What smart money is saying about Charter Communications
3 funds in our archive have pitched Charter Communications, most recently Alluvium AM Conventum in September 2026.
Charter Communications, Inc. is a prominent U.S. broadband and cable operator, delivering services to residential and commercial customers nationwide. Its offerings encompass a wide array of subscription video services, including on-demand content, high-definition channels, digital video recording (DVR), and pay-per-view options. Internet services form a crucial part of its portfolio, featuring robust security measures against cyber threats, high-performance in-home WiFi with provided routers, and extensive out-of-home and Spectrum WiFi access. The company also provides voice communication services utilizing Voice over Internet Protocol (VoIP) technology. For its business and carrier clientele, Charter offers comprehensive broadband communication solutions. These include internet access, data networking, fiber optic connectivity, video entertainment, and business telephone services, catering to a diverse range of needs from office buildings to cellular towers. Further diversifying its operations, Charter provides mobile services, alongside specialized business solutions such as static IP addresses, dedicated business WiFi, email and security services, multi-line telephone systems, and web-based service management. It also offers a suite of communication products and managed service solutions. In the media sector, the company sells local advertising across various platforms, including major networks like TBS, CNN, and ESPN, as well as local sports and news channels, and utilizes its "Audience App" for linear inventory optimization. Additionally, Charter owns and operates regional sports and news networks and supplies wholesale data connectivity services to mobile and wireline carriers. Serving approximately 32 million customers across 41 states, Charter Communications was founded in 1993 and maintains its headquarters in Stamford, Connecticut.
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Fund signal · last 12 months
18 lettersToo few moves on Charter Communications yet for a clear signal
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q4 2024 and Q4 2026, 21 fund letters reported a position in Charter Communications, with 4 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q4 2026 | 1 | 0 | 0 | 0 |
| Q3 2026 | 7 | 0 | 1 | 1 |
| Q2 2026 | 8 | 0 | 2 | 0 |
| Q1 2026 | 1 | 0 | 0 | 0 |
| Q4 2025 | 1 | 0 | 0 | 0 |
| Q3 2025 | 2 | 0 | 1 | 0 |
| Q2 2025 | 1 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 21 positions · 5 moves
- HoldsAcatisOctober 2026
“Charter Communications (-25.6%): There was a marked downturn in the share price for this American telecommunications and cable network operator. We are holding this stock not because of the business model, which is nearing its end, but because of the share buy-backs, therefore we will maintain our investment.”
Charter Communications - September 2026
Listed in Artisan Partners High Income Strategy’s reported holdings.
Charter Communications - September 2026
“l We eliminated the following position(s) during the period: • Charter Communications Cl A”
Charter Communications - September 2026
“After last quarter’s poor performance of Charter Communications it reported even more losses in internet subscribers and fell another 22.0%. It is now priced barely above half its level of six months ago - at just 4 times earnings, 5 times cash flow, and at a 50% discount to our valuation. It is at distressed levels. We have updated our valuation and crucified our assumptions to better understand a bear case scenario. We struggle to reach a valuation anywhere close to its price. What are we missing? During the quarter it completed the Cox acquisition which involved taking on extra debt. We suspect that this, together with the recent sharp rise in bond yields, is spooking the market. So we took a further look at debt serviceability ratios. Prior to the acquisition, Charter had around USD 94b in debt at a weighted average cost of 5.2% and a weighted average life of almost 12 years (with 87% of it fixed). At 4.2 times its last 12 months adjusted EBITDA it sat comfortably within its target leverage ratio. It took on around USD 15b for Cox. We estimate its consequent debt level of around USD 109b to be circa 4 times its last 12 months combined Charter and Cox adjusted EBITDA. For the purpose of basic analysis, let’s assume a 6.5% average interest rate (noting that its average interest rate over the last 8 years was 5.0%), conservative EBIT and EBITDA margins (reverting back to their much lower average level of the last 8 years) and normalised working and investment capital outflows. Our estimates are that interest would be covered 3.7 times at the EBITDA level, 1.9 times at the EBIT level and 2.2 times at the cash flow level. Going forward, Charter’s capital commitments are waning. Management has also revised its long term target leverage from 4.0-4.5 times adjusted EBITDA to 3.5 times. We conclude feeling reasonably comfortable that management will successfully manage debt (largely by way of repaying chunks of it). Rather than debt, our concern is that operationally we cannot understand why the consumer is attracted to inferior, potentially data constrained competitive products. Conventum - Alluvium Global Fund September 2026 | Quarterly Report 5 This is marketing communication. Please refer to the relevant documentation (Prospectus of the UCITS, KID, IM) before making any final investment decisions. Performance Review As we wrote last quarter, ordinarily we would buy more. But the jury is out - so far we have been completely wrong. Whilst the operational news is still not improving we are not going to commit more capital and potentially compound the mistake. Conversely, we are not sellers at this level, despite the Fund’s rather significant 3.9% position.”
Charter Communications - HoldsFPA Crescent FundSeptember 2026
“Charter Communications and Liberty Broadband detracted from performance amid continued competitive pressure within the U.S. broadband market.”
Charter Communications - September 2026
“As previously mentioned, Charter completed its acquisition of Liberty Broadband, and our holdings of the broadband provider are now fully reflected in our new Charter shares.”
Charter Communications - September 2026
“For Charter, the closing of its acquisition of Cox and Liberty Broadband was a positive development for the quarter.”
Charter Communications - September 2026
“We bought short- dated corporate bonds issued by Charter Communications and Constellation Software, two companies we also know well from the equity research side.”
Charter Communications - June 2026
“We eliminated the following position(s) during the period: • Akzo Nobel • Charter Communications Cl A • Roche Holding • Waters”
Charter Communications - June 2026
“Charter trades at a price that translates to an earnings yield and a free cash flow yield of more than 20%, and at less than half our valuation.”
Charter Communications - June 2026
“We eliminated the following position(s) during the period:”
Charter Communications - June 2026
“Charter Communications (the principal asset of portfolio holding Liberty Broadband) shares were weak as investors remain laser-focused on the impact of competition in Charter’s core broadband market.”
Charter Communications - June 2026
“With one glaring exception (Liberty Broadband), the quarter benefited from having few negative outliers. Charter Communications (the principal asset of portfolio holding Liberty Broadband) shares were weak as investors remain laser-focused on the impact of competition in Charter’s core broadband market.”
Charter Communications - June 2026
Listed in Artisan Partners High Income Strategy’s reported holdings.
Charter Communications - HoldsFPA Source CapitalJune 2026
“We have discussed our exposure to cable broadband providers, through holdings in Comcast and Charter/Liberty Broadband in the past.”
Charter Communications - ExitedOakmark Global FundJune 2026
Listed in Oakmark Global Fund’s reported holdings.
Charter Communications - HoldsAlluvium Global FundMarch 2026
“Charter Communications and its tracking stock Liberty Broadband returned 3.4% and 4.0%. Charter’s full year results demonstrated strong cash flow growth and management reiterated that, with declining capital expenditure requirements in coming years, this will continue. Despite plans to lower leverage, share repurchases are also expected to continue. The merger with Cox Communications is still pending with no real update. Although the market’s response was favourable (with the share price up 7.6% on the day) as we fed the numbers through our systems the valuation barely changed and the share price continues to sit well below it. The combined positions of these companies accounts for 7.1% of the Fund.”
Charter Communications - HoldsDavenportDecember 2025
“The Fund’s top detractors during the quarter were Zebra Technologies Corp (ZBRA), Charter Communications Inc. (CHTR), and Eaton Corp Plc (ETN).”
Charter Communications - HoldsLRT CMSeptember 2025
“Charter Communications, Inc. (CHTR) 1.96”
Charter Communications - ExitedPzena Focused ValueSeptember 2025
“Broadband provider Charter Communications declined after reporting higher-than-expected subscriber losses during the quarter. After conducting further diligence on Charter, we concluded that the competitive pressure in the industry is likely more severe and persistent than we had expected, and we subsequently exited the position.”
Charter Communications - June 2025
“Charter Communications, Inc. (CHTR) Charter Communications, Inc. is one of the largest and most influential connectivity companies in the United States, providing a comprehensive suite of broadband, video, mobile, and voice services under its Spectrum brand.”
Charter Communications
Fund coverage · 3 theses
- Alluvium AM ConventumSeptember 2026
Charter Communications is a cable company, and the fund sees the stock as distressed on valuation while concluding debt is manageable, though the business fundamentals remain a concern.
Read the full thesis - LRT Capital ManagementJune 2025
Charter Communications, Inc. is a leading U.S. connectivity company focused on high-speed broadband and mobile services, leveraging a robust network infrastructure and pursuing growth through service convergence and rural expansion.
Read the full thesis - Sequoia FundDecember 2024
Charter Communications is a leading U.S. cable operator with over 30 million subscribers, facing challenges from fixed wireless but maintaining strong valuation and recovery potential.
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