Artisan Partners, a high value-added investment management firm, published its “Artisan Value Fund” fourth quarter 2021 investor letter – a copy of which can be downloaded here. A return of 4.48% was recorded by its Investor Class: ARTLX, 4.55% by its Advisor Class: APDLX, and 4.54% was gained by its Institutional Class: APHLX for the fourth quarter of 2021, all below the Russell 1000® Value Index that delivered a 7.77% return, and the Russell 1000® Index that gained 9.78% for the same period. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.
Artisan Value Fund, in its Q4 2021 investor letter, mentioned Comcast Corporation (NASDAQ: CMCSA) and discussed its stance on the firm. Comcast Corporation is a Philadelphia, Pennsylvania-based telecommunications company with a $213.3 billion market capitalization. CMCSA delivered a -6.48% return since the beginning of the year, while its 12-month returns are down by -10.72%. The stock closed at $47.07 per share on February 25, 2022.
Here is what Artisan Value Fund has to say about Comcast Corporation in its Q4 2021 investor letter:
“Comcast is the leading broadband cable company in North America and a global content producer. Comcast and other cable companies are seeing decreased net subscriber additions as they are lapping tough comparisons from a year ago when net additions were high earlier in the pandemic. Interestingly, churn remains at record low levels—a positive metric that speaks to cable’s value proposition. For Comcast, an additional headwind is a delayed recovery in its theme parks business due to the ongoing pandemic. Additionally, increased investment in 5G by wireless competitors may be weighing on shares. However, 5G is not currently competitive with cable, and based on the economics of 5G capex, it’s unlikely to be competitive for many years, if ever. Cable continues to have a competitive advantage with respect to network speeds and reliability. High recurring revenue, pricing power and low capital intensity make for a powerful economic model that contribute to Comcast’s free cash flow generation, allowing the company to play offense with regards to capital allocation. In summary, Comcast is a well-financed business with a wide competitive moat, that trades cheaply at under 13X our estimate of normalized earnings.”
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Our calculations show that Comcast Corporation (NASDAQ: CMCSA) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. CMCSA was in 80 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 75 funds in the previous quarter. Comcast Corporation (NASDAQ: CMCSA) delivered a -7.89% return in the past 3 months.
In February 2022, we published an article that includes CMCSA in the 5 Best Dividend Stocks According to Andreas Halvorsen’s Viking Global. You can find more than 100 investor letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.
Disclosure: None. This article is originally published at Insider Monkey.
