Here’s Why Formula One Group (FWONK) Surged in Q4

Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the fourth quarter, the fund (Class Y) decreased 1.86% compared to the 0.62% increase for the Russell Midcap Index. The Fund returned 10.46% in the full year 2024 period, compared to 15.34% 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 Formula One Group (NASDAQ:FWONK), in the fourth quarter 2024 investor letter. Formula One Group (NASDAQ:FWONK) is a motorsports company. One-month return of Formula One Group (NASDAQ:FWONK) was 3.86%, and its shares gained 41.52% of their value over the last 52 weeks. On January 29, 2025, Formula One Group (NASDAQ:FWONK) stock closed at $94.40 per share with a market capitalization of $29.75 billion.

Madison Mid Cap Fund stated the following regarding Formula One Group (NASDAQ:FWONK) in its Q4 2024 investor letter:

“The top five contributors for the quarter were Formula One Group (NASDAQ:FWONK), Arista Networks, Copart, Brookfield Asset Management, and Lithia Motors. Liberty Formula One, owner of the ‘F1’ international motor racing league, continues to produce strong results. This season has proven to be quite competitive, in contrast to the last couple of seasons where one driver and team dominated to the extent that there was very little suspense for each race. The increased drama this year has driven up attendance and viewership, which should fuel continued growth in sponsorships and media rights fees.”

A team of championship drivers racing their Formula One cars around a track.

Formula One Group (NASDAQ:FWONK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Formula One Group (NASDAQ:FWONK) at the end of the third quarter which was 50 in the previous quarter. While we acknowledge the potential of Formula One Group (NASDAQ:FWONK) 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.

In another article, we discussed Formula One Group (NASDAQ:FWONK) and shared Cooper Investors Global Equities Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.

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