Longleaf Partners, managed by Southeastern Asset Management, released its “Global Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund delivered a 3.21% return compared to the FTSE Developed Index’s 6.72% return. For the second half of the year, the fund delivered 18.53%. The portfolio’s lack of exposure to information technology and relative overexposure to consumer discretionary weighed on quarterly results. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Global Fund highlighted stocks like Millicom International Cellular S.A. (NASDAQ:TIGO) in the second quarter 2023 investor letter. Headquartered in Luxembourg, Millicom International Cellular S.A. (NASDAQ:TIGO) provides cable and mobile services. On September 8, 2023, Millicom International Cellular S.A. (NASDAQ:TIGO) stock closed at $15.47 per share. One-month return of Millicom International Cellular S.A. (NASDAQ:TIGO) was -5.73%, and its shares gained 14.68% of their value over the last 52 weeks. Millicom International Cellular S.A. (NASDAQ:TIGO) has a market capitalization of $2.657 billion.
Longleaf Partners Global Fund made the following comment about Millicom International Cellular S.A. (NASDAQ:TIGO) in its Q2 2023 investor letter:
“Millicom International Cellular S.A. (NASDAQ:TIGO) – Latin American wireless and cable company Millicom was the top detractor in the quarter but remains a meaningful positive contributor for the year. The company announced a disappointing quarter of organic revenue and EBITDA declines driven by its Guatemala business. In June, Millicom confirmed it had ended potential takeover discussions with private equity company Apollo Global, which the market had rewarded in the first quarter and disliked in the last month. We were not counting on an Apollo buyout as an outcome, and our appraisal was not impacted by the news. Much more compellingly, French billionaire Xavier Niel, founder of French broadband Internet provider Iliad, grew his stake to almost 25% in the quarter and said in a public statement, “We remain fully convinced that Millicom’s potential is untapped and under-utilized, particularly when it comes to hidden infrastructure and asset value. We have a clear view on how opportunities can be unlocked, and are ready to bring our industrial experience, passion and perspectives to the Millicom board.” While we have been disappointed in certain operational missteps and capital allocation decisions at the company, we think that Niel’s positive presence will make the future different than the recent past.”
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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, 7 hedge fund portfolios held Millicom International Cellular S.A. (NASDAQ:TIGO) at the end of second quarter which was 12 in the previous quarter.
We discussed Millicom International Cellular S.A. (NASDAQ:TIGO) in another article and shared the list of best growth stocks under $25. In addition, please check out our hedge fund investor letters Q2 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.
