Greenlight Capital, an investment management firm, released its first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the Greenlight Capital funds returned 4.9% net of fees and expenses, compared to 10.6% for the S&P 500 index. The year’s first quarter saw a bullish market, with investors focusing on AI, cryptocurrency, and meme stocks. Despite the market’s strong performance, the long and short portfolios didn’t fare as well. The long portfolio only saw a modest increase of 2.2%, net of fees and expenses, while the single-name short portfolio broke even. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Greenlight Capital featured stocks like Liberty Global plc (NASDAQ:LBTYA) in the first quarter 2024 investor letter. Based in Hamilton, Bermuda, Liberty Global plc (NASDAQ:LBTYA) offers broadband internet, video, fixed-line telephony, and mobile communications services. On May 7, 2024, Liberty Global Ltd. (NASDAQ:LBTYA) stock closed at $16.91 per share. One-month return of Liberty Global Ltd. (NASDAQ:LBTYA) was -1.05%, and its shares lost 4.14% of their value over the last 52 weeks. Liberty Global Ltd. (NASDAQ:LBTYA) has a market capitalization of $6.415 billion.
Greenlight Capital stated the following regarding Liberty Global Ltd. (NASDAQ:LBTYA) in its first quarter 2024 investor letter:
“We initiated a small position in Class A shares of Liberty Global Ltd. (NASDAQ:LBTYA), one of three share classes of Liberty Global. Liberty Global is a mobile communications company with ownership stakes in a number of European operations across Switzerland, the United Kingdom, Belgium, the Netherlands and Ireland. LBTYA trades at a more than 40% discount to our estimate of fair value and we believe company management is focused on closing this gap. The first step will be the spin-off of Liberty Global’s Swiss business later this year. We estimate that the Swiss business, when separately listed, could account for more than half of Liberty Global’s total current market capitalization and could leave its remaining businesses trading collectively at a more than 60% discount to fair value. The company has a history of aggressively repurchasing its own shares, having reduced share count across all three classes by nearly 60% in the past seven years. Liberty Global has announced a plan to repurchase up to another 10% of its shares this year. We acquired our shares at an average price of $19.19. LBTYA ended the quarter at $16.92.”
A close-up of a hand pressing a mobile device screen and switching among the company’s services.
Liberty Global Ltd. (NASDAQ:LBTYA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Liberty Global Ltd. (NASDAQ:LBTYA) at the end of the fourth quarter which was 31 in the previous quarter.
We discussed Liberty Global Ltd. (NASDAQ:LBTYA) in another article, where we shared Artisan International Value Fund’s views on the company in the second quarter 2023. Liberty Global Ltd. (NASDAQ:LBTYA) shares declined 13% in Q2 2023. In addition, please check out our hedge fund investor letters Q1 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.
