Here’s Why Longleaf Partners Swapped Out its Comcast (CMCSA) Shares

Longleaf Partners Fund, a Memphis-based fund under Southeastern Asset Management, published its “Longleaf Partners Fund” fourth quarter 2021 investor letter – a copy of which can be downloaded here. Longleaf Partners Fund added 6.18% in the fourth quarter, taking returns for the full year to 23.58%, well ahead of its absolute return goal. However, the S&P 500 rallied 11.03% in the fourth quarter, taking the index’s full-year returns to 28.71%. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Longleaf Partners Fund, in its Q4 2021 investor letter, mentioned  Comcast Corporation (NASDAQ: CMCSA) and discussed its stance on the firm. Comcast Corporation is a Philadelphia, Pennsylvania-based telecommunications company with a $213.3 billion market capitalization. CMCSA delivered a -6.48% return since the beginning of the year, while its 12-month returns are down by -10.72%. The stock closed at $47.07 per share on February 25, 2022.

Here is what Longleaf Partners Fund has to say about Comcast Corporation in its Q4 2021 investor letter:

“We swapped out of Comcast into Liberty Broadband in the quarter, as Comcast neared its appraisal, while misguided shortterm fears about slowing broadband subscriber additions miss Liberty Broadband’s latent pricing power and its best-in-class capital allocation, thanks to Liberty Media’s effective contro.”

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Our calculations show that Comcast Corporation (NASDAQ: CMCSA) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. CMCSA was in 80 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 75 funds in the previous quarter. Comcast Corporation (NASDAQ: CMCSA) delivered a -7.89% return in the past 3 months.

In February 2022, we published an article that includes CMCSA in the 5 Best Dividend Stocks According to Andreas Halvorsen’s Viking Global. You can find more than 100 investor letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

Disclosure: None. This article is originally published at Insider Monkey.