Here’s Why Weitz Large Cap Equity Fund Added Charter Communications (CHTR) to its Portfolio

Weitz Investment Management, an investment management firm, released its “Large Cap Equity Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund’s Institutional Class returned +12.32% compared to an +8.58% return for the Russell 1000 Index. The Fund’s Institutional Class has returned +19.11% year-to-date compared to +16.68% return for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Weitz Large Cap Equity Fund highlighted stocks like Charter Communications, Inc. (NASDAQ:CHTR) in the second quarter 2023 investor letter. Headquartered in Stamford, Connecticut, Charter Communications, Inc. (NASDAQ:CHTR) is a broadband connectivity and cable operator company. On August 8, 2023, Charter Communications, Inc. (NASDAQ:CHTR) stock closed at $419.78 per share. One-month return of Charter Communications, Inc. (NASDAQ:CHTR) was 9.68%, and its shares lost 9.27% of their value over the last 52 weeks. Charter Communications, Inc. (NASDAQ:CHTR) has a market capitalization of $63.208 billion.

Weitz Large Cap Equity Fund made the following comment about Charter Communications, Inc. (NASDAQ:CHTR) in its second quarter 2023 investor letter:

“We added a new, direct position in Charter Communications, Inc. (NASDAQ:CHTR) at an average price in the low $330s per share during the quarter. At that price level, we found the absolute and relative valuation for the broadband company too compelling to ignore. Our combined Charter exposure is 5.3% via holdings of both Liberty Broadband and Charter.”

Charter Communications, Inc. (NASDAQ:CHTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 80 hedge fund portfolios held Charter Communications, Inc. (NASDAQ:CHTR) at the end of the first quarter which was 74 in the previous quarter.

We discussed Charter Communications, Inc. (NASDAQ:CHTR) in another article and shared the list of best large-cap value stocks to buy. 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.