Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund delivered an 8.63% return, compared to a 7.56% return for the S&P Index and a 12.42% return for the Russell 1000 Value Index. For 2022, the fund was 23.25% down while, the S&P 500 fell 18.11% and the Russell 1000 Value Index returned -7.54%. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Longleaf Partners Fund highlighted stocks Warner Bros. Discovery, Inc. (NASDAQ:WBD) in the Q4 2022 investor letter. Headquartered in New York, New York, Warner Bros. Discovery, Inc. (NASDAQ:WBD) is a media company. On February 7, 2023, Warner Bros. Discovery, Inc. (NASDAQ:WBD) stock closed at $15.33 per share. One-month return of Warner Bros. Discovery, Inc. (NASDAQ:WBD) was 21.67%, and its shares lost 48.63% of their value over the last 52 weeks. Warner Bros. Discovery, Inc. (NASDAQ:WBD) has a market capitalization of $37.227 billion.
Longleaf Partners Fund made the following comment about Warner Bros. Discovery, Inc. (NASDAQ:WBD) in its Q4 2022 investor letter:
“Warner Bros. Discovery, Inc. (NASDAQ:WBD) – Media conglomerate Warner Bros Discovery (WBD) was another top detractor in the quarter and for the year. As has been documented in almost every form of media over the last several months, while we and WBD’s board/management knew there were things wrong at Warner Brothers under AT&T, it turned out to be even worse than expected. The aforementioned advertising market is not helping WBD either. While the brand and library values remain intact, the realization of this value has been deferred. With leverage closer to 5x than the sub-4x we thought we would be looking at in 2023, the market’s judgment has been harsh. We remain confident in management and growing free cash flow from here, with eight different insiders buying shares personally this year. We encourage you to listen to Partners Fund PM Ross Glotzbach interviewing WBD CEO and President David Zaslav in the latest episode of the Price-to-Value Podcast.”
Pixabay/Public Domain
Warner Bros. Discovery, Inc. (NASDAQ:WBD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 61 hedge fund portfolios held Warner Bros. Discovery, Inc. (NASDAQ:WBD) at the end of the third quarter, which was 68 in the previous quarter.
We discussed Warner Bros. Discovery, Inc. (NASDAQ:WBD) in another article and shared the list of best hot stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 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.
