Multiple Headwinds Pressured Liberty Global plc (LBTYK) Shares
Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund’s Institutional Class returned +8.03% compared to an +8.39% return for the Russell 3000 Index. The Fund’s Institutional Class has returned +11.33% year-to-date compared to +16.17% 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 Global plc (NASDAQ:LBTYK) in the second quarter 2023 investor letter. Headquartered in London, the United Kingdom, Liberty Global plc (NASDAQ:LBTYK) offers broadband internet, video, fixed-line telephony, and mobile communications service. On August 7, 2023, Liberty Global plc (NASDAQ:LBTYK) stock closed at $18.41 per share. One-month return of Liberty Global plc (NASDAQ:LBTYK) was 4.12%, and its shares lost 12.46% of their value over the last 52 weeks. Liberty Global plc (NASDAQ:LBTYK) has a market capitalization of $8.447 billion.
Weitz Partners III Opportunity Fund made the following comment about Liberty Global plc (NASDAQ:LBTYK) in its second quarter 2023 investor letter:
"Among the Fund's long holdings, Perimeter Solutions SA (PRM), CoreCard Corp. (CCRD US), and Liberty Global plc (NASDAQ:LBTYK) were our top quarterly detractors. Lackluster operating results and a complicated ownership structure continue to pressure shares of Liberty Global. We acknowledge this investment has required a great deal of patience in recent years, but we believe management will ultimately unlock value as shares continue to trade below our estimated “sum of the parts” valuation."
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Liberty Global plc (NASDAQ:LBTYK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Liberty Global plc (NASDAQ:LBTYK) at the end of first quarter which was 35 in the previous quarter.
We discussed Liberty Global plc (NASDAQ:LBTYK) in another article and shared the list of stocks Warren Buffett sold. In addition, please check out our hedge fund investor letters Q2 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.
