Weitz Investment Management, an investment management firm, released its “Large Cap Equity Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund’s Institutional Class returned 7.84% compared to a +6.08% return for the Russell 1000 Index. As AI fever subsided, stock gains were widespread. Value stocks outperformed higher-flying growth stocks, while small and medium-sized businesses took the lead. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2024.
Weitz Large Cap Equity Fund highlighted stocks like Charter Communications, Inc. (NASDAQ:CHTR) in the Q3 2024 investor letter. Charter Communications, Inc. (NASDAQ:CHTR) is a broadband connectivity and cable operator company. The one-month return of Charter Communications, Inc. (NASDAQ:CHTR) was 14.24%, and its shares lost 5.44% of their value over the last 52 weeks. On November 21, 2024, Charter Communications, Inc. (NASDAQ:CHTR) stock closed at $383.84 per share with a market capitalization of $54.576 billion.
Weitz Large Cap Equity Fund stated the following regarding Charter Communications, Inc. (NASDAQ:CHTR) in its Q3 2024 investor letter:
“We trimmed the Fund’s positions in Meta Platforms, S&P Global, and Charter Communications, Inc. (NASDAQ:CHTR) after significant runs in the stocks. Charter posted better-than-feared quarterly results, and the stock rebounded sharply from what we viewed as deeply oversold levels. A good start, but they still have much work to do. As always, our goal with trims is to re-calibrate position sizes to better reflect the Fund’s current opportunity set.”
A line of cable boxes and modern televisions, representing the company’s video services.
Charter Communications, Inc. (NASDAQ:CHTR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 61 hedge fund portfolios held Charter Communications, Inc. (NASDAQ:CHTR) at the end of the third quarter which was 48 in the previous quarter. While we acknowledge the potential of Charter Communications, Inc. (NASDAQ:CHTR) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Charter Communications, Inc. (NASDAQ:CHTR) and shared the list of stocks to buy in Ken Griffin’s portfolio. In addition, please check out our hedge fund investor letters Q3 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.