Liberty Capital Corp, formerly known as GCI Liberty, was a detractor during the quarter due to negative market sentiment following their announcement to acquire a voting interest in Liberty Latin America. The market reacted poorly to this decision, which we also did not favor. However, management quickly rectified the situation by having John Malone purchase the shares at cost. Despite this setback, we believe the company has a strong balance sheet and a favorable competitive environment in Alaska. The potential for a stronger Alaskan economy, contingent on the LNG project, adds upside. At less than 4x EBITDA, we see share repurchase as a smart capital allocation strategy as free cash flow increases.

Liberty Capital, previously known as GCI Liberty, has faced a significant share price decline of 40.6%. However, the recent acquisition of Quintillion, which generates approximately USD 55-60m in revenue and USD 30m in free cash, aligns well with Liberty's operations. The expected synergies from this acquisition are around USD 20m, leading to a valuation uplift of about 35%. With the share price now at levels approximating half our valuation and management's confidence demonstrated by share purchases, we see this as a compelling opportunity to increase our position in a high-quality business.

Liberty Capital, previously GCI Liberty, has faced a significant share price decline of 40.6%. However, the recent acquisition of Quintillion, which generates approximately USD 55-60m in revenue and USD 30m in free cash, aligns well with Liberty's operations. The expected synergies from this acquisition are around USD 20m, leading to a valuation uplift of about 35%. With the share price currently at half our valuation and the CEO buying shares, we see this as a compelling opportunity to increase our position in a business with a solid cash flow foundation.