Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Alluvium Global Fund Stuart Pearce, Alexis Delloye | “Charter Communications and its tracking stock Liberty Broadband fell 34.1% and 33.7% following the release of Charter's results in April. It seems the market is understandably concerned with the average revenue per user (ARPU) being flat, and the continual loss of internet customers. Competition is intense from both fixed wireless providers and low earth orbit satellite (Starlink). Compared to Charter's cables, these are higher cost and more capacity constrained. Charter's flat ARPU is the result of its decision to provide a demonstrably better offering at a low price - so why is it losing so many internet customers? We do not know the answer. We do know though that it is growing its mobile subscribers at a much faster rate than it is losing its internet customers, and more than half of its residential customers subscribe to more than one product. We also see positives stemming from the pending Cox acquisition, and indeed management increased expected synergies by 60%. It seems to us that the broader market has extrapolated current conditions to perpetuity. Charter trades at a price that translates to an earnings yield and a free cash flow yield of more than 20%, and at less than half our valuation. The combined positions account for 4.8% of the Fund.” | NEUTRAL | Q2 2026 Jul 29, 2026 | View Pitch |
Madison Mid Cap Fund Haruki Toyama, Andy Romanowich, Rich Eisinger | “We sold shares in Liberty Broadband (LBRDK), which derives nearly all its value from its ownership position in Charter Communications. A more mature and competitive broadband internet market has resulted in subscriber losses for cable companies. While Charter management has made several prudent strategic moves, these efforts have proven to be insufficient to stem the losses. To materially improve results, we worry that more aggressive actions are needed, including reduced pricing. These actions could further depress earnings and, despite the ostensibly low valuation multiple, suggest little value in the shares.” | NEUTRAL | Q2 2026 Jul 17, 2026 | View Pitch |
Harris Associates Concentrated Strategy Tony Coniaris | “Liberty Broadband was a detractor during the quarter. The U.S.-headquartered cable and satellite company's stock price declined as it is merging with Charter Communication in 2026 and its share-price now trades similarly to the Charter share-price. Charter reported weak earnings at the end of October. Broadband subscriber numbers and adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) declined. Still, management is guiding to flat full-year EBITDA. Positively, broadband average revenue per user, free cash flow, and capital returns were strong. BSD Analysis: Liberty Broadband is effectively a leveraged bet on Charter, wrapped in holding-company structure. The moat is cable infrastructure economics—high fixed costs that deter competition. Capital allocation and leverage amplify outcomes more than operations do. Discounts to NAV persist because control and realization are optional. Broadband demand is stable, but pricing power faces regulatory and competitive pressure from fiber. Buybacks can create value, but timing matters. The bull case is steady cash flow plus multiple expansion at Charter. The bear case is structural broadband competition compressing returns. Liberty Broadband rewards patience and tolerance for opacity.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Meridian Hedged Equity Fund ArrowMark Colorado Holdings LLC | “Liberty Broadband Corp. is a holding company with a 26% ownership stake in cable operator Charter Communications and full ownership of GCI, a broadband and wireless provider in Alaska. The investment case remains straightforward: Liberty Broadband's shares trade at a meaningful discount to the value of its underlying assets— primarily its Charter stake—with a prospective merger between the two companies serving as the principal catalyst for value realization. The stock underperformed during the period, largely reflecting weaker sentiment across the cable sector following Charter's softer second-quarter earnings update. Demonstrating the potential benefits of a future combination with Charter and a more streamlined corporate structure, Liberty completed the spin-off of its GCI subsidiary into a standalone entity in July. GCI's shares traded roughly 20% higher following their listing, partially offsetting Liberty's earlier weakness. Later in the period, Liberty's shares recovered some ground after the announcement of a definitive merger agreement with Charter. With GCI now independent, Liberty Broadband's management can focus exclusively on maximizing value from its Charter investment ahead of the merger, while GCI gains autonomy to pursue Alaska-focused growth initiatives. :contentReference[oaicite:0]{index=0} BSD Analysis: LBRDK's look-through valuation remains anchored to Charter; a merger could collapse the HoldCo discount and simplify the structure. Cable's FCF resiliency and leverage to pricing underpin downside support, while deleveraging at Charter improves equity value over time. Post-GCI spin, capital allocation is cleaner; catalysts include merger close, buybacks, and improving broadband ARPU. Key risks are competitive fiber overbuild and regulatory scrutiny, but scale advantages and cost control mitigate.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
