East 72, an investment management firm, published its third-quarter 2022 investor letter – a copy of which can be downloaded here. A quarterly gross portfolio return of -5.7% was recorded by the fund for the third quarter of 2022. After a stunning 8.9% rally in July, the S&P500 saw declines in both August (4.2%) and September (9.3%) to see the key global index some 5.3% lower at quarter-end against June 2022. The index is now back to mid-November 2020 levels. . Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.
In its Q3 2022 investor letter, East 72 Fund mentioned Madison Square Garden Sports Corp. (NYSE:MSGS) and explained its insights for the company. Founded in 2010, Madison Square Garden Sports Corp. (NYSE:MSGS) is a New York, New York-based sports holding company with a $3.6 billion market capitalization. Madison Square Garden Sports Corp. (NYSE:MSGS) delivered a -12.58% return since the beginning of the year, while its 12-month returns are down by -19.01%. The stock closed at $151.88 per share on October 07, 2022.
Here is what East 72 Fund has to say about Madison Square Garden Sports Corp. (NYSE:MSGS) in its Q3 2022 investor letter:
“The US sports teams: we hold Madison Square Garden Sports
Liberty Media also control the Atlanta Braves baseball team (BATRK) via the super-voting structure and 11% cross shareholding between FWON and BATR. We have no holding in BATR due to the complexity of the tracker stock entity and lack of real discount. With 62million shares at $27.50, BATR has an equity capitalisation of $1.7billion; allowing for net debt and other assets, the enterprise value of $2.1billion is in line with the recent Forbes valuation.
In May 2019, in an investment presentation11, we espoused the virtues of what was then called Madison Square Garden Company. In the intervening three plus years, MSG has split into two pieces – the sport teams (MSGS: NY Knicks and NY Rangers) + MSGS, being the arena itself and associated other assets, Tao Group Hospitality, and the controversial “Spheres” project in Las Vegas. In July 2021, MSGE completed the re-acquisition of MSG Networks, the broadcaster, which had previously been spun out…” (Click here to see the full text)
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Our calculations show that Madison Square Garden Sports Corp. (NYSE:MSGS) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Madison Square Garden Sports Corp. (NYSE:MSGS) was in 33 hedge fund portfolios at the end of the second quarter of 2022, compared to 40 funds in the previous quarter. Madison Square Garden Sports Corp. (NYSE:MSGS) delivered a 1.16% return in the past 3 months.
In January 2022, we also shared another hedge fund’s views on Madison Square Garden Sports Corp. (NYSE:MSGS) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.
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Disclosure: None. This article is originally published at Insider Monkey.
