Longleaf Partners, managed by Southeastern Asset Management, released its “Global Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund delivered a 10.19% return compared to a 9.77% return for the MSCI World Index and a 14.74% return for the MSCI World Value Index. For 2022, the fund was down 24.15% compared to -18.14% return for the MSCI World Index and -6.52% return for the MSCI World Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Longleaf Partners Fund highlighted stocks Millicom International Cellular S.A. (NASDAQ:TIGO) in the Q4 2022 investor letter. Headquartered in Luxembourg, Millicom International Cellular S.A. (NASDAQ:TIGO) is a cable and mobile services provider. On February 7, 2023, Millicom International Cellular S.A. (NASDAQ:TIGO) stock closed at $16.89 per share. One-month return of Millicom International Cellular S.A. (NASDAQ:TIGO) was 21.16%, and its shares lost 39.22% of their value over the last 52 weeks. Millicom International Cellular S.A. (NASDAQ:TIGO) has a market capitalization of $2.886 billion.
Longleaf Partners Fund made the following comment about Millicom International Cellular S.A. (NASDAQ:TIGO) in its Q4 2022 investor letter:
“Millicom International Cellular S.A. (NASDAQ:TIGO) – Latin American cable company Millicom was a top detractor for the year after the company executed a poorly timed and steeply discounted rights offering to fund a strategic acquisition of the half of its Guatemala business that Millicom didn’t already own. Additionally, Millicom faced competitive pressures in multiple markets. The company’s stock price rebounded in the fourth quarter after French telecom investor Xavier Niel took a 7% stake in Millicom, highlighting the large price to value gap. After quarter end, Millicom’s share price rallied 15% in a day when rumors broke that Apollo Global Management and former SoftBank executive Marcelo Claure were exploring a potential acquisition of the company.”
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Millicom International Cellular S.A. (NASDAQ:TIGO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held Millicom International Cellular S.A. (NASDAQ:TIGO) at the end of the third quarter, which was 10 in the previous quarter.
We discussed Millicom International Cellular S.A. (NASDAQ:TIGO) in another article and shared Bonhoeffer Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.
