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AAA  Jun. 8, 2013
Better reception
By STAN CHOE
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Hedge funds are big on broadcasters.

Goldman Sachs compiles a quarterly list of the 50 stocks that appear most often within the top-10 holdings of hedge funds, which invest for pension funds and wealthy investors. After analyzing the investments of 705 hedge funds with $1.5 trillion in assets, Goldman Sachs found that several media companies joined the list in the latest quarter.

An index of broadcasting and cable TV stocks in the Standard & Poor’s 500 index is up 47 percent over the last 12 months, almost double the 25 percent rise of the broader market.

Charter Communications has jumped 79 percent over the last year and was a top-10 holding for 22 hedge funds last quarter. Other media companies to join the list in the latest quarter include CBS, Liberty Media and Time Warner.

Investors see media stocks as a way to focus on the U.S. economy, which is performing better than other regions. Strengthening consumer confidence also has investors anticipating that advertisers will spend more in the second half of this year as the economy continues to improve.

Associated Press
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