Is it Still Wise to Own Qurate Retail (QRTEA) Shares?

Weitz Investment Management, an investment management firm, published its “Partners III Opportunity Fund” second quarter 2022 investor letter – a copy of which can be downloaded here. The Partners III Opportunity Fund’s Institutional Class returned -13.84% in the second quarter, compared to -16.10% for the S&P 500 and -16.70% for the Russell 3000. Year-to-date, the Fund’s Institutional Class returned -18.22% compared to -19.96% for the S&P 500 and -21.10% for the Russell 3000. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, Weitz Investment Partners III Opportunity Fund mentioned Qurate Retail, Inc. (NASDAQ:QRTEA) and explained its insights for the company. Founded in 1991, Qurate Retail, Inc. (NASDAQ:QRTEA) is a West Chester, Pennsylvania-based media conglomerate with a $1.4 billion market capitalization. Qurate Retail, Inc. (NASDAQ:QRTEA) delivered a -53.29% return since the beginning of the year, while its 12-month returns are down by -67.73%. The stock closed at $3.55 per share on August 23, 2022.

Here is what Weitz Investment Partners III Opportunity Fund has to say about Qurate Retail, Inc. (NASDAQ:QRTEA) in its Q2 2022 investor letter:

“As we describe in our latest “Value Matters,” we believe these are characteristics that allow companies to “make their own breaks,” regardless of the near-term challenges we may face. During the quarter, we sold our remaining shares of Qurate Retail‘s (NASDAQ:QRTEA) common equity but maintain a position in the company’s 8% preferred shares.”

Our calculations show that Qurate Retail, Inc. (NASDAQ:QRTEA) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Qurate Retail, Inc. (NASDAQ:QRTEA) was in 29 hedge fund portfolios at the end of the second quarter of 2022, compared to 32 funds in the previous quarter. Qurate Retail, Inc. (NASDAQ:QRTEA) delivered a 9.23% return in the past 3 months.

In June 2022, we also shared another hedge fund’s views on Qurate Retail, Inc. (NASDAQ:QRTEA) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

Disclosure: None. This article is originally published at Insider Monkey.