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 Madison Square Garden Entertainment Corp. (NYSE:MSGE) in the fourth quarter 2023 investor letter. Headquartered in New York, New York, Madison Square Garden Entertainment Corp. (NYSE:MSGE) engages in the live entertainment business. On January 29, 2024, Madison Square Garden Entertainment Corp. (NYSE:MSGE) stock closed at $33.92 per share. One-month return of Madison Square Garden Entertainment Corp. (NYSE:MSGE) was 9.45%, and YTD its shares gained 6.70% of their value. Madison Square Garden Entertainment Corp. (NYSE:MSGE) has a market capitalization of $1.627 billion.
McIntyre Partnerships stated the following regarding Madison Square Garden Entertainment Corp. (NYSE:MSGE) 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 Madison Square Garden Entertainment Corp. (NYSE:MSGE) to 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.”
A crowd of people gathered in a theatre watching an interactive live show.
Madison Square Garden Entertainment Corp. (NYSE:MSGE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Madison Square Garden Entertainment Corp. (NYSE:MSGE) at the end of third quarter which was 36 in the previous quarter.
We discussed Madison Square Garden Entertainment Corp. (NYSE:MSGE) in another article and shared the list of recent spin-off companies that hedge funds are piling into. 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.
