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Weitz Investment Management, an investment management firm, released its “Multi-Cap Equity Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund reported a strong third quarter on both an absolute and relative basis. The fund’s Institutional Class returned +10.45% in the quarter compared to +6.23% for the Russell 3000. The Federal Reserve implemented its first interest rate cut of this cycle during the quarter. Investors responded by pausing the sharp increase in large-cap technology stocks (and alleged AI winners in particular) and shifting funds to smaller and midsized businesses that were thought to be more interest-rate-sensitive. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2024.
Weitz Multi-Cap Equity Fund highlighted stocks like Liberty Broadband Corporation (NASDAQ:LBRDA), in the third quarter 2024 investor letter. Liberty Broadband Corporation (NASDAQ:LBRDA) is a company that engages in communications businesses. The one-month return of Liberty Broadband Corporation (NASDAQ:LBRDA) was 6.64%, and its shares gained 4.68% of their value over the last 52 weeks. On November 22, 2024, Liberty Broadband Corporation (NASDAQ:LBRDA) stock closed at $86.29 per share with a market capitalization of $12.409 billion.
Weitz Multi-Cap Equity Fund stated the following regarding Liberty Broadband Corporation (NASDAQ:LBRDA) in its Q3 2024 investor letter:
"The absolute performance news was also good this quarter. Gains were broad based: just over half of our companies experienced double-digit gains and there were few material detractors from quarterly performance. Liberty Broadband Corporation (NASDAQ:LBRDA) (32% owner of Charter Communications) shares jumped as the company disclosed proposals to combine the Liberty holding company with Charter, making it a top contributor for the quarter. We anticipate negotiating final terms will take time but welcome the potential combination and elimination of the holding company's discount to its underlying Charter investment."
A technician at a site of a fiber connectivity service installation, using tools to install the high-speed data networking that the company offers.
Liberty Broadband Corporation (NASDAQ:LBRDA) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Liberty Broadband Corporation (NASDAQ:LBRDA) at the end of the third quarter which was 18 in the previous quarter. While we acknowledge the potential of Liberty Broadband Corporation (NASDAQ:LBRDA) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.