Oakmark Funds, advised by Harris Associates, released its “Oakmark Global Select Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund returned 2.95% in the quarter compared to an 8.88% Return for the MSCI World Index (net). The fund generated an average of 7.60% per year since its inception in October 2006, outperforming the index’s 7.42% return over the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Oakmark Global Select Fund featured stocks Charter Communications, Inc. (NASDAQ:CHTR) in the first quarter 2024 investor letter. Headquartered in Stamford, Connecticut, Charter Communications, Inc. (NASDAQ:CHTR) is a broadband connectivity and cable operator company. On April 5, 2024, Charter Communications, Inc. (NASDAQ:CHTR) stock closed at $267.49 per share. One-month return of Charter Communications, Inc. (NASDAQ:CHTR) was 10.31%, and its shares lost 24.41% of their value over the last 52 weeks. Charter Communications, Inc. (NASDAQ:CHTR) has a market capitalization of $38.687 billion.
Oakmark Global Select Fund stated the following regarding Charter Communications, Inc. (NASDAQ:CHTR) in its first quarter 2024 investor letter:
“Charter Communications, Inc. (NASDAQ:CHTR) was a top detractor during the quarter. In February, the stock price fell when the company reported that broadband subscribers declined 0.2% sequentially. We anticipate that broadband subscriber growth will remain challenging in the near term due to a heightened competitive environment and the likely wind-down of a government subsidy program. However, we expect these competitive forces will abate over the medium term and that Charter’s broadband subscriber base will return to normal growth. In the meantime, the company continues to grow earnings, invest in high-return capital projects and repurchase stock. We maintain our belief in the long-term prospects of Charter Communications.”
A line of cable boxes and modern televisions, representing the company’s video services.
Charter Communications, Inc. (NASDAQ:CHTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Charter Communications, Inc. (NASDAQ:CHTR) was held by 69 hedge fund portfolios, compared to 73 in the previous quarter, according to our database.
We discussed Charter Communications, Inc. (NASDAQ:CHTR) in another article and shared the list of stocks Jim Cramer is bearish on in April. 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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