In the Oakmark Global Select Fund 2023 Q3 letter, Charter Communications (CHTR, Financial) was highlighted as the top contributor to the fund's performance for the quarter. The telecommunications and mass media company reported a significant increase in broadband subscriptions, adding 77,000 new customers, which surpassed the consensus expectation of 13,000. This growth was nearly double the year-over-year increase, even after accounting for Charter's rural initiative, which contributed 26,000 subscriptions. Additionally, Charter's mobile segment showed robust performance with 648,000 net additions, maintaining a trend of over 600,000 net adds for three consecutive quarters since the launch of Spectrum One, which offers one free mobile line for 12 months.
"Adjusted earnings growth was roughly flat, but we expect it to accelerate over time as the company’s financials are no longer negatively impacted by its investments in marketing personnel and the promo roll-off dynamic begins. While faster unit growth does depress adjusted earnings in the near term, we believe Charter’s strategy will prove valuable to long-term shareholders." — Oakmark Global Select Fund, Q3 2023 Fund Letter
Read full letter at gurufocus Oakmark Global Select Fund 2023 Q3 page.
