Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s Institutional Class returned +3.06% compared to a +7.18% return for the Russell 3000 Index. The fund returned -15.80% for the fiscal year ended March 31, 2023, compared to a -8.58% return for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Weitz Partners III Opportunity Fund highlighted stocks like The Liberty SiriusXM Group (NASDAQ:LSXMA) in the first quarter 2023 investor letter. Based in Englewood, Colorado, The Liberty SiriusXM Group (NASDAQ:LSXMA) engages in the entertainment business. On June 26, 2023, The Liberty SiriusXM Group (NASDAQ:LSXMA) stock closed at $29.93 per share. One-month return of The Liberty SiriusXM Group (NASDAQ:LSXMA) was 4.83%, and its shares lost 16.81% of their value over the last 52 weeks. The Liberty SiriusXM Group (NASDAQ:LSXMA) has a market capitalization of $9.735 billion.
Weitz Partners III Opportunity Fund made the following comment about The Liberty SiriusXM Group (NASDAQ:LSXMA) in its first quarter 2023 investor letter:
“Beyond our financial holdings, The Liberty SiriusXM Group (NASDAQ:LSXMA)’s quarterly declines were significant enough to land it on our quarterly detractors list. The company also joins Liberty Broadband on the detractors list for the fiscal year. Liberty Chairman John Malone and CEO Greg Maffei have a long, successful track record of pairing businesses with predictable and growing cash flow streams with prudent use of debt to enhance equity returns via share buybacks. SiriusXM and Charter Communications, the two primary operating entities of the Liberty holding companies, are two such examples. Lately, necessary operating investments (new satellites and streaming technology for Sirius, fiber-competitive speed upgrades and network expansions at Charter) have reduced the amount of capital available for repurchases. Investment cycles are not unusual, and both businesses will be better positioned afterward. We believe the long-term equity return potential remains intact. In the short term, we believe Liberty SiriusXM will also benefit from management’s decision to separate Liberty SiriusXM into two distinct tracking stocks to individually highlight the value of its ownership stakes of SiriusXM and Live Nation — currently both attributed to Liberty SiriusXM shares. This move will facilitate greater transparency for shareholders and potentially help reduce the shares’ discount to the market value of their underlying assets.”
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The Liberty SiriusXM Group (NASDAQ:LSXMA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held The Liberty SiriusXM Group (NASDAQ:LSXMA) at the end of the first quarter 2023 which was 42 in the previous quarter.
We discussed The Liberty SiriusXM Group (NASDAQ:LSXMA) in another article and shared Baron Small Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 2023 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.
