nick except for CTCP ACTION
+					;; messages.  Nick surrounded by angle
+					;; brackets only in normal messages.
+					(+ nick-end
+					   (if (eq ?> (char-after nick-end))
+					       2
+					     1))
 				      (point-min))
 				    (point-max))))
     (when (and vector