Meridian Funds, managed by ArrowMark Partners, released its “Meridian Hedged Equity Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. News of declining inflation and the potential for lower interest rates in 2024 fueled optimism in the final months of the year. Equities saw a broad rally, with small caps surging over 14% and large caps adding to yearly gains, resulting in a 12% return for the quarter. In the quarter, the fund appreciated 8.96% (net), trailing its benchmark, the S&P 500 Index, which returned 11.69%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Meridian Hedged Equity Fund featured stocks like Liberty Broadband Corporation (NASDAQ:LBRDA) in the fourth quarter 2023 investor letter. Headquartered in Englewood, Colorado, Liberty Broadband Corporation (NASDAQ:LBRDA) provides communications services. On April 2, 2024, Liberty Broadband Corporation (NASDAQ:LBRDA) stock closed at $54.08 per share. One-month return of Liberty Broadband Corporation (NASDAQ:LBRDA) was -3.70%, and its shares lost 32.97% of their value over the last 52 weeks. Liberty Broadband Corporation (NASDAQ:LBRDA) has a market capitalization of $7.769 billion.
Meridian Hedged Equity Fund stated the following regarding Liberty Broadband Corporation (NASDAQ:LBRDA) in its fourth quarter 2023 investor letter:
“Liberty Broadband Corporation (NASDAQ:LBRDA) is a holding company that owns interests in several cable businesses, primarily in the United States. Most of Liberty Broadband’s value (about 90%) comes from its large stake in Charter Communications, a broadband provider with 32 million customers across 41 states. Charter’s stock underperformed after missing subscriber growth expectations. Management signaled a likelihood of continued softness through the remainder of 2023. The company also announced $1 billion of additional capital expenditures, which was unwelcome news for many investors. Liberty Broadband has historically traded at a discount to its net asset value, which continues today. We estimate that the business trades as much as 30% below fair value and presents an opportunity to own a quality asset at a sizeable discount. Our long position in Liberty Broadband remained based on the consistent discount to net asset value and Charter’s underlying strengths, even as Charter manages through current industry dynamics.”
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 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Liberty Broadband Corporation (NASDAQ:LBRDA) was held by 19 hedge fund portfolios, compared to 24 in the previous quarter, according to our database.
We discussed Liberty Broadband Corporation (NASDAQ:LBRDA) in another article and shared the list of best stocks to buy in falling markets according to analysts. In addition, please check out our hedge fund investor letters Q4 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.
