Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund (Class Y) returned 7.17% compared to the 9.21% increase for the Russell Midcap Index. The Fund returned 12.44%, in the year-to-date nine months, compared to 14.63% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Madison Mid Cap Fund highlighted stocks like Liberty Broadband Corporation (NASDAQ:LBRDA), in the third quarter 2024 investor letter. Liberty Broadband Corporation (NASDAQ:LBRDA) is a company that engages in communications businesses. The one-month return of Liberty Broadband Corporation (NASDAQ:LBRDA) was 34.91%, and its shares lost 11.37% of their value over the last 52 weeks. On October 17, 2024, Liberty Broadband Corporation (NASDAQ:LBRDA) stock closed at $79.61 per share with a market capitalization of $11.399 billion.

Madison Mid Cap Fund stated the following regarding Liberty Broadband Corporation (NASDAQ:LBRDA) in its Q3 2024 investor letter:

"The top five contributors for the quarter were Liberty Broadband Corporation (NASDAQ:LBRDA), Floor & Décor, Moelis, Brown & Brown, and Waters. Liberty Broadband shares advanced meaningfully upon disclosures that the company was in negotiations with Charter Communications regarding a possible acquisition of Liberty Broadband. We’ve long held that this is the most likely outcome for Liberty Broadband shares, and thus are encouraged by these discussions. While this news has helped to close a large portion of the valuation discount between Liberty Broadband shares and the market value of the company’s ownership in Charter shares, there is still a significant gap, suggesting plenty of value remains."

A technician in a telecom facility installing wireless routers and operating on a computer.

Liberty Broadband Corporation (NASDAQ:LBRDA) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Liberty Broadband Corporation (NASDAQ:LBRDA) at the end of the second quarter which was 19 in the previous quarter. While we acknowledge the potential of Liberty Broadband Corporation (NASDAQ:LBRDA) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.