Should You Consider Taking Some Profits From Your Qurate (QRTEA) Stake?

Weitz Investment Management, an investment management firm, published its “Partners III Opportunity Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. The Partners III Opportunity Fund’s Institutional Class returned -5.09% in the first quarter of 2022 compared with -4.60% for the S&P 500 and -5.28% for the Russell 3000. For the fiscal year ended March 31, 2022, the Fund returned -0.53% compared to +15.65% for the S&P 500 and +11.92% for the Russell 3000. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Weitz Investment Management Partners III Opportunity Fund mentioned Qurate Retail, Inc. (NASDAQ:QRTEA) and explained its insights for the company. Founded in 1991, Qurate Retail, Inc. (NASDAQ:QRTEA) is a West Chester, Pennsylvania-based media conglomerate with a $1.3 billion market capitalization. Qurate Retail, Inc. (NASDAQ:QRTEA) delivered a -56.18% return since the beginning of the year, while its 12-month returns are down by -74.50%. The stock closed at $3.33 per share on June 22, 2022.

Here is what Weitz Investment Management Partners III Opportunity Fund has to say about Qurate Retail, Inc. (NASDAQ:QRTEA) in its Q1 2022 investor letter:

“Our index short positions against ETFs tracking market indexes provided helpful ballast during the first quarter drawdown but were otherwise detractors for the fiscal year. During the quarter, we covered roughly 20% of our S&P 500 short and 50% of our Nasdaq 100 short at progressively lower prices. We also sold nearly half of our remaining, modest holdings of Qurate (NASDAQ:QRTEA) common equity, but we retain a more material exposure to Qurate’s 8% preferred shares.”


Our calculations show that Qurate Retail, Inc. (NASDAQ:QRTEA) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Qurate Retail, Inc. (NASDAQ:QRTEA) was in 29 hedge fund portfolios at the end of the first quarter of 2022, compared to 32 funds in the previous quarter. Qurate Retail, Inc. (NASDAQ:QRTEA) delivered a -33.80% return in the past 3 months.

In May 2022, we also shared another hedge fund’s views on Qurate Retail, Inc. (NASDAQ:QRTEA) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.