Investment management company Vulcan Value Partners recently released its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. Although the firm is pleased with the results, the quarterly results were mixed during the quarter. The firm capitalized on stock price volatility by allocating capital to companies with better price-to-value ratios. In the quarter, the fund’s Large Cap Composite returned 8.2% net of fees and expenses, the Small Cap Composite returned 9.1% net, the Focus Composite returned 5.6% net, the Focus Plus composite returned 5.9% and the All-Cap Composite returned 8.1% net. For more information on the fund’s best picks in 2024, please check its top five holdings.
Vulcan Value Partners highlighted stocks like Live Nation Entertainment, Inc. (NYSE:LYV) in the third quarter 2024 investor letter. Headquartered in Beverly Hills, California, Live Nation Entertainment, Inc. (NYSE:LYV) is a live entertainment company. The one-month return of Live Nation Entertainment, Inc. (NYSE:LYV) was 10.39%, and its shares gained 43.10% of their value over the last 52 weeks. On October 16, 2024, Live Nation Entertainment, Inc. (NYSE:LYV) stock closed at $114.41 per share with a market capitalization of $26.556 billion.
Vulcan Value Partners stated the following regarding Live Nation Entertainment, Inc. (NYSE:LYV) in its Q3 2024 investor letter:
We added Live Nation Entertainment, Inc. (NYSE:LYV) to our Focus portfolio in the first quarter of 2024 and finished trading in the second quarter. Live Nation is a live entertainment company with leading positions in ticketing, concert promotion, sponsorship and advertising, and venue operations. Live Nation reported strong second quarter 2024 results, with a revenue increase of 7% and, notably, increase in adjusted EBIT of 23%. Consumer demand remains strong, and the company’s 2025 pipeline looks to be even stronger across all venue types. There was no update on the Department of Justice’s antitrust lawsuit during the quarter.
A group of people in a large music venue, enjoying a vibrant concert.
Live Nation Entertainment, Inc. (NYSE:LYV) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Live Nation Entertainment, Inc. (NYSE:LYV) at the end of the second quarter which was 50 in the previous quarter. While we acknowledge the potential of Live Nation Entertainment, Inc. (NYSE:LYV) 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 Live Nation Entertainment, Inc. (NYSE:LYV) and shared Morgan Stanley’s best stock picks and the top stocks to own for 2025. Vulcan Value Partners added Live Nation Entertainment, Inc. (NYSE:LYV) to its portfolio during Q1 2024. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.