Should You Still Consider Investing in Liberty Broadband (LBRDK)?
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Weitz Investment Management, an investment management firm, released its "Weitz Conservative Allocation Fund" third quarter 2023 investor letter, a copy of which can be downloaded here. During the third quarter, the Institutional Class of the Weitz Conservative Allocation Fund demonstrated a return of -0.87%, outperforming the Morningstar Moderately Conservative Target Risk Index, which experienced a larger decline at -3.03%. Looking at the year-to-date performance, the Fund's Institutional Class posted a positive return of +5.42%, surpassing the index's +2.33%. Take a moment to review the fund's top 5 holdings to gain insights into their primary investment choices for 2023.
In its Q3 2023 investor letter, Weitz Conservative Allocation Fund mentioned Liberty Broadband Corporation (NASDAQ:LBRDK) and explained its insights for the company. Liberty Broadband Corporation (NASDAQ:LBRDK) is an Englewood, Colorado-based media company with a $12.3 billion market capitalization. Liberty Broadband Corporation (NASDAQ:LBRDK) delivered a 10.14% return since the beginning of the year, while its 12-month returns are down by -2.23%. The stock closed at $84.00 per share on November 8, 2023.
Here is what Weitz Conservative Allocation Fund has to say about Liberty Broadband Corporation (NASDAQ:LBRDK) in its Q3 2023 investor letter:
"We swapped the Fund's Liberty Broadband Corporation (NASDAQ:LBRDK) shares back to Charter Communications, Inc. (Charter is by far Liberty Broadband's largest asset), and the combined position was the most notable quarterly contributor. Investor sentiment around broadband's competitive position became less negative, and the stocks rebounded nicely from what we considered oversold levels. "
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Our calculations show that Liberty Broadband Corporation (NASDAQ:LBRDK) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. Liberty Broadband Corporation (NASDAQ:LBRDK) was in 56 hedge fund portfolios at the end of the second quarter of 2023, compared to 53 funds in the previous quarter. Liberty Broadband Corporation (NASDAQ:LBRDK) delivered a -9.76% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.