Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund’s Institutional Class returned -2.96% compared to a +3.22% return for the Russell 3000 Index. Year-to-date the fund returned +5.01% compared to +13.56% return for the index. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2024.
Weitz Investment Management Partners III Opportunity Fund highlighted stocks like Liberty Broadband Corporation (NASDAQ:LBRDA), in the second quarter 2024 investor letter. Liberty Broadband Corporation (NASDAQ:LBRDA) is a company that engages in communications businesses. The one-month return of Liberty Broadband Corporation (NASDAQ:LBRDA) was 6.93%, and its shares lost 32.70% of their value over the last three months. On August 22, 2024, Liberty Broadband Corporation (NASDAQ:LBRDA) stock closed at $59.26 per share with a market capitalization of $8.613 billion.
Weitz Investment Management Partners III Opportunity Fund stated the following regarding Liberty Broadband Corporation (NASDAQ:LBRDA) in its Q2 2024 investor letter:
Liberty Broadband Corporation (NASDAQ:LBRDA) (26% owner of Charter Communications) was the Fund’s top year-to-date detractor. Shares of Charter Communications remain in the penalty box as investors wait to see how the mid-May expiration of the federal Affordable Connectivity Program (ACP) impacts subscriber results. We anticipate Charter will retain many, if not most, of its five million ACP customers, but we acknowledge this uncertainty has created an added overhang on the stock price. Beyond this one-time event, we believe the long-term picture for Charter remains intact.
A technician in a telecom facility installing wireless routers and operating on a computer.
Liberty Broadband Corporation (NASDAQ:LBRDA) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Liberty Broadband Corporation (NASDAQ:LBRDA) at the end of the second quarter which was 19 in the previous quarter. While we acknowledge the potential of Liberty Broadband Corporation (NASDAQ:LBRDA) 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 Broadband Corporation (NASDAQ:LBRDA) and shared Conventum – Alluvium Global Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
