Oakmark Funds, advised by Harris Associates, released its “Oakmark Global Select Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. For the fiscal year ended September 30, 2023, the fund returned 27.70% outperforming the MSCI World Index’s 21.95% return (net). The fund delivered -1.92% in the recent quarter compared to the benchmark’s -3.46% return. Since its inception on October 2, 2006, the fund delivered an average of 7.13% per year. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Oakmark Global Select Fund highlighted stocks like Charter Communications, Inc. (NASDAQ:CHTR) in the third quarter 2023 investor letter. Headquartered in Stamford, Connecticut, Charter Communications, Inc. (NASDAQ:CHTR) is a broadband connectivity and cable operating company. On October 9, 2023, Charter Communications, Inc. (NASDAQ:CHTR) stock closed at $442.42 per share. One-month return of Charter Communications, Inc. (NASDAQ:CHTR) was 1.33%, and its shares gained 43.44% of their value over the last 52 weeks. Charter Communications, Inc. (NASDAQ:CHTR) has a market capitalization of $66.217 billion.
Oakmark Global Select Fund made the following comment about Charter Communications, Inc. (NASDAQ:CHTR) in its Q3 2023 investor letter:
“Charter Communications, Inc. (NASDAQ:CHTR) (U.S.), a telecommunications and mass media company, was the top contributor to the Fund’s performance for the quarter. Second-quarter broadband subscriptions for Charter Communications grew by 77,000 sequentially, beating consensus expectations of 13,000 and roughly doubling its growth year-over-year. Unit growth outperformed peers, even after adjusting for Charter’s rural initiative, which contributed 26,000 subscriptions. Charter’s mobile net adds were strong at 648,000, and net adds have been over 600,000 each of the last three quarters since Charter launched Spectrum One, which includes one free mobile line for 12 months. Adjusted earnings growth was roughly flat, but we expect it to accelerate over time as the company’s financials are no longer negatively impacted by its investments in marketing personnel and the promo roll-off dynamic begins While faster unit growth does depress adjusted earnings in the near term, we believe Charter’s strategy will prove valuable to long-term shareholders.”
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Charter Communications, Inc. (NASDAQ:CHTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Charter Communications, Inc. (NASDAQ:CHTR) at the end of the second quarter, which was 80 in the previous quarter.
We discussed Charter Communications, Inc. (NASDAQ:CHTR) in another article and shared the list of Michael Burry stocks other hedge funds like too. In addition, please check out our hedge fund investor letters Q3 2023 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.
