What smart money is saying about Telephone & Data Systems
1 fund in our archive has pitched Telephone & Data Systems — most recently Middle Coast Investing Equity Portfolios in September 2026.
Telephone and Data Systems, Inc., a telecommunications company, provides communications services to residential, commercial, and wholesale customers in the United States. It operates through two segments: TDS Telecom and Array. The company offers internet connections and all-home Wi-Fi services, fiber internet, security, and support services; advanced home TV entertainment combined with a digital video recording (DVR) services; TDS TV+, an integrated cloud TV platform that combines linear and on-demand programming, mobile device interfaces, personalized recommendations, and network-based DVR; digital television; local and long-distance telephone service, voice over internet protocol, and enhanced services; wireless services to customers; broadband, IP-based services, and hosted voice and video collaboration services to small- and medium-sized businesses; carrying data and voice traffic services; wholesale services; and communication services in underserved areas. The company is also leases tower spaces to tenants; provides ancillary services. The company sells and distributes its products through third-party direct sales, retail stores, sales agents, and an online platform to sell services and products. Telephone and Data Systems, Inc. was incorporated in 1968 and is headquartered in Chicago, Illinois.
Get an email when a fund writes about it
Position history
Between Q2 2026 and Q3 2026, 2 fund letters reported a position in Telephone & Data Systems — 1 opened or added to the position.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 1 | 0 | 1 |
| Q2 2026 | 1 | 0 | 0 | 0 |
Fund activity · 2 positions · 1 move
- New positionMiddle Coast Investing Equity PortfoliosSeptember 2026
“Telephone & Data Systems (TDS) Telephone & Data Systems is a telecommunications company (no surprise). It is an interesting investment because it has transformed its business. Its current business is a cable/telephone business that is transitioning from classic copper lines to fiber lines. This can be a long process, but should be a rewarding investment over time, and TDS is equipped to make this shift. That is because of its 82% ownership of Array Digital (AD), formerly known as U.S. Cellular. Array has shifted from a cellular service provider to becoming a cell phone tower business. This means a shift to selling to businesses instead of consumers. As part of that shift, the company has sold off a lot of the spectrum it owns (the radio frequencies that cellular companies and satellite companies use). It has paid out big dividends to its shareholders, including TDS. TDS has a great balance sheet, and two clean business lines. There is one more significant spectrum asset on Array Digital’s balance sheet as well. Sum of the parts stories – where the stock level valuation requires adding disparate parts together – can take a long time to play out. In TDS’s case, we should be closer to the end of the story than the beginning, and were able to buy at a fair price ($33/share).”
Telephone & Data Systems - June 2026
“The top five losers for the quarter, excluding hedges, were Telephone and Data Systems, Inc., and four short positions.”
Telephone & Data Systems
Fund coverage · 1 thesis
- Middle Coast Investing Equity PortfoliosSeptember 2026
Telephone & Data Systems is a telecom business transitioning to fiber, with value supported by its Array Digital stake, spectrum assets, and a strong balance sheet.
Read the full thesis
Read every full thesis on Telephone & Data Systems
Unlock all 1 thesis — the full reasoning behind what funds are buying, plus unlimited access to the entire archive.
View plans→