Do You Believe in the Long-Term Return Potential of Liberty Broadband Corporation (LBRDA)?
Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s Institutional Class returned +3.06% compared to a +7.18% return for the Russell 3000 Index. The fund returned -15.80% for the fiscal year ended March 31, 2023, compared to a -8.58% return for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Weitz Partners III Opportunity Fund highlighted stocks like Liberty Broadband Corporation (NASDAQ:LBRDA) in the first quarter 2023 investor letter. Headquartered in Englewood, Colorado, Liberty Broadband Corporation (NASDAQ:LBRDA) provides communications services. On June 26, 2023, Liberty Broadband Corporation (NASDAQ:LBRDA) stock closed at $71.85 per share. One-month return of Liberty Broadband Corporation (NASDAQ:LBRDA) was -4.67%, and its shares lost 35.45% of their value over the last 52 weeks. Liberty Broadband Corporation (NASDAQ:LBRDA) has a market capitalization of $10.564 billion.
Weitz Partners III Opportunity Fund made the following comment about Liberty Broadband Corporation (NASDAQ:LBRDA) in its first quarter 2023 investor letter:
"Beyond our financial holdings, Liberty SiriusXM's quarterly declines were significant enough to land it on our quarterly detractors list. The company also joins Liberty Broadband Corporation (NASDAQ:LBRDA) on the detractors list for the fiscal year. Liberty Chairman John Malone and CEO Greg Maffei have a long, successful track record of pairing businesses with predictable and growing cash flow streams with prudent use of debt to enhance equity returns via share buybacks. SiriusXM and Charter Communications, the two primary operating entities of the Liberty holding companies, are two such examples. Lately, necessary operating investments (new satellites and streaming technology for Sirius, fiber-competitive speed upgrades and network expansions at Charter) have reduced the amount of capital available for repurchases. Investment cycles are not unusual, and both businesses will be better positioned afterward. We believe the long-term equity return potential remains intact. In the short term, we believe Liberty SiriusXM will also benefit from management's decision to separate Liberty SiriusXM into two distinct tracking stocks to individually highlight the value of its ownership stakes of SiriusXM and Live Nation — currently both attributed to Liberty SiriusXM shares. This move will facilitate greater transparency for shareholders and potentially help reduce the shares' discount to the market value of their underlying assets."
Photo by Mika Baumeister on Unsplash
Liberty Broadband Corporation (NASDAQ:LBRDA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Liberty Broadband Corporation (NASDAQ:LBRDA) at the end of first quarter 2023 which was 26 in the previous quarter.
We discussed Liberty Broadband Corporation (NASDAQ:LBRDA) in another article and shared George Soros’ top stock picks. In addition, please check out our hedge fund investor letters Q1 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.
