McIntyre Partnerships, an investment management company, released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. McIntyre Partnerships’ returns for YE 2023 were around 48% gross and 38% net. This is compared to a 15% return on the Russell 2000 Value index, which includes dividends. Its five-year return CAGR is 21% net, with 16% net returns since inception, compared to the Russell 2000 Value’s 10% and 6%, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
McIntyre Partnerships featured stocks such as Sphere Entertainment Co. (NYSE:SPHR) in the fourth quarter 2023 investor letter. Headquartered in New York, New York, Sphere Entertainment Co. (NYSE:SPHR) engages in live entertainment and media services. On January 29, 2024, Sphere Entertainment Co. (NYSE:SPHR) stock closed at $35.15 per share. One-month return of Sphere Entertainment Co. (NYSE:SPHR) was 4.89%, and its shares gained 45.60% of their value over the last 52 weeks. Sphere Entertainment Co. (NYSE:SPHR) has a market capitalization of $1.234 billion.
McIntyre Partnerships stated the following regarding Sphere Entertainment Co. (NYSE:SPHR) in its fourth quarter 2023 investor letter:
“In addition, two long-held investments, GTX and MSGE/SPHR, had positive news during the year and were significant contributors to our overall gains. For MSGE/SPHR, the split of the two businesses proved to be a significant catalyst, with the combined company rallying ~75% last year. After the spin in the spring, I rotated the bulk of our investment from MSGE to Sphere Entertainment Co. (NYSE:SPHR), as I thought MSGE was trading at a reasonable valuation while SPHR remained deeply discounted. Since then, SPHR has completed construction of the Las Vegas Sphere, which opened to broadly positive reviews, and SPHR has appreciated further. However, we have substantially reduced our investment in SPHR. I was comfortable owning MSGE in significant size due to its unlevered ownership of the Madison Square Garden arena, an iconic venue with stable cash flows and modest growth. After the split, SPHR has no ownership of the arena and is instead a riskier growth company, with significant upside potential but also higher odds of a miss. As a result, we retain a smaller position in SPHR. Looking forward, I remain bullish on the Las Vegas Sphere and believe additional sphere developments could be a significant catalyst, offset somewhat by my worries regarding refinancing the MSGN loan while SPHR is still bearing a great number of front-end loaded growth expenses.”
A packed theater of moviegoers watching a blockbuster film produced by the entertainment company.
Sphere Entertainment Co. (NYSE:SPHR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. We discussed Sphere Entertainment Co. (NYSE:SPHR) in another article and shared the list of most profitable small-cap stocks. In addition, please check out our hedge fund investor letters Q4 2023 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.
