Fox Corporation (FOXA): Yacktman Asset Management Reports The Company Being Its Biggest Detractor in Q1

Not many investors were happy about Twenty-First Century Fox’s deal to be acquired by Disney, according to Yacktman Asset Management. Namely, the fund commented on the new company Fox Corporation (NASDAQ:FOXA) in its Q1 2019 Investor Letter, explaining what caused the company’s weakness in the first period after the acquisition. You can download a copy of the letter here while we bring you the full comment:

At Q4’s end, a total of 70 of the hedge funds tracked by Insider Monkey were long this stock, a change of -4% from one quarter earlier. By comparison, 50 hedge funds held shares or bullish call options in FOXA a year ago. With hedge funds’ capital changing hands, there exists an “upper tier” of key hedge fund managers who were upping their stakes meaningfully (or already accumulated large positions).

More specifically, Baupost Group was the largest shareholder of Fox Corporation (NASDAQ:FOXA), with a stake worth $2467.7 million reported as of the end of September. Trailing Baupost Group was Egerton Capital Limited, which amassed a stake valued at $1929.3 million. Pentwater Capital Management, Hound Partners, and Yacktman Asset Management were also very fond of the stock, giving the stock large weights in their portfolios.

Disclosure: None.

This article is originally published at Insider Monkey.