Top 5 Stock Picks of Jonathan Esfandi’s JNE Partners

2. Comcast Corporation (NASDAQ:CMCSA)

JNE Partners’ Stake Value: $31.4 million

Percentage of JNE Partners’ 13F Portfolio: 17.72%

Number of Hedge Fund Holders: 78

Comcast Corporation (NASDAQ:CMCSA) is global media and technology company that provides and operates cable entertainment, internet, security and automation, wireless phone services, and television channels. It is headquartered in Philadelphia, Pennsylvania, United States.

Mr. Esfandi’s JNE Partners held 561,902 Comcast Corporation (NASDAQ:CMCSA) shares during Q3 2021, which were worth $31.4 million and represented 17.72% of its portfolio. During the same time period, 78 hedge funds out of the 867 part of Insider Monkey’s research owned the company’s shares.

Jean-Marie Eveillard’s First Eagle Investment Management is Comcast Corporation (NASDAQ:CMCSA)’s largest investor via owning 29 million shares that are worth $1.6 billion.

ClearBridge Investments mentioned Comcast Corporation (NASDAQ:CMCSA) in its Q2 2021 investor letter. It outlined that:

“We funded the shift primarily with trims in Comcast following big gains in this name. Comcast is a long-term holding that has been and remains a core holding. During the quarter, however, we took gains and resized the positions to reflect their current risk-reward post strong increases in the stocks.

Comcast, like Blackstone, has been a meaningful long-term holding whose stock performance has at times lagged its robust fundamental performance. Over the last nine months the stock price caught up some with the fundamentals and looked like it had more room to run. Our thesis on the name evolved, however, following the May 17 announcement that competitor Discovery was merging its operations with Time Warner. This deal positions the new company as a credible competitor to Netflix, Amazon Prime, Hulu and Disney, and results in Comcast being left without the proverbial dance partner in the evolving pay TV/DTC landscape. While we continue to believe Comcast’s cable systems business is well-positioned and that NBCUniversal remains valuable, the competitive dynamic for NBCUniversal has stiffened. Our reduced position size reflects both our continued enthusiasm for many parts of the franchise and emerging concerns given the evolving pay TV/DTC landscape.”