East 72, an investment management company published its Q2, 2022 Investor Letter, a copy of which can be downloaded here. The quarterly gross return of the portfolio is -27.2% and the 12-month rolling return is -27.1%. The fund lost its value in the quarter and trails the S&P 500 Index, NASDAQ 100 Index, and ASX 200 Index. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In the Q2, 2022 investor letter East 72, emphasized Liberty Broadband Corporation (NASDAQ:LBDRK) and discussed the operations of the company. Liberty Broadband Corporation (NASDAQ:LBRDK) is a communication business provider and has a market capitalization of $19.477 billion. The company operates in GCI Holdings and Charter segments. The one-month return of Liberty Broadband Corporation (NASDAQ:LBRDK) is 6.97% while its 12-month return is -31.24%. The stock of Liberty Broadband Corporation (NASDAQ:LBRDK) closed at $121.45 per share on July 25, 2022.
Here is what East 72 specifically said about Liberty Broadband Corporation (NASDAQ:LBRDK) in its Q2, 2022 investor letter:
“Liberty Broadband is one of seven structures, encompassing nine securities including tracker stocks within the “Liberty” empire:
• Liberty Media noted above which consists of the three tracker stocks FWON, BATR and LSXM;
• Liberty Global plc (LBTY), providing broadband and mobile in Europe;
• Liberty Latin America (LILA), a replica of LBTY across selected countries in South and Central America;
• Qurate Retail (QRTE) a home-shopping entity encompassing HSN and QVC amongst other assets;
• Liberty Trip Advisor (LTRP) which holds a 21% economic stake, but 57% voting position in TripAdvisor (TRIP);
• LMF Acquisition Opportunities (LMAC), a special purpose acquisition corporation (SPAC);
and
• Liberty Broadband.
At 31 March 2022, LBRD equity is comprised of the three classes noted above; 22.56m single vote “A” class, 2.54m 10-vote “B” class, and 139.9m non-voting “C”; John Malone controls LBRD via his ownership of 92% (2.148m) super voting “B” shares, despite holding only a 2.1% economic interest.LBRD has two assets:
• GCI Holdings – a specialist communication and entertainment provider to Alaska, acquired in December 2020 for an effective equity value (via stock swap and cancellation of LBRD shares owned by GCI ) of $3.06billion; attaching debt of $2.2billion and other liabilities were offset by an investment in Charter (below); and
• 26% interest in Charter Communications (CHTR, Charter) an $81billion equity capitalised (enterprise value ~$174billion) cable network with over 30million residential customers and 2.16million small and medium business relationships15; at the share price on 30 June 2022, the CHTR stake is priced at $24.15billion…” (Click here to see the full text)
Although East 72 is invested in Liberty Broadband Corporation (NASDAQ:LBRDK), the stock isn’t in the list of 30 Most Popular Stocks Among Hedge Funds. At the end of the first quarter Liberty Broadband Corporation (NASDAQ:LBRDK) was in 63 hedge fund portfolios compared to 65 in Q4, 2021. Liberty Broadband Corporation (NASDAQ:LBRDK) shares lost 31.42% of their value over the last 52 weeks.
On July 8th we published another article on Liberty Broadband Corporation (NASDAQ:LBRDK) and shared Longleaf Partners Fund’s views on the company. If you want to read more investor letters from hedge funds and other leading investors, check out our hedge fund investor letters 2022 page.
Disclosure: None. This article is originally published at Insider Monkey.
