Here’s Why Liberty Global plc (LBTYA) Detracted in the Third Quarter

Weitz Investment Management, an investment management firm, released its “Hickory Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -9.07% compared to a -3.44% return for the Russell Midcap index. The third-quarter returns declined due to investors’ perception of anticipated Federal Reserve policy actions. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Weitz Investment Management discussed stocks like Liberty Global plc (NASDAQ:LBTYA) in the Q3 2022 investor letter. Based in London, United Kingdom, Liberty Global plc (NASDAQ:LBTYA) is a broadband internet, video, fixed-line telephony, and mobile communications services provider. On October 28, 2022, Liberty Global plc (NASDAQ:LBTYA) stock closed at $16.94 per share. One-month return of Liberty Global plc (NASDAQ:LBTYA) was 8.66% and its shares lost 41.06% of their value over the last 52 weeks. Liberty Global plc (NASDAQ:LBTYA) has a market capitalization of $8.461 billion.

Weitz Investment Management made the following comment about Liberty Global plc (NASDAQ:LBTYA) in its Q3 2022 investor letter:

“Carmax and Liberty Global plc (NASDAQ:LBTYA) were also detractors during the quarter and year-to-date. As for Liberty Global, the company owns a collection of European broadband providers that collectively trade at a discount to our “sum of the parts” value estimation. In recent quarters, their portfolio has had relatively stable, if uninspiring, results. The surging U.S. dollar dampens reported earnings, but management’s focus remains on growing local currency cash flows and identifying strategic opportunities to recognize the unappreciated value of their assets.”

Liberty Global plc (NASDAQ:LBTYA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Liberty Global plc (NASDAQ:LBTYA) at the end of the second quarter which was 28 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2022 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.