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 Madison Square Garden Entertainment Corp. (NYSE:MSGE) in the first quarter 2023 investor letter. Headquartered in New York, New York, Madison Square Garden Entertainment Corp. (NYSE:MSGE) engages in live entertainment business. Recently, Madison Square Garden Entertainment Corp. (NYSE:MSGE) completed its spin-off from Sphere Entertainment Co. On May 9, 2023, Madison Square Garden Entertainment Corp. (NYSE:MSGE) stock closed at $33.86 per share. Five-day return of Madison Square Garden Entertainment Corp. (NYSE:MSGE) was 2.86%. Madison Square Garden Entertainment Corp. (NYSE:MSGE) has a market capitalization of $1.747 billion.
Third Avenue Small-Cap Value Fund made the following comment about Madison Square Garden Entertainment Corp. (NYSE:MSGE) in its Q1 2023 investor letter:
“Madison Square Garden Entertainment Corp. (NYSE:MSGE) has for nearly two years been an amalgamation of NY entertainment, restaurant, and cable network assets that has funneled its cash flows into the development of a state-of-the-art Las Vegas concert venue called “the Sphere”. As it nears its stated opening in Q3 2023, management can see that the assets are not receiving the premium valuation hoped for. So, in Q1 they decided to take proactive steps to unlock shareholder value by separating the New York assets from the Las Vegas assets. The spinoff is scheduled to be completed by April 20th, a catalyst that we believe could highlight the value of the Sphere that MSGE will have spent $2.175 billion on while the market capitalization of the entire company sits at $2.055 billion today.”
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Madison Square Garden Entertainment Corp. (NYSE:MSGE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Madison Square Garden Entertainment Corp. (NYSE:MSGE) at the end of the fourth quarter which was 17 in the previous quarter.
We discussed Madison Square Garden Entertainment Corp. (NYSE:MSGE) in another article and shared Broyhill Asset Management’s views on the company in the previous quarter. 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.
