Here’s Why Oakmark Select Fund Sold Liberty Broadband Corporation (LBRDA)

Oakmark Funds, advised by Harris Associates, released its “Oakmark Select Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund returned 6.22% in the first quarter compared to a 10.56% return for the S&P 500 Index. The fund returned an average of 11.93% per year since its inception in November 1996 compared to index’s annualized total return of 9.62% over the same period. The largest contributing sectors were financials and energy during the first quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Oakmark Select Fund featured stocks like Liberty Broadband Corporation (NASDAQ:LBRDA) in the first quarter 2024 investor letter. Headquartered in Englewood, Colorado, Liberty Broadband Corporation (NASDAQ:LBRDA) provides communications services. On April 5, 2024, Liberty Broadband Corporation (NASDAQ:LBRDA) stock closed at $51.50 per share. One-month return of Liberty Broadband Corporation (NASDAQ:LBRDA) was -12.65%, and its shares lost 36.52% of their value over the last 52 weeks. Liberty Broadband Corporation (NASDAQ:LBRDA) has a market capitalization of $7.398 billion.

Oakmark Select Fund stated the following regarding Liberty Broadband Corporation (NASDAQ:LBRDA) in its first quarter 2024 investor letter:

“We sold our shares in Liberty Broadband Corporation (NASDAQ:LBRDA) to realize losses for taxable investors, and we increased our holdings in Charter Communications by an approximately equivalent dollar amount. Liberty’s primary holding is its stake in Charter. Therefore, we view these holdings as largely substitutable.”

A technician in a telecom facility installing wireless routers and operating on a computer.

Liberty Broadband Corporation (NASDAQ:LBRDA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Liberty Broadband Corporation (NASDAQ:LBRDA) was held by 19 hedge fund portfolios, compared to 24 in the previous quarter, according to our database.

We discussed Liberty Broadband Corporation (NASDAQ:LBRDA) in another article and shared Meridian Hedged Equity Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 2024 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.