Longleaf Partners, managed by Southeastern Asset Management, released its “Global Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The Fund had a good year in 2023 and it nearly doubled the FTSE Developed Value Index, while almost equaling the tech-led FTSE Developed Index. The fund returned 7.03% in Q4 compared to 9.20% and 11.43% for the indexes, respectively. For the full year, the fund returned 22.48% compared to 13.54% and 23.61%, respectively for the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Global Fund featured stocks like Millicom International Cellular S.A. (NASDAQ:TIGO) in the fourth quarter 2023 investor letter. Headquartered in Luxembourg, Millicom International Cellular S.A. (NASDAQ:TIGO) provides cable and mobile services. On February 23, 2024, Millicom International Cellular S.A. (NASDAQ:TIGO) stock closed at $15.91 per share. One-month return of Millicom International Cellular S.A. (NASDAQ:TIGO) was -7.77%, and its shares lost 18.16% of their value over the last 52 weeks. Millicom International Cellular S.A. (NASDAQ:TIGO) has a market capitalization of $2.728 billion.
Longleaf Partners Global Fund stated the following regarding Millicom International Cellular S.A. (NASDAQ:TIGO) in its fourth quarter 2023 investor letter:
“Millicom International Cellular S.A. (NASDAQ:TIGO)– Latin American wireless and cable company Millicom was also a top performer for the year, after being a top detractor in 2022. Millicom rallied early in the year on the news of multiple interested third parties. The share price retreated in 2Q after Millicom confirmed it had ended takeover discussions with private equity company Apollo Global. We were not counting on an Apollo buyout as an outcome, and our appraisal was not impacted by the news. The more compelling and value-additive update in the year was the arrival of new shareholder French billionaire Xavier Niel, founder of French broadband Internet provider Iliad, and subsequent shake-up of executive management and the board. Niel built up a roughly 30% ownership stake in Millicom via his investment vehicle Atlas Investissement. He took a seat on the Nomination Committee, where Southeastern also has a seat, and asked for multiple board seats as well. In August, Millicom announced the resignation of Chair José Antonio Ríos García, with CEO Mauricio Ramos taking over as Interim Chair and slated to step down as CEO of the business in 2024. Additionally, Maxime Lombardini, Vice-Chairman and prior CEO of Iliad, joined Millicom as President and COO, adding significant relevant industry expertise and capital allocation discipline to the company. We reduced our position on the back of strong price performance.”
A telecom tower in a city skyline indicating the companys expansive reach.
Millicom International Cellular S.A. (NASDAQ:TIGO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Millicom International Cellular S.A. (NASDAQ:TIGO) was held by 8 hedge fund portfolios, up from 7 in the previous quarter, according to our database.
We discussed Millicom International Cellular S.A. (NASDAQ:TIGO) in another article and shared Bonhoeffer Capital Management’s views on the company in the previous quarter. 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.
