What Made Liberty Broadband Corporation (LBRDA) Longleaf Partners Fund’s Top Detractor?

Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” first quarter 2024 investor letter.  A copy of the letter can be downloaded here. The fund returned 6.60% in the first quarter, compared to S&P’s 10.56% return and Russell 1000 Value’s 8.99% return. Strong performance across the portfolio holdings delivered significant reruns in the quarter where value investing faced challenges compared to growth strategies. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Longleaf Partners Fund highlighted stocks like Liberty Broadband Corporation (NASDAQ:LBRDA), in the first quarter 2024 investor letter. Incorporated in 2014, Liberty Broadband Corporation (NASDAQ:LBRDA) provides communications services, with a market capitalization of $7.628 billion. One-month return of Liberty Broadband Corporation (NASDAQ:LBRDA) was 6.62%, and its shares lost 29.71% of their value over the last 52 weeks. On May 20, 2024, Liberty Broadband Corporation (NASDAQ:LBRDA) stock closed at $53.65 per share.

Longleaf Partners Fund stated the following regarding Liberty Broadband Corporation (NASDAQ:LBRDA) in its first quarter 2024 investor letter:

"Liberty Broadband Corporation (NASDAQ:LBRDA) – Cable and media holding company Liberty Broadband was the top detractor in the quarter. The company’s investment in Charter Communications posted disappointing numbers for key metrics like subscribers and cash flow growth. Other broadband industry players have also produced disappointing results, and has been a “1 step forward, 1 step back” situation over our holding period. We do, however, believe that competitive trends should get better as the year goes on, especially as fixed wireless capacity is not endless. It was encouraging to see Charter increase the pace of share repurchase in the quarter, with a simultaneous uptick in insider buying. Unfortunately, our value has not grown as we thought it would, leading to this investment being a smaller position in the portfolio today."

A technician in a telecom facility installing wireless routers and operating on a computer.

Liberty Broadband Corporation's (NASDAQ:LBRDA) trailing 12 months revenue is $980 million. Year over year quarterly revenue growth rate of the company is -0.40%, and year over year quarterly earnings growth rate is 249.30%.

Liberty Broadband Corporation (NASDAQ:LBRDA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Liberty Broadband Corporation (NASDAQ:LBRDA) at the end of the fourth quarter which was 24 in the previous quarter.

In another article, we discussed Liberty Broadband Corporation (NASDAQ:LBRDA) and shared Madison Investors Fund's views on the company. In addition, please check out our hedge fund investor letters Q1 2024 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.