Andvari Associates, an investment management firm, published its fourth-quarter 2020 Investor Letter – a copy of which can be seen here. A net return of 31.1% was recorded by the fund for the year end 2020, outperforming its S&P 500 benchmark that delivered an 18.4% return. You can see the fund's holdings and its biggest bets for 2021.
投资管理公司Andvari Associates发布了2020年第四季度投资者信，其副本可以在这里看到。截至2020年底，该基金的净回报率为31.1%，超过了标准普尔500指数18.4%的回报率。你可以看到该基金持有的资产和2021年的最大赌注。
Andvari Associates said in their Q4 letter that one of their holdings, Liberty Broadband Corporation (NASDAQ: LBRDA), had a notable acquisition last year. Liberty Broadband Corporation is a communications business operator that currently has a $35.9 billion market cap. For the past 3 months, LBRDA delivered a 0.07% return and settled at $147.90 per share at the closing of February 8th.
Andvari Associates在第四季度的信中表示，他们持有的自由宽带公司(Liberty Broadband Corporation, NASDAQ: LBRDA)去年进行了一笔引人注目的收购。自由宽带公司是一家通信业务运营商，目前市值为359亿美元。在过去的3个月里，LBRDA的回报率为0.07%，2月8日收盘时的收盘价为每股147.90美元。
Here is what Andvari Associates has to say about Liberty Broadband Corporation in their investor letter:
以下是Andvari Associates在投资者信中对Liberty宽带公司的看法:
"The most notable event in Andvari portfolios was one holding, Liberty Broadband, acquiring another holding, GCI Liberty. This was an all-share transaction. Andvari supported it. Broadband is now over 20% of Andvari’s assets under management.
“Andvari投资组合中最引人注目的事件是一家公司Liberty Broadband收购了另一家公司GCI Liberty。这是一笔全股票交易。Andvari支持它。目前，宽带占Andvari管理资产的20%以上。
Like Broadband’s management, we believe the transaction creates meaningful value. First, the two companies generate immediate savings from duplicative public company and overhead costs. Most importantly, the transaction means Broadband has a 25% stake in Charter Communications (the second-largest cable operator in the U.S. by subscribers) and also owns 100% of GCI.
就像宽带的管理一样，我们相信这笔交易会创造有意义的价值。首先，这两家公司从重复的上市公司和间接成本中立即节约了成本。最重要的是，这笔交易意味着宽带拥有Charter Communications(美国用户数量第二大的有线电视运营商)25%的股份，并拥有GCI 100%的股份。
GCI is Alaska’s largest communication company with over $900 million in annual revenues and capable of producing $150 million in free cash flow. With access to a cash producing asset in GCI, Broadband has greater flexibility to deploy capital. In fact, after the announcement of the deal last August, Broadband increased its share repurchase authorization from $200 million to $1.2 billion. Broadband remains an attractive investment and Andvari looks forward to many more years as shareholders."
GCI是阿拉斯加最大的通信公司，年收入超过9亿美元，并有能力产生1.5亿美元的自由现金流。通过在GCI获得现金生产资产，宽带在配置资本方面有更大的灵活性。事实上，在去年8月交易宣布后，Broadband将其股份回购授权从2亿美元增加到12亿美元。宽带仍然是一个有吸引力的投资，Andvari期待着作为股东的很多年，“
hin255/Shutterstock.com
hin255 / Shutterstock.com
Last month, we published an article about Alphyn Capital Management’s bullish investment thesis on Liberty Broadband Corporation (NASDAQ: LBRDA). In our recent data, the company was in 234 hedge fund portfolios. Its all time high statistics is 235. LBRDA delivered a 28.49% return in the past 12 months.
上个月，我们发表了一篇关于Alphyn资本管理公司(Alphyn Capital Management)对Liberty Broadband Corporation (NASDAQ: LBRDA)的看涨投资论文的文章。在我们最近的数据中，该公司在234个对冲基金投资组合中。一直以来的高数据是235。LBRDA在过去12个月的回报率为28.49%。
Our calculations show that Liberty Broadband Corporation (NASDAQ: LBRDA) does not belong in our list of the 30 most popular stocks among hedge funds.
我们的计算显示，自由宽带公司(Liberty Broadband Corporation，纳斯达克股票代码:LBRDA)不在我们列出的对冲基金最受欢迎的30只股票之列。
https://youtu.be/OgBhPDmWMtI
https://youtu.be/OgBhPDmWMtI