Here’s Why Baron Small Cap Fund Sold Liberty Broadband Corporation (LBRDK)
Baron Funds, an investment management company, released its “Baron Small Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund had a fine quarter and is having a good year. The fund was down 3.11% (Institutional Shares) in the third quarter, in a weak market and year-to-date the fund was up 12.92%. The Fund outperformed the Russell 2000 Growth Index, which fell 7.32% in the quarter and is only up 5.24% year-to-date. The Fund slightly outperformed the S&P 500 Index in the quarter but is trailing year-to-date. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Small Cap Fund highlighted stocks like Liberty Broadband Corporation (NASDAQ:LBRDK) in the third quarter 2023 investor letter. Headquartered in Englewood, Colorado, Liberty Broadband Corporation (NASDAQ:LBRDK) provides communications services. On November 27, 2023, Liberty Broadband Corporation (NASDAQ:LBRDK) stock closed at $81.88 per share. One-month return of Liberty Broadband Corporation (NASDAQ:LBRDK) was -1.72%, and its shares lost 8.44% of their value over the last 52 weeks. Liberty Broadband Corporation (NASDAQ:LBRDK) has a market capitalization of $11.968 billion.
Baron Small Cap Fund made the following comment about Liberty Broadband Corporation (NASDAQ:LBRDK) in its Q3 2023 investor letter:
"We exited our position in Liberty Broadband Corporation (NASDAQ:LBRDK), a long-term and successful holding. The company is one of the leading cable and broadband service providers. The cable business has changed for the worse, with the phenomenon of cord cutting continuing, but the provision of internet service thrived. Now that is challenged as well, and the business faces a large capex upgrade program. The stock has rebounded this year, and we decided to exit."
A technician on the factory floor working with a stack of communication equipment.
Liberty Broadband Corporation (NASDAQ:LBRDK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held Liberty Broadband Corporation (NASDAQ:LBRDK) at the end of third quarter which was 56 in the previous quarter.
We discussed Liberty Broadband Corporation (NASDAQ:LBRDK) in another article and shared billionaire Paul Singer’s top holdings and recent moves. In addition, please check out our hedge fund investor letters Q3 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.
