Alluvium Asset Management, an asset management company, released its “Conventum – Alluvium Global Fund” second-quarter 2025 investor letter. A copy of the letter can bedownloaded here. It appears that the market continues to rise on news of new tariff deals. In the quarter, the Fund was up 8.5% in USD terms, 3.1% in AUD terms, but down 0.1% in EUR terms. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its second-quarter 2025 investor letter, Conventum – Alluvium Global Fund highlighted stocks such as Charter Communications, Inc. (NASDAQ:CHTR). Charter Communications, Inc. (NASDAQ:CHTR) is a broadband connectivity and cable operator company. The one-month return of Charter Communications, Inc. (NASDAQ:CHTR) was 0.91%, and its shares lost 20.27% of their value over the last 52 weeks. On September 02, 2025, Charter Communications, Inc. (NASDAQ:CHTR) stock closed at $264.42 per share, with a market capitalization of $40.31 billion.
Conventum – Alluvium Global Fund stated the following regarding Charter Communications, Inc. (NASDAQ:CHTR) in its second quarter 2025 investor letter:
We have discussed in prior reports that Liberty Broadband (up 15.1%) trades at a discount to its implied price under the agreed deal with Charter Communications (up 10.9%). We didn’t expect this to be corrected so soon. The catalyst was the Liberty deal being brought forward as a result of a different Charter Communications, Inc. (NASDAQ:CHTR) deal – its proposed USD34.5 bn merger with Cox Communications. Charter’s Cox acquisition makes perfect sense. Cox is a major player in cable infrastructure – with over 40,000 miles of fiber across 24 states. Acquiring Cox at a multiple of a little over six times expected 2025 EBITDA, the acquisition is immediately accretive to Charter’s earnings. And in this case, the synergies are apparent – even to blind Freddy. It increases passings to 69.5 million (up 21.5%) and customers to 37.6 million (up 19.7%). Irrespective of the Cox deal proceeding, this sped up the Liberty consolidation. And so the discount referred to above narrowed from 8.9% to 1.4%. Meanwhile, back on Liberty turf, remember that its Alaskan operations (GCI) are not part of the Charter consolidation. Liberty’s management provided some indication as to how it sees GCI on a standalone basis. And its Chairman, John Malone, proffered his thoughts that it should trade at a premium to Charter’s earnings multiple, and to expect active management to pursue small bolt-on acquisitions in special situations (possibly distressed sales) focused on and around the communications industry. We are monitoring closely. Liberty represents 5.1% of the Fund.
