Bill Gates’ 2022 Portfolio: 4 Stocks to Sell

1. Grupo Televisa, S.A.B. (NYSE:TV)

Number of Hedge Fund Holders: 17

Reduction In Stake: 100%

Bill Gates completely sold off his stake in Grupo Televisa, S.A.B. (NYSE:TV) during Q1 2022. The Mexican firm provides TV, cable and content subscription services in the Spanish language around the world.

On March 18, JPMorgan analyst Marcelo Santos upgraded Grupo Televisa, S.A.B. (NYSE:TV) to ‘Overweight’ from ‘Neutral’, with a price target of $15.50, up from $9. Santos sees the firm well-positioned to capture market share in an industry worth $13 billion per annum, and cites its leadership in Spanish-language content along with a solid portfolio of news and sports.

At the close of Q4 2021, 17 hedge funds held positions worth $669 million in Grupo Televisa, S.A.B. (NYSE:TV). This is up from 16 hedge funds in the preceding quarter with $843 million worth of stakes in the company. The most prominent shareholder of Grupo Televisa, S.A.B. (NYSE:TV) was Chicago-based Harris Associates, which held a $710.8 million stake in the firm at the close of Q1 2022.

Oakmark Funds, an investment firm, mentioned several stocks in its Q2 2021 investor letter, and Grupo Televisa, S.A.B. (NYSE:TV) was one of them. Here is what the fund said:

“Grupo Televisa, a media company headquartered in Mexico and the world’s largest producer of Spanish-language content, was a top contributor for the second quarter. Grupo Televisa’s share price jumped when the company revealed that it would merge its content and media assets with Univision. In a call with shareholders, CEO of Televisa, Alfonso de Angoitia, and CEO of Univision, Wade Davis, provided details on the $4.8 billion agreement, which combines these leading media businesses in the two largest Spanish-speaking markets in the world. Overall, we think the deal makes strategic sense as streaming is the future in television, and the new company will very likely become the dominant Spanish-language streaming service. There will also be synergies from combining the two businesses, which should improve profitability versus when they were stand-alone businesses. In addition, over the long term, we believe consolidation in the media sector will continue, providing an opportunity for the new entity to partner with a larger company. Aside from the strategic merits, we believe Televisa received an attractive valuation for its content business as the $4.8B value was higher than our internal estimates. We commend management for this transaction.”

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