1 month ago
Alluvium **** et Management, an **** et management company, released its "Conventum – Alluvium Global Fund" second-quarter 2026 investor letter. The letter can be downloaded here. The second quarter reflected a sharp shift from geopolitical uncertainty and oil market volatility to a powerful equity rally led by semiconductor companies. Despite the broader market strength, the Fund declined 1.4% in EUR terms, 2.2% in USD terms, and 3.9% in AUD terms. Portfolio results were mixed, with Alphabet benefiting from strong Cloud growth, while Robert Half, H&R Block and other holdings posted solid gains. However, cable businesses and several healthcare and consumer holdings weighed on performance. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Conventum – Alluvium Global Fund highlighted Liberty Capital Corporation (NASDAQ:GLIBK). Liberty Capital Corporation (NASDAQ:GLIBK) is a communication services company that provides a range of data, wireless, video, voice, and managed services. GCI Liberty, Inc. rebranded to Liberty Capital Corporation (NASDAQ:GLIBK) in May 2026. On September 15, 2026, Liberty Capital Corporation (NASDAQ:GLIBK) closed at $25.55 per share. Over the past month, Liberty Capital Corporation (NASDAQ:GLIBK) declined 1.50% and its shares lost 27.02% over the past 52 weeks. Liberty Capital Corporation (NASDAQ:GLIBK) has a market capitalization of $1.02 billion, and its stock trades within a 52-week range of $19.30 and $41.18.
Conventum – Alluvium Global Fund stated the following regarding Liberty Capital Corporation (NASDAQ:GLIBK) in its Q2 2026 investor letter:
"GCI Liberty, the Alaskan cable business that was spun out of Liberty Broadband, has been renamed Liberty Capital Corporation (NASDAQ:GLIBK) (to reflect a future which is expected to include a broader array of businesses, and with its legacy GCI Alaska cable business being the solid "cash cow"). It fell 40.6%. There was plenty of news. Most notable was its USD 360m acquisition of Quintillion, which owns around 3,000 kilometres of fibre cable and plans to expand it by a further 2,500 kilometres or so. This perfectly aligns with Liberty's GCI operations. We understand Quintillion generates around USD 55-60m in revenue and USD 30m in free cash. We would expect significant synergies (reportedly around USD 20m) so we have little doubt that the deal adds value. And in fact, when we incorporate it into our model, the valuation uplift is around 35%. Management also decided to retreat from the competitive and low margin video business. And finally, Liberty Capital had intended to acquire an interest in Liberty Latin America by striking a deal for an initial 6% stake and building on that by buying John Malone's interest. For some reason this did not proceed which perhaps spooked the market. With the share price falling (to levels approximating half our valuation), and encouraged by its CEO buying shares, we increased our
In its second-quarter 2026 investor letter, Conventum – Alluvium Global Fund highlighted Liberty Capital Corporation (NASDAQ:GLIBK). Liberty Capital Corporation (NASDAQ:GLIBK) is a communication services company that provides a range of data, wireless, video, voice, and managed services. GCI Liberty, Inc. rebranded to Liberty Capital Corporation (NASDAQ:GLIBK) in May 2026. On September 15, 2026, Liberty Capital Corporation (NASDAQ:GLIBK) closed at $25.55 per share. Over the past month, Liberty Capital Corporation (NASDAQ:GLIBK) declined 1.50% and its shares lost 27.02% over the past 52 weeks. Liberty Capital Corporation (NASDAQ:GLIBK) has a market capitalization of $1.02 billion, and its stock trades within a 52-week range of $19.30 and $41.18.
Conventum – Alluvium Global Fund stated the following regarding Liberty Capital Corporation (NASDAQ:GLIBK) in its Q2 2026 investor letter:
"GCI Liberty, the Alaskan cable business that was spun out of Liberty Broadband, has been renamed Liberty Capital Corporation (NASDAQ:GLIBK) (to reflect a future which is expected to include a broader array of businesses, and with its legacy GCI Alaska cable business being the solid "cash cow"). It fell 40.6%. There was plenty of news. Most notable was its USD 360m acquisition of Quintillion, which owns around 3,000 kilometres of fibre cable and plans to expand it by a further 2,500 kilometres or so. This perfectly aligns with Liberty's GCI operations. We understand Quintillion generates around USD 55-60m in revenue and USD 30m in free cash. We would expect significant synergies (reportedly around USD 20m) so we have little doubt that the deal adds value. And in fact, when we incorporate it into our model, the valuation uplift is around 35%. Management also decided to retreat from the competitive and low margin video business. And finally, Liberty Capital had intended to acquire an interest in Liberty Latin America by striking a deal for an initial 6% stake and building on that by buying John Malone's interest. For some reason this did not proceed which perhaps spooked the market. With the share price falling (to levels approximating half our valuation), and encouraged by its CEO buying shares, we increased our
1 month ago
Alluvium **** et Management, an **** et management company, released its "Conventum – Alluvium Global Fund" second-quarter 2026 investor letter. The letter can be downloaded here. The second quarter reflected a sharp shift from geopolitical uncertainty and oil market volatility to a powerful equity rally led by semiconductor companies. Despite the broader market strength, the Fund declined 1.4% in EUR terms, 2.2% in USD terms, and 3.9% in AUD terms. Portfolio results were mixed, with Alphabet benefiting from strong Cloud growth, while Robert Half, H&R Block and other holdings posted solid gains. However, cable businesses and several healthcare and consumer holdings weighed on performance. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Conventum – Alluvium Global Fund highlighted Liberty Capital Corporation (NASDAQ:GLIBK). Liberty Capital Corporation (NASDAQ:GLIBK) is a communication services company that provides a range of data, wireless, video, voice, and managed services. GCI Liberty, Inc. rebranded to Liberty Capital Corporation (NASDAQ:GLIBK) in May 2026. On September 15, 2026, Liberty Capital Corporation (NASDAQ:GLIBK) closed at $25.55 per share. Over the past month, Liberty Capital Corporation (NASDAQ:GLIBK) declined 1.50% and its shares lost 27.02% over the past 52 weeks. Liberty Capital Corporation (NASDAQ:GLIBK) has a market capitalization of $1.02 billion, and its stock trades within a 52-week range of $19.30 and $41.18.
Conventum – Alluvium Global Fund stated the following regarding Liberty Capital Corporation (NASDAQ:GLIBK) in its Q2 2026 investor letter:
"GCI Liberty, the Alaskan cable business that was spun out of Liberty Broadband, has been renamed Liberty Capital Corporation (NASDAQ:GLIBK) (to reflect a future which is expected to include a broader array of businesses, and with its legacy GCI Alaska cable business being the solid "cash cow"). It fell 40.6%. There was plenty of news. Most notable was its USD 360m acquisition of Quintillion, which owns around 3,000 kilometres of fibre cable and plans to expand it by a further 2,500 kilometres or so. This perfectly aligns with Liberty's GCI operations. We understand Quintillion generates around USD 55-60m in revenue and USD 30m in free cash. We would expect significant synergies (reportedly around USD 20m) so we have little doubt that the deal adds value. And in fact, when we incorporate it into our model, the valuation uplift is around 35%. Management also decided to retreat from the competitive and low margin video business. And finally, Liberty Capital had intended to acquire an interest in Liberty Latin America by striking a deal for an initial 6% stake and building on that by buying John Malone's interest. For some reason this did not proceed which perhaps spooked the market. With the share price falling (to levels approximating half our valuation), and encouraged by its CEO buying shares, we increased our
In its second-quarter 2026 investor letter, Conventum – Alluvium Global Fund highlighted Liberty Capital Corporation (NASDAQ:GLIBK). Liberty Capital Corporation (NASDAQ:GLIBK) is a communication services company that provides a range of data, wireless, video, voice, and managed services. GCI Liberty, Inc. rebranded to Liberty Capital Corporation (NASDAQ:GLIBK) in May 2026. On September 15, 2026, Liberty Capital Corporation (NASDAQ:GLIBK) closed at $25.55 per share. Over the past month, Liberty Capital Corporation (NASDAQ:GLIBK) declined 1.50% and its shares lost 27.02% over the past 52 weeks. Liberty Capital Corporation (NASDAQ:GLIBK) has a market capitalization of $1.02 billion, and its stock trades within a 52-week range of $19.30 and $41.18.
Conventum – Alluvium Global Fund stated the following regarding Liberty Capital Corporation (NASDAQ:GLIBK) in its Q2 2026 investor letter:
"GCI Liberty, the Alaskan cable business that was spun out of Liberty Broadband, has been renamed Liberty Capital Corporation (NASDAQ:GLIBK) (to reflect a future which is expected to include a broader array of businesses, and with its legacy GCI Alaska cable business being the solid "cash cow"). It fell 40.6%. There was plenty of news. Most notable was its USD 360m acquisition of Quintillion, which owns around 3,000 kilometres of fibre cable and plans to expand it by a further 2,500 kilometres or so. This perfectly aligns with Liberty's GCI operations. We understand Quintillion generates around USD 55-60m in revenue and USD 30m in free cash. We would expect significant synergies (reportedly around USD 20m) so we have little doubt that the deal adds value. And in fact, when we incorporate it into our model, the valuation uplift is around 35%. Management also decided to retreat from the competitive and low margin video business. And finally, Liberty Capital had intended to acquire an interest in Liberty Latin America by striking a deal for an initial 6% stake and building on that by buying John Malone's interest. For some reason this did not proceed which perhaps spooked the market. With the share price falling (to levels approximating half our valuation), and encouraged by its CEO buying shares, we increased our
2 months ago
Brennan ******* et Management recently released its Q2 2026 investor letter. The letter can be downloaded here. Investors were optimistic about a potential truce with Iran, highlighted by a mid-June memorandum for negotiations on regional security and sanctions, causing oil prices to drop and the market to rally. Despite geopolitical uncertainties, investors remain focused on a surge in AI infrastructure spending, which is expected to heavily influence the global economy, although questions about the returns from this investment loom. Overall, the S&P 500 remains at high valuations, seemingly unfazed by these challenges, while there are few pockets of value left, mostly outside the U.S. market. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Brennan ******* et Management highlighted Liberty Capital Corporation (NASDAQ:GLIBK). Liberty Capital Corporation (NASDAQ:GLIBK) is a communication services company that provides a range of data, wireless, video, voice, and managed services. GCI Liberty, Inc. rebranded to Liberty Capital Corporation in May 2026. On August 31, 2026, Liberty Capital Corporation (NASDAQ:GLIBK) closed at $26.03 per share. Over the past month, Liberty Capital Corporation (NASDAQ:GLIBK) returned 8.78%, but its shares are down 28.94% over the past year. Liberty Capital Corporation (NASDAQ:GLIBK) has a market capitalization of $1.04 billion, and its stock has traded within a 52-week range of $19.30 to $41.18.
Brennan ******* et Management stated the following regarding Liberty Capital Corporation (NASDAQ:GLIBK) in its Q2 2026 investor letter:
Liberty Capital Corporation (NASDAQ:GLIBK): "Just when I thought I was out, they pull me back in!": In our Q4 2024 letter, we described our unfavorable investment history with Liberty Latin America (LILAK) and explained our reasons for substantially exiting the position and reinvesting the proceeds in TIGO. In the letter, we blamed ourselves for giving LILAK's management team too much slack even though operating performance continued to contradict their rosy projections. Selling shares in a longer-term holding that has not worked is no fun, but it is part of the investment process.
In our Q3 2025 letter, we detailed our investment in GCI Liberty (later renamed Liberty Capital) and described how we felt that the company traded substantially below the value of the Alaska Cable business, which implied that investors were seemingly ascribing negative value to the prospects of deals from John Malone and company. We noted how investors would have flocked to this type of investment 10 years ago, but the underperformance of US cable and several other Liberty names had caused a severe inversion to anything cable related..." (Click here to read the full text)
#glibk #management #investment #brennan
In its second-quarter 2026 investor letter, Brennan ******* et Management highlighted Liberty Capital Corporation (NASDAQ:GLIBK). Liberty Capital Corporation (NASDAQ:GLIBK) is a communication services company that provides a range of data, wireless, video, voice, and managed services. GCI Liberty, Inc. rebranded to Liberty Capital Corporation in May 2026. On August 31, 2026, Liberty Capital Corporation (NASDAQ:GLIBK) closed at $26.03 per share. Over the past month, Liberty Capital Corporation (NASDAQ:GLIBK) returned 8.78%, but its shares are down 28.94% over the past year. Liberty Capital Corporation (NASDAQ:GLIBK) has a market capitalization of $1.04 billion, and its stock has traded within a 52-week range of $19.30 to $41.18.
Brennan ******* et Management stated the following regarding Liberty Capital Corporation (NASDAQ:GLIBK) in its Q2 2026 investor letter:
Liberty Capital Corporation (NASDAQ:GLIBK): "Just when I thought I was out, they pull me back in!": In our Q4 2024 letter, we described our unfavorable investment history with Liberty Latin America (LILAK) and explained our reasons for substantially exiting the position and reinvesting the proceeds in TIGO. In the letter, we blamed ourselves for giving LILAK's management team too much slack even though operating performance continued to contradict their rosy projections. Selling shares in a longer-term holding that has not worked is no fun, but it is part of the investment process.
In our Q3 2025 letter, we detailed our investment in GCI Liberty (later renamed Liberty Capital) and described how we felt that the company traded substantially below the value of the Alaska Cable business, which implied that investors were seemingly ascribing negative value to the prospects of deals from John Malone and company. We noted how investors would have flocked to this type of investment 10 years ago, but the underperformance of US cable and several other Liberty names had caused a severe inversion to anything cable related..." (Click here to read the full text)
#glibk #management #investment #brennan
2 months ago
Brennan **** et Management recently released its Q2 2026 investor letter. The letter can be downloaded here. Investors were optimistic about a potential truce with Iran, highlighted by a mid-June memorandum for negotiations on regional security and sanctions, causing oil prices to drop and the market to rally. Despite geopolitical uncertainties, investors remain focused on a surge in AI infrastructure spending, which is expected to heavily influence the global economy, although questions about the returns from this investment loom. Overall, the S&P 500 remains at high valuations, seemingly unfazed by these challenges, while there are few pockets of value left, mostly outside the U.S. market. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Brennan **** et Management highlighted Liberty Capital Corporation (NASDAQ:GLIBK). Liberty Capital Corporation (NASDAQ:GLIBK) is a communication services company that provides a range of data, wireless, video, voice, and managed services. GCI Liberty, Inc. rebranded to Liberty Capital Corporation in May 2026. On August 31, 2026, Liberty Capital Corporation (NASDAQ:GLIBK) closed at $26.03 per share. Over the past month, Liberty Capital Corporation (NASDAQ:GLIBK) returned 8.78%, but its shares are down 28.94% over the past year. Liberty Capital Corporation (NASDAQ:GLIBK) has a market capitalization of $1.04 billion, and its stock has traded within a 52-week range of $19.30 to $41.18.
Brennan **** et Management stated the following regarding Liberty Capital Corporation (NASDAQ:GLIBK) in its Q2 2026 investor letter:
Liberty Capital Corporation (NASDAQ:GLIBK): "Just when I thought I was out, they pull me back in!": In our Q4 2024 letter, we described our unfavorable investment history with Liberty Latin America (LILAK) and explained our reasons for substantially exiting the position and reinvesting the proceeds in TIGO. In the letter, we blamed ourselves for giving LILAK's management team too much slack even though operating performance continued to contradict their rosy projections. Selling shares in a longer-term holding that has not worked is no fun, but it is part of the investment process.
In our Q3 2025 letter, we detailed our investment in GCI Liberty (later renamed Liberty Capital) and described how we felt that the company traded substantially below the value of the Alaska Cable business, which implied that investors were seemingly ascribing negative value to the prospects of deals from John Malone and company. We noted how investors would have flocked to this type of investment 10 years ago, but the underperformance of US cable and several other Liberty names had caused a severe inversion to anything cable related..." (Click here to read the full text)
#liberty #corporation #glibk #brennan
In its second-quarter 2026 investor letter, Brennan **** et Management highlighted Liberty Capital Corporation (NASDAQ:GLIBK). Liberty Capital Corporation (NASDAQ:GLIBK) is a communication services company that provides a range of data, wireless, video, voice, and managed services. GCI Liberty, Inc. rebranded to Liberty Capital Corporation in May 2026. On August 31, 2026, Liberty Capital Corporation (NASDAQ:GLIBK) closed at $26.03 per share. Over the past month, Liberty Capital Corporation (NASDAQ:GLIBK) returned 8.78%, but its shares are down 28.94% over the past year. Liberty Capital Corporation (NASDAQ:GLIBK) has a market capitalization of $1.04 billion, and its stock has traded within a 52-week range of $19.30 to $41.18.
Brennan **** et Management stated the following regarding Liberty Capital Corporation (NASDAQ:GLIBK) in its Q2 2026 investor letter:
Liberty Capital Corporation (NASDAQ:GLIBK): "Just when I thought I was out, they pull me back in!": In our Q4 2024 letter, we described our unfavorable investment history with Liberty Latin America (LILAK) and explained our reasons for substantially exiting the position and reinvesting the proceeds in TIGO. In the letter, we blamed ourselves for giving LILAK's management team too much slack even though operating performance continued to contradict their rosy projections. Selling shares in a longer-term holding that has not worked is no fun, but it is part of the investment process.
In our Q3 2025 letter, we detailed our investment in GCI Liberty (later renamed Liberty Capital) and described how we felt that the company traded substantially below the value of the Alaska Cable business, which implied that investors were seemingly ascribing negative value to the prospects of deals from John Malone and company. We noted how investors would have flocked to this type of investment 10 years ago, but the underperformance of US cable and several other Liberty names had caused a severe inversion to anything cable related..." (Click here to read the full text)
#liberty #corporation #glibk #brennan
