Third Avenue Management, an investment management company based in New York City, released its “Small-Cap Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 4.16% in the first quarter compared to a 0.66% decline for the Russell 2000 Value Index. The market witnessed extreme volatility in the quarter with a 9.5% increase in the Index in January and an over 15% decline until the last week of March. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Third Avenue Small-Cap Value Fund highlighted stocks like The Liberty SiriusXM Group (NASDAQ:LSXMA) in the first quarter 2023 investor letter. Based in Englewood, Colorado, The Liberty SiriusXM Group (NASDAQ:LSXMA) engages in the entertainment business. On May 9, 2023, The Liberty SiriusXM Group (NASDAQ:LSXMA) stock closed at $27.83 per share. One-month return of The Liberty SiriusXM Group (NASDAQ:LSXMA) was -4.79%, and its shares lost 28.86% of their value over the last 52 weeks. The Liberty SiriusXM Group (NASDAQ:LSXMA) has a market capitalization of $9.056 billion.
Third Avenue Small-Cap Value Fund made the following comment about The Liberty SiriusXM Group (NASDAQ:LSXMA) in its Q1 2023 investor letter:
“John Malone is a known creator of wealth for those who have invested alongside him for decades. Notably averse to unnecessary tax consequences, The Liberty SiriusXM Group (NASDAQ:LSXMA) exchanged Time Warner common stock for a subsidiary of Time Warner which holds the Atlanta Braves in 2007. It also acquired the surrounding mixed-used real estate near the ballpark and successfully developed those assets. The area is known as the Battery Atlanta and has proven to be a popular location for business and entertainment in Atlanta. Management has done an excellent job growing the operations including winning a World Series championship in 2021. The Atlanta Braves are currently valued at $2.6B by Forbes making it the 8th most valuable franchise in Major League Baseball. This compares to an end of quarter market capitalization of approximately $1.9B for the entire Liberty Braves group entity. Liberty Media has announced the Q2 2023 deadline of spinning off the Liberty Braves into an asset-backed stock to better highlight its baseball and real estate assets as well as enhance liquidity for shareholders. Private equity has grown into a major player in sports-related investing. In the past two years, the industry has raised over $100B for future transactions. The timing of the Liberty Braves spin-off is likely linked to this burgeoning trend.”
Pixabay/Public Domain
The Liberty SiriusXM Group (NASDAQ:LSXMA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held The Liberty SiriusXM Group (NASDAQ:LSXMA) at the end of the fourth quarter which was 43 in the previous quarter.
We discussed The Liberty SiriusXM Group (NASDAQ:LSXMA) in another article and shared the list of best broadcasting stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.
