Here’s Why Charter Communications (CHTR) Detracted in the Third Quarter

Oakmark Funds, an investment management company, released its “Oakmark Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -1.9%, outperforming the S&P 500 Index, which returned -4.9%. For the fiscal year ended September 30, 2022, the fund declined -17.7% compared to a decline of -15.5% for the S&P 500 Index. Energy and healthcare sectors contributed positively to the fund’s performance in the quarter while communication services and financials sectors detracted from the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Oakmark Funds discussed stocks like Charter Communications, Inc. (NASDAQ:CHTR) in the Q3 2022 investor letter. Headquartered in Stamford, Connecticut, Charter Communications, Inc. (NASDAQ:CHTR) is a broadband connectivity and cable operating company. On October 11, 2022, Charter Communications, Inc. (NASDAQ:CHTR) stock closed at $308.44 per share. One-month return of Charter Communications, Inc. (NASDAQ:CHTR) was -20.28% and its shares lost 55.34% of their value over the last 52 weeks. Charter Communications, Inc. (NASDAQ:CHTR) has a market capitalization of $51.136 billion.

Here is what Oakmark Funds specifically said about Charter Communications, Inc. (NASDAQ:CHTR) in its Q3 2022 investor letter:

“Charter Communications, Inc. (NASDAQ:CHTR) is also trading like a bank stock due to concerns about broadband subscriber growth and competition. With the stock trading for a high-single-digit P/E on next year’s consensus earnings forecasts, we believe the market’s assumptions are overly punitive. Charter remains the dominant broadband provider in 60% of its footprint, and we expect continued operating profit growth even in a tougher competitive and macro environment.”

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Charter Communications, Inc. (NASDAQ:CHTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 68 hedge fund portfolios held Charter Communications, Inc. (NASDAQ:CHTR) at the end of the second quarter, which was 73 in the previous quarter.

We discussed Charter Communications, Inc. (NASDAQ:CHTR) in another article and shared the best telecom stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2022 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.