Oakmark Funds, an investment management company, released its “Oakmark Select Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The fund returned 4.7% in the fourth quarter compared to a 7.6% return for the S&P 500 Index. For the full year 2022, the fund returned -22.7% compared to the -18.1% return for the S&P 500. The firm is disappointed with the performance of the fund. However, they still focus on creating high-conviction portfolio of undervalued companies that will offer attractive risk-adjusted returns and margin of safety over a long period. The largest contributors in the quarter were financials and energy sectors while the consumer discretionary sector 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 highlighted stocks like Liberty Broadband Corporation (NASDAQ:LBRDA) in its Q4 2022 investor letter. Headquartered in Englewood, Colorado, Liberty Broadband Corporation (NASDAQ:LBRDA) is a communication company. On January 9, 2023, Liberty Broadband Corporation (NASDAQ:LBRDA) stock closed at $83.07 per share. One-month return of Liberty Broadband Corporation (NASDAQ:LBRDA) was -7.90%, and its shares lost 44.34% of their value over the last 52 weeks. Liberty Broadband Corporation (NASDAQ:LBRDA) has a market capitalization of $12.319 billion.
Oakmark Funds made the following comment about Liberty Broadband Corporation (NASDAQ:LBRDA) in its Q4 2022 investor letter:
“We also sold some of our position in Charter Communications to purchase a new position in Liberty Broadband Corporation (NASDAQ:LBRDA). We continue to see significant value in Charter shares and view Liberty Broadband as a tax-efficient way to own Charter at a discount. Liberty Broadband owns GCI, the primary cable provider in Alaska, and a 30.3% stake in Charter Communications. We believe that Liberty Broadband is trading at a material discount to its asset value today and that, by owning the shares, we are effectively recreating our Charter position at a discount. Liberty’s management team is taking advantage of this discount by repurchasing shares, and we would not be surprised to see the discount ultimately reduced or eliminated through a transaction with Charter.”
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Liberty Broadband Corporation (NASDAQ:LBRDA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Liberty Broadband Corporation (NASDAQ:LBRDA) at the end of the third quarter which was 27 in the previous quarter.
We discussed Liberty Broadband Corporation (NASDAQ:LBRDA) in another article and shared George Soros net worth and top holdings heading into 2023. In addition, please check out our hedge fund investor letters Q4 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.
