Charter Communications (NASDAQ: CHTR) shares have faced severe pressure over the past year, declining 47.32% and closing at $141.20 on September 15, 2026. The broadband giant’s stock has been weighed down by persistent concerns over flat Average Revenue Per User (ARPU) and continued internet customer losses, driven by intensifying competition from fixed wireless providers and Starlink. Despite these headwinds, Alluvium Asset Management’s Conventum – Alluvium Global Fund highlights the pending Cox acquisition as a potential catalyst, noting that management increased expected synergies by 60%.

Market Context

The second quarter of 2026 marked a sharp shift in market sentiment, moving from geopolitical uncertainty and oil volatility to a powerful equity rally led by semiconductor companies. However, this broader strength did not extend to all sectors. The Conventum – Alluvium Global Fund declined 1.4% in EUR terms, 2.2% in USD terms, and 3.9% in AUD terms during the quarter. While tech holdings like Alphabet benefited from strong Cloud growth, cable businesses, including Charter, and several healthcare and consumer holdings significantly dragged on fund performance.

Analysis

Alluvium Asset Management notes that Charter Communications and its tracking stock, Liberty Broadband, fell 34.1% and 33.7% respectively following Charter’s April results. The market’s negative reaction stems from concerns that ARPU has remained flat and that Charter is continually losing internet customers. Competition from fixed wireless and low-earth orbit satellite services like Starlink is cited as a primary driver of this churn, although Alluvium points out that Charter’s cable infrastructure is higher cost but more capacity constrained compared to these alternatives.

Alluvium argues that the market may be misinterpreting Charter’s strategy. The firm suggests that flat ARPU is a result of Charter providing a demonstrably better offering at a lower price point. Furthermore, the fund highlights that Charter is growing its mobile subscribers at a much faster rate than it is losing internet customers. More than half of Charter’s residential customers subscribe to more than one product, indicating strong cross-selling potential. Alluvium contends that the broader market has extrapolated current conditions to perpetuity, potentially creating an undervaluation opportunity centered on the Cox acquisition.

Key Numbers

- CHTR closing price: $141.20 (September 15, 2026)

- CHTR 52-week decline: 47.32%

- CHTR 52-week trading range: $111.55 - $285.82

- CHTR market capitalization: $24.73 billion

- CHTR Q2 drop post-April results: 34.1%

- Liberty Broadband Q2 drop post-April results: 33.7%

- Alluvium Fund Q2 return: -2.2% (USD)

- Management increase in expected Cox acquisition synergies: 60%

What to Watch

Traders should monitor the finalization of the Cox acquisition and the realization of the 60% increased synergy expectations. Key metrics to watch include the rate of mobile subscriber growth versus internet customer losses, as well as any signs of ARPU stabilization. Analysts will also be scrutinizing whether the market’s extrapolation of current competitive pressures continues or if the value of Charter’s bundled offerings begins to resonate with investors, potentially reversing the 47% annual decline.