Charter Communications (CHTR) experienced worse than expected subscriber losses

Weitz Investment Management, an investment management firm, released its “Large Cap Equity Fund” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund’s Institutional Class returned +7.79% compared to a +10.30% return for the Russell 1000 Index. The Fund’s Institutional Class has returned +31.94% for the year compared to a +29.87% return for the benchmark. The fund’s impressive strong performance is further enhanced by the market rally in the first quarter. The fund’s returns have increased by 50% from the October 2022 lows. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Weitz Investment Large Cap Equity Fund highlighted stocks like Charter Communications, Inc. in the first quarter 2024 investor letter. Charter Communications, Inc. is a broadband connectivity and cable operator. The one-month return of Charter Communications, Inc. was 3.57%, and its shares lost 17.28% of their value over the last 52 weeks. On May 29, 2024, Charter Communications, Inc. stock closed at $271.35 per share with a market capitalization of $39.083 billion.

Weitz Investment Large Cap Equity Fund stated the following regarding Charter Communications, Inc. in its first quarter 2024 investor letter:

“Charter Communications, Inc. and Liberty Broadband Corp. (LBRDK) were the Fund’s primary quarterly detractors. Charter’s stock fell sharply as the company reported worse-than[1]expected broadband subscriber losses, introduced multi-year capital spending plans that were higher than anticipated, and disclosed that five million customers participated in a federal subsidy program that would not be funded beyond April. While that’s a near-term triple whammy, we think these issues push out rather than derail our investment thesis. We added more Charter shares during the quarter to refill and reshape the Fund’s Charter-related exposure.”

A line of cable boxes and modern televisions, representing the company’s video services.

Charter Communications, Inc. is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 56 hedge fund portfolios held Charter Communications, Inc.at the end of the first quarter which was 69 in the previous quarter.

During the first quarter, Charter Communications, Inc. (NASDAQ:CHTR) lost 72,000 Internet users. Revenue was relatively flat while adjusted EBITDA increased by 2.8% during the quarter.

In another article, we discussed Charter Communications, Inc. and shared the list of stocks republican congress members and insiders are buying. Charter Communications, Inc. was the top detractor of Oakmark Global Select Fund during the first quarter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors. Yahoo