Bislett Management sheds holdings and maintains core positions in Q3 and Q4 2022 portfolio updates

Bislett Management, a New York-based hedge fund managing around $3.3 billion in assets under management, recently filed its 13F with the Securities and Exchange Commission (SEC). The 13F report provides a detailed summary of the hedge fund’s portfolio holdings for the third and fourth quarters of 2022. As per the report, the fund has made significant changes to its holdings during the quarter, shedding many of its positions while also establishing new ones.

WILLSCOT MOBIL MINI HLDNG CO

One of the notable changes in Bislett Management’s portfolio was its reduction of its position in Willscoot Mobil Mini Holdings Co (WSC), where the firm held 1.35 million shares in Q3, versus 1.2 million in Q4. The value of the position has also decreased from $54.4 million to $54.2 million. While the change may seem marginal, it still represents a notable shift in the firm’s strategy.

BERKSHIRE HATHAWAY INC

In contrast, the firm maintained its position in Berkshire Hathaway, one of the top holdings in the portfolio, with a value of $16.4 million. The hedge fund held 35 shares of Berkshire Hathaway, with no change in the holding from Q3 to Q4. This holding remains a core component of Bislett Management’s portfolio, and even with the stock’s recent volatility, the firm has demonstrated a commitment to the long-term prospects of the company.

LIBERTY MEDIA CORP DEL

Bislett Management has a significant exposure to Liberty Media Corp Del (LSXMA, LSXMK, FWONA, BATRK, BATRA), having invested more than $48 million in the company across five different securities. The hedge fund’s exposure to the company remained relatively stable across the quarters, with only minor changes in the number of shares held in some securities. Interestingly, the only significant change in Liberty Media Corp Del came from the 5.9% decrease in shares held in Liberty Broadband Corp (LBRDA), which dropped from 135,000 shares held in Q3 to 125,000 shares in Q4.

WARNER BROS DISCOVERY INC

Another company that experienced a major reduction in the fund’s holdings was Warner Bros Discovery Inc (WBD), a media and entertainment company. Bislett Management lowered its position from 950,000 shares to 880,000 shares, reflecting a 23.6% decrease in the total value of the holding, which fell from $10.9 million to $8.3 million. It is unclear why Bislett Management opted to decrease its position in the company, but it could indicate that the firm has lost confidence in Warner Bros Discovery Inc’s future prospects.

COCA-COLA CO

Coca-Cola Co (KO) is another company that Bislett Management has a position in, with a value of $6.3 million across 100,000 shares. The firm held 100,000 shares of Coca-Cola in both Q3 and Q4 of 2022, with the only change being a 13.5% increase in the overall value of the holding. Given Coca-Cola’s long history as a consistent performer and the hedge fund’s commitment to long-term value investing, the holding in the company is not particularly surprising.

ALPHABET INC

In contrast to Coca-Cola, Bislett Management decided to trim its holdings in Alphabet Inc (GOOG), a technology company that they held 50,000 shares in across both quarters. The value of the holding decreased by 7.7%, from $4.8 million to $4.4 million, suggesting that the hedge fund may have reduced its position due to concerns over the company’s near-term outlook or due to other positioning changes within their portfolio.

COMCAST CORP

Bislett Management also held a position in Comcast Corp (CMCSA), one of the largest broadcasting and cable television companies in the world. The hedge fund held 100,000 shares of the company across both quarters, with the value of the holding increasing from $2.9 million in Q3 to $3.5 million in Q4, reflecting a solid 19.2% increase. The strong performance of Comcast’s stock during Q4 likely contributed to this uptick in the value of the holding.

LIBERTY BROADBAND CORP

Liberty Broadband Corp (LBRDK) was one of the biggest losers in Bislett Management’s portfolio during Q4. The firm sold off its entire stake in the company during the quarter, representing a shift in the hedge fund’s overall strategy. Bislett Management held 90,000 shares in Liberty Broadband in Q3, with a total value of $6.6 million. However, this zeroed out completely in the subsequent quarter, highlighting the hedge fund's decision to completely disinvest in the company.

QURATE RETAIL INC

Another company that Bislett Management exited entirely during Q4 was Qurate Retail Inc (QRTEA). The firm sold 100,000 shares held in Q3, totaling a value of $2.01 million. This zeroing out again highlights the hedge fund’s shift in strategy in Q4 and reflects a possible lack of confidence in the company’s future growth prospects.

Final Thoughts

Bislett Management shed some holdings during the third and fourth quarters of 2022 while maintaining its position in a few long-term performers like Berkshire Hathaway and Coca-Cola. The elimination of Liberty Broadband Corp and Qurate Retail are noteworthy though, as both stocks represent a significant shift in Bislett Management's investment strategy. It is yet to be seen whether these moves will benefit the hedge fund's portfolios, but it is clear that the fund is actively making changes and adjustments, reflecting a dynamic approach to achieve its investment objectives.