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Here’s Why Comcast Corporation (CMCSA) Detracted in Q3

Diamond Hill Capital, an investment management company, released its “Long-Short Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -5.25% compared to a -4.61% return for the Russell 1000 Index. Even though the fund’s short book trailed the Russell 1000 Index, it still added positive returns. On the other hand, weakness in consumer discretionary and communication services holdings dragged the performance of the long book of the fund in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Diamond Hill Capital highlighted stocks like Comcast Corporation (NASDAQ:CMCSA) in the Q3 2022 investor letter. Headquartered in Philadelphia, Pennsylvania, Comcast Corporation (NASDAQ:CMCSA) is a global media and technology company. On November 29, 2022, Comcast Corporation (CMCSA) stock closed at $35.48 per share. One-month return of Comcast Corporation (CMCSA) was 14.78%, and its shares lost 27.71% of their value over the last 52 weeks. Comcast Corporation (CMCSA) has a market capitalization of $153.395 billion.

Diamond Hill Capital made the following comment about Comcast Corporation (CMCSA) in its Q3 2022 investor letter:

"Other bottom contributors included our long positions in Comcast Corporation (CMCSA) and Wolverine World Wide. Cable company Comcast reported underwhelming quarterly results showing disappointing broadband subscriber growth amid increased competition from fixed wireless, though Comcast’s churn remains near all-time lows. Footwear and apparel company Wolverine World Wide is coping with cost pressures and greater-than-anticipated promotional activity amid a more uncertain macro environment. In addition, consumer spending concerns weighed on investor sentiment toward companies selling more discretionary goods."

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Jonathan Weiss / Shutterstock.com Comcast Corporation (NASDAQ:CMCSA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 73 hedge fund portfolios held Comcast Corporation (NASDAQ:CMCSA) at the end of the third quarter, which was 75 in the previous quarter. We discussed Comcast Corporation (NASDAQ:CMCSA) in another article and shared the high-dividend stocks picked by billionaire Gabelli. In addition, please check out our hedge fund investor letters Q3 2022 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.