Silver Ring Value Partners, an investment management company, released its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The strategy returned -9.2% (net) in the last 12 months compared to a 35.2% return for the Russell 3000 Index and a 33.1% return for the MSCI World Index during the same period. The portfolio is more undervalued and better balanced than a year ago, and the firm believes it will benefit them working toward the long-term objective of safely compounding capital. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Silver Ring Value Partners highlighted stocks like Liberty Latin America Ltd. (NASDAQ:LILAK), in the third quarter 2024 investor letter. Liberty Latin America Ltd. (NASDAQ:LILAK) offers fixed, mobile, and subsea telecommunications services that operate through C&W Caribbean, C&W Panama, Liberty Networks, Liberty Puerto Rico, and Liberty Costa Rico segments. The one-month return of Liberty Latin America Ltd. (NASDAQ:LILAK) was -30.78%, and its shares lost 3.23% of their value over the last 52 weeks. On November 18, 2024, Liberty Latin America Ltd. (NASDAQ:LILAK) stock closed at $6.59 per share with a market capitalization of $1.305 billion.
Silver Ring Value Partners stated the following regarding Liberty Latin America Ltd. (NASDAQ:LILAK) in its Q3 2024 investor letter:
Liberty Latin America Ltd. (NASDAQ:LILAK) has been a poor investment for the partnership. I had been too optimistic in believing in management’s plans, which it has repeatedly come up short on over the years. Following the failure of the Chilean business, the trouble has now been centered on the company’s Puerto Rico operations where it has been integrating its AT&T acquisition.
I took a hard look at the position, which had been a Medium position size, during the quarter through the lens of the Mental Model Scorecard. LILAK had one of the lower scores, and despite the stock’s cheapness no longer merited to be such a big position. With that in mind, I lowered the position size substantially to a Small position… (Click here to read the full text)
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Liberty Latin America Ltd. (NASDAQ:LILAK) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Liberty Latin America Ltd. (NASDAQ:LILAK) at the end of the third quarter which was 23 in the previous quarter. While we acknowledge the potential of Liberty Latin America Ltd. (NASDAQ:LILAK) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Liberty Latin America Ltd. (NASDAQ:LILAK) and shared the list of best performing Warren Buffett stocks in 2024. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.