The London Company, an investment management company, released “The London Company SMID Cap Strategy” first quarter 2024 investor letter. A copy of the letter can be downloaded here. US markets posted solid returns in Q1. The portfolio gained 9.4% (9.2% net) during the quarter compared to 6.9% returns for the Russell 2500 Index. Both stock selection and sector exposure led the portfolio to outperform in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
The London Company SMID Cap Strategy featured stocks like Cable One, Inc. (NYSE:CABO) in the Q1 2024 investor letter. Headquartered in Phoenix, Arizona, Cable One, Inc. (NYSE:CABO) is a data, video, and voice services provider. On May 3, 2024, Cable One, Inc. (NYSE:CABO) stock closed at $378.45 per share. One-month return of Cable One, Inc. (NYSE:CABO) was -3.46%, and its shares lost 45.72% of their value over the last 52 weeks. Cable One, Inc. (NYSE:CABO) has a market capitalization of $2.127 billion.
The London Company SMID Cap Strategy stated the following regarding Cable One, Inc. (NYSE:CABO) in its first quarter 2024 investor letter:
“Cable One, Inc. (NYSE:CABO) – The market environment remains challenging for CABO with greater competition and lower move activity. While the competitive threats from fixed wireless and fiber-to-the-home are not affecting CABO’s existing customer base, the market’s perception is that it will limit the growth opportunities for the broadband provider going forward. CABO’s recent subscriber growth was driven by new pricing schemes and promotions, which negatively affected ARPU (average revenue per user) during the quarter. While investors fear this trend will continue, management remains disciplined with its pricing strategy to ensure durable free cash flow growth over the long-term. CABO remains well positioned as an advantaged provider of high-speed internet in rural markets. We believe its relatively low perietration, superior service, and M&A prowess are supportive of long- term earnings growth.”
A customer in their home enjoying premium channels, high-definition set-top boxes, and whole-home DVRs.
Cable One, Inc. (NYSE:CABO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. A At the end of the fourth quarter, Cable One, Inc. (NYSE:CABO) was held by 28 hedge fund portfolios, compared to 25 in the previous quarter, according to our database.
We previously discussed Cable One, Inc. (NYSE:CABO) in another article, where we shared the list of best dividend stocks with high upside potential. In addition, please check out our hedge fund investor letters Q1 2024 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.