Warner Bros. Discovery (WBD) Bounced Back in Q1 From Tax Selling

Smead Capital Management, an investment management company, released its “Smead Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund delivered -0.02% compared to a 7.50% gain for the S&P 500 Index and a 1.01% rise for the Russell 1000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Smead Value Fund highlighted stocks like Warner Bros. Discovery, Inc. (NASDAQ:WBD) in the first quarter 2023 investor letter. Headquartered in New York, Warner Bros. Discovery, Inc. (NASDAQ:WBD) is a media and entertainment company. On July 3, 2023, Warner Bros. Discovery, Inc. (NASDAQ:WBD) stock closed at $13.01 per share. One-month return of Warner Bros. Discovery, Inc. (NASDAQ:WBD) was 7.52%, and its shares lost 9.90% of their value over the last 52 weeks. Warner Bros. Discovery, Inc. (NASDAQ:WBD) has a market capitalization of $31.694 billion.

Smead Value Fund made the following comment about Warner Bros. Discovery, Inc. (NASDAQ:WBD) in its first quarter 2023 investor letter:

“Our best-performing stocks in the quarter were Warner Bros. Discovery, Inc. (NASDAQ:WBD), NVR (NVR) and Lennar (LEN). Warner was our worst performer in Q4 2022 and bounced back from tax selling. The home builders fooled everyone by growing their market share and making good money in the violent Fed tightening of 2022-2023.”

Warner Bros. Discovery, Inc. (NASDAQ:WBD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 63 hedge fund portfolios held Warner Bros. Discovery, Inc. (NASDAQ:WBD) at the end of first quarter 2023 which was 60 in the previous quarter.

We discussed Warner Bros. Discovery, Inc. (NASDAQ:WBD) in another article and shared the list of biggest journalism companies in the US. In addition, please check out our hedge fund investor letters Q1 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.