Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In a challenging risk-off period, the fund returned -1.82% in the third quarter, compared to S&P’s -3.27% return and Russell 1000 Value’s -3.16% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Fund highlighted stocks like Warner Bros. Discovery, Inc. (NASDAQ:WBD) in the third quarter 2023 investor letter. Headquartered in New York, Warner Bros. Discovery, Inc. (NASDAQ:WBD) is a media and entertainment company. On November 20, 2023, Warner Bros. Discovery, Inc. (NASDAQ:WBD) stock closed at $10.71 per share. One-month return of Warner Bros. Discovery, Inc. (NASDAQ:WBD) was 5.16%, and its shares lost 1.85% of their value over the last 52 weeks. Warner Bros. Discovery, Inc. (NASDAQ:WBD) has a market capitalization of $26.19 billion.
Longleaf Partners Fund made the following comment about Warner Bros. Discovery, Inc. (NASDAQ:WBD) in its Q3 2023 investor letter:
“Warner Bros. Discovery, Inc. (NASDAQ:WBD) – Media conglomerate Warner Bros Discovery (WBD) declined in the quarter with a combination of the writers’ and actors’ strikes headlines, and a fight between Charter and Disney that led to more concerns about the linear and streaming profit structure. Although both situations actually improved as the quarter went on, both created uncertainty that weighed heavily on the WBD stock price in the near term. The underlying business is executing better, with solid free cash flow generation reported in the quarter that should continue for the foreseeable future. The competitive landscape is getting brighter with multiple streamers taking price increases. WBD is in the hands of a strong management team and board that are focused on creating long-term value for shareholders.”
A closeup of a digital newsroom, highlighting the complexity of the modern media landscape.
Warner Bros. Discovery, Inc. (NASDAQ:WBD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Warner Bros. Discovery, Inc. (NASDAQ:WBD) at the end of second quarter which was 63 in the previous quarter.
We discussed Warner Bros. Discovery, Inc. (NASDAQ:WBD) in another article and shared the list of stocks billionaire Leon Cooperman just bought and sold. In addition, please check out our hedge fund investor letters Q3 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.
