Here’s Why Liberty Broadband Corp. (LBRDA) Shares Slumped
Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund’s Institutional Class returned +5.98% compared to a +12.07% return for the Russell 3000 Index. Further, the fund returned +17.32%, compared to +25.96% for the index during the Calander year. An already successful year was capped off by strong performance across risk assets in the fourth quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Weitz Investment Management Partners III Opportunity Fund featured stocks such as Liberty Broadband Corporation (NASDAQ:LBRDA) in the fourth quarter 2023 investor letter. Headquartered in Englewood, Colorado, Liberty Broadband Corporation (NASDAQ:LBRDA) provides communications services. On February 12, 2024, Liberty Broadband Corporation (NASDAQ:LBRDA) stock closed at $62.10 per share. One-month return of Liberty Broadband Corporation (NASDAQ:LBRDA) was -19.29%, and its shares lost 32.92% of their value over the last 52 weeks. Liberty Broadband Corporation (NASDAQ:LBRDA) has a market capitalization of $9.072 billion.
Partners III Opportunity Fund stated the following regarding Liberty Broadband Corporation (NASDAQ:LBRDA) in its fourth quarter 2023 investor letter:
"Liberty Broadband Corporation (NASDAQ:LBRDA), a holding company owning 31% of Charter Communications, Inc. (CHTR), joins CoreCard as a top detractor for the quarter. Shares slumped as Charter’s CFO commented at a recent conference that competition for new broadband subscribers remains elevated. Although most investors are singularly focused on current subscriber trends, we believe longer-term growth opportunities from the company’s footprint expansion and wireless businesses remain intact. Given the broad strength of equities, the Fund’s modest short of an SPDR S&P 500 ETF (SPY) drove negative returns for the quarter and calendar year."
A technician in a telecom facility installing wireless routers and operating on a computer.
Liberty Broadband Corporation (NASDAQ:LBRDA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Liberty Broadband Corporation (NASDAQ:LBRDA) at the end of third quarter which was 23 in the previous quarter.
We discussed Liberty Broadband Corporation (NASDAQ:LBRDA) in another article and shared best communication stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q4 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.
