Longleaf Partners fund, established by Southeastern Asset Management, released its “International Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. At the end of the second quarter, the fund declined 11.03% and outperformed the MSCI EAFE Index, which fell 14.51%. A recovery in Chinese equities contributed to the fund’s outperformance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Longleaf Partners discussed stocks like Millicom International Cellular S.A. (NASDAQ:TIGO) in the second quarter investor letter. Headquartered in Luxembourg, Millicom International Cellular S.A. (NASDAQ:TIGO) is a cable and mobile services provider. On September 19, 2022, Millicom International Cellular S.A. (NASDAQ:TIGO) stock closed at $12.55 per share. One-month return of Millicom International Cellular S.A. (NASDAQ:TIGO) was -18.61% and its shares lost 64.57% of their value over the last 52 weeks. Millicom International Cellular S.A. (NASDAQ:TIGO) has a market capitalization of $2.144 billion.
Here is what Longleaf Partners specifically said about Millicom International Cellular S.A. (NASDAQ:TIGO) in its Q2 2022 investor letter:
“Millicom International Cellular S.A. (NASDAQ:TIGO) – Latin American cable company Millicom detracted in the quarter. In 4Q21, Millicom announced a rights issue to fund a strategic acquisition of the half of its Guatemala business that Millicom didn’t already own. The rights offering was only completed this quarter, and the strike price was (in our view, unnecessarily) set at an almost 50% discount to what the market was expecting, resulting in a sharp stock price decline. EBITDA performance remains on target, and guidance for the full one- and three-year targets remain intact. This company produces substantial free cash flow per share, which is being allocated mostly to grow the fiber/cable business double digits in terms of subscribers and revenues. CEO Mauricio Ramos has multiple options beyond free cash flow to deleverage the balance sheet, including sales of the company’s cell tower and fintech assets.”
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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, 10 hedge fund portfolios held Millicom International Cellular S.A. (NASDAQ:TIGO) at the end of the second quarter which was 10 in the previous quarter.
We discussed Millicom International Cellular S.A. (NASDAQ:TIGO) in another article and shared Longleaf Partners Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
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