East 72, an investment management company published its Q2, 2022 Investor Letter, a copy of which can be downloaded here. The quarterly gross return of the portfolio is -27.2% and the 12-month rolling return is -27.1%. The fund lost its value in the quarter and trails the S&P 500 Index, NASDAQ 100 Index, and ASX 200 Index. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.
In the Q2, 2022 investor letter East 72 highlighted Charter Communications, Inc. (NASDAQ:CHTR) and explained its performance. Charter Communications, Inc. (NASDAQ:CHTR) is an American telecommunications and mass media company, that offers services under the brand name Spectrum. The company is headquartered in Stamford, Connecticut, and has a market capitalization of $80.401 billion. The one-month return of Charter Communications, Inc. (NASDAQ:CHTR) is 4.8% while its 12-month return is -34.09%. The stock of Charter Communications, Inc. (NASDAQ:CHTR) closed at $478.98 per share on July 25, 2022.
Here is what the fund specifically said about Charter Communications, Inc. (NASDAQ:CHTR) in its Q2, 2022 investment letter:
“Charter, which operates as “Spectrum” in 41 US states dates back to 1980, but the formative transactions took place from 1998 onwards, with Paul Allen, the co-founder of Microsoft, as Chair. The company expanded rapidly by debt funded acquisition and concluded 2008 with $21.8billion of debt, against just over $6.5billion in revenues! CHTR filed for Chapter 11 bankruptcy protection in February 2009 but re-emerged with $8billion less debt in November the same year.
The seminal transactions for the company occurred in March and May 2015 when the company announced the acquisition of Brighthouse Networks and Time Warner Cable respectively, aided by a $5billion equity injection from Liberty Broadband…” (Click here to see the full text)
Although East 72 is invested in Charter Communications, Inc. (NASDAQ:CHTR), the stock isn’t in the list of 30 Most Popular Stocks Among Hedge Funds. At the end of first quarter, 2022 Charter Communications, Inc. (NASDAQ:CHTR) was in 73 hedge fund portfolios which was consistent with the last quarter. Charter Communications, Inc. (NASDAQ:CHTR) shares lost 34.10% of their value over the last 52 weeks.
We published another article recently and shared another hedge fund’s views on why Charter Communications, Inc. (NASDAQ:CHTR) is an investment choice. If you want to read more investor letters from hedge funds and other leading investors, check out our hedge fund investor letters 2022 page.
Disclosure: None. This article is originally published at Insider Monkey.
