Top 5 Stock Picks of Alexander Captain’s Cat Rock Capital

3. Liberty Broadband Corporation (NASDAQ:LBRDA)

Cat Rock Capital’s Stake Value: $140,438,000
Percentage of Cat Rock Capital’s 13F Portfolio: 14.6%
Number of Hedge Fund Holders: 26

Liberty Broadband Corporation (NASDAQ:LBRDA) specializes in the cable, internet, and mobile location technology industries. Boykin Curry’s Eagle Capital Management is one of the leading shareholders of Liberty Broadband Corporation (NASDAQ:LBRDA), with 8.37 million shares worth $1.13 billion.

Following the first-quarter results, Deutsche Bank analyst Bryan Kraft decreased his price target on Liberty Broadband Corporation (NASDAQ:LBRDA) from $196 to $158 and maintained a ‘Buy’ rating on the stock on May 10.

Securities filings for the first quarter of 2022 revealed that Alexander Captain’s Cat Rock Capital owned 1.04 million shares of Liberty Broadband Corporation (NASDAQ:LBRDA), worth $140.44 million, representing 14.6% of the total holdings. The hedge fund trimmed its stake in Liberty Broadband Corporation (NASDAQ:LBRDA) by 19% in the first quarter.

Fund managers added to their Liberty Broadband Corporation (NASDAQ:LBRDA) holdings in the first quarter. Among the hedge funds tracked by Insider Monkey, 26 funds were bullish on Liberty Broadband Corporation (NASDAQ:LBRDA) at the end of the first quarter of 2022, up from 22 funds in the prior quarter.

In its Q1 2022 investor letter, Longleaf Partners Fund mentioned Liberty Broadband Corporation (NASDAQ:LBRDA). Here is what the fund said:

“Liberty Broadband – A new position in 4Q 2021, holding company Liberty Broadband also suffered from a widening of a market-imposed holdco discount in an uncertain quarter. Liberty’s stakes in Charter and Alaskan cable company GCI also faced near-term concerns over slowing industry broadband additions, but these businesses have over a decade of pricing power history and are well positioned to weather an inflationary environment. We have a high degree of respect for our partners in John Malone and Greg Maffei, who are focused on growing value per share and are actively repurchasing discounted shares to help close the price-to-value gap.”