Here’s Why Ariel Investments Remains Confidently Bullish in Madison Square (MSGS)

Ariel Investments, an investment management firm, published its “Ariel Fund & Ariel Appreciation Fund” third-quarter 2021 investor letter – a copy of which can be downloaded here. A return of -0.17% was recorded by the Fund for the third quarter of 2021, compared to the Russell 2500TM Value Index, Russell 2500TM Index, and S&P 500® Index which had a -2.07%, -2.68%, and 0.58% returns respectively for the same period. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

Ariel Fund & Ariel Appreciation Fund, in its Q3 2021 investor letter, mentioned Madison Square Garden Sports Corp. (NYSE: MSGS) and discussed its stance on the firm. Madison Square Garden Sports Corp. is a New York, New York-based sports holding company with a $3.9 billion market capitalization. MSGS delivered a -11.74% return since the beginning of the year, while its 12-month returns are down by -8.91%. The stock closed at $162.49 per share on December 15, 2021.

Here is what Ariel Fund & Ariel Appreciation Fund has to say about Madison Square Garden Sports Corp.  in its Q3 2021 investor letter:

“In Ariel Fund and Ariel Appreciation Fund, we re-initiated a position in Madison Square Garden Sports Corp (MSGS). As the owner of two storied sports franchises in the biggest U.S. market—the New York Knicks (NBA) and Rangers (NHL)—we believe the company’s scarce and valuable content should continue to grow and command a premium as the economic reopening continues.”

Madison Square Garden

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Based on our calculations, Madison Square Garden Sports Corp. (NYSE: MSGS) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. MSGS was in 35 hedge fund portfolios at the end of the third quarter of 2021, compared to 37 funds in the previous quarter. Madison Square Garden Sports Corp. (NYSE: MSGS) delivered a -9.98% return in the past 3 months.

Last month, we publish an article regarding Bill Gates’ 4 most recent investments and MSGS managed to be part of it. You can find more than 100 investor letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q3 page.

Disclosure: None. This article is originally published at Insider Monkey.