Finally, Qurate Retail (QRTEA, Financial) also placed in the quarter and year-to-date performance derbies. Qurate's home shopping offerings across pay -TV, dot-com, and other digital channels are well suited for the current environment, driving a return to sales growth in the second quarter, the first in more than a year. Management also took steps to highlight the company's resilient cash flow generation, paying a $1.50 cash dividend and distributing new 8% cumulative preferred securities to owners as part of a broader capital structure shuffle. Shares of the preferred initially traded at a significant discount to par, presumably for technical reasons, and we were happy to add to our position at attractive prices.
From Wallace Weitz (Trades, Portfolio)'s Hickory Fund third-quarter 2020 commentary.
