Oakmark Global Fund Sold Grupo Televisa, S.A.B. (TV) for Better Alternative
Oakmark Funds, advised by Harris Associates, released its “Oakmark Global Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 10.5% compared to a 7.7% return for the MSCI World Index. The fund returned 9.3% since its inception compared to 5.4% for the index. In the first quarter, both the U.S. and non-U.S. portions of the portfolio contributed to the outperformance of the fund. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Oakmark Global Fund highlighted stocks like Grupo Televisa, S.A.B. (NYSE:TV) in the first quarter 2023 investor letter. Headquartered in Mexico City, Mexico, Grupo Televisa, S.A.B. (NYSE:TV) is a media company. On April 13, 2023, Grupo Televisa, S.A.B. (NYSE:TV) stock closed at $5.48 per share. One-month return of Grupo Televisa, S.A.B. (NYSE:TV) was 20.70%, and its shares lost 49.95% of their value over the last 52 weeks. Grupo Televisa, S.A.B. (NYSE:TV) has a market capitalization of $3.162 billion.
Oakmark Global Fund made the following comment about Grupo Televisa, S.A.B. (NYSE:TV) in its Q1 2023 investor letter:
“With the exceptions of Credit Suisse and Grupo Televisa, S.A.B. (NYSE:TV), the remaining sales were simply a function of price and value converging favorably. David Herro discussed the sale of Credit Suisse in his letter. Grupo Televisa had perennially disappointed us fundamentally, and we determined there were better alternatives where we had more confidence in a good outcome.”
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Grupo Televisa, S.A.B. (NYSE:TV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Grupo Televisa, S.A.B. (NYSE:TV) at the end of the fourth quarter which was 19 in the previous quarter.
We discussed Grupo Televisa, S.A.B. (NYSE:TV) in another article and shared the list of most profitable mid-cap stocks. 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.
