Should You Consider Adding Madison Square Garden Entertainment (MSGE) to Your Portfolio?

Black Bear Value Partners, an investment management firm, published its fourth quarter 2022 investor letter, a copy of which can be downloaded here. Black Bear Value Fund returned 1.8% in December and 12.5% in 2022 compared to the S&P 500’s return of -5.8% in December and -18.1% in 2022. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Black Bear Value Partners highlighted stocks like Madison Square Garden Entertainment Corp. (NYSE:MSGE) in the Q4 2022 investor letter. Headquartered in New York, New York, Madison Square Garden Entertainment Corp. (NYSE:MSGE) is an entertainment company. On March 2, 2023, Madison Square Garden Entertainment Corp. (NYSE:MSGE) stock closed at $62.16 per share. One-month return of Madison Square Garden Entertainment Corp. (NYSE:MSGE) was 18.31%, and its shares lost 14.44% of their value over the last 52 weeks. Madison Square Garden Entertainment Corp. (NYSE:MSGE) has a market capitalization of $2.103 billion.

Black Bear Value Partners made the following comment about Madison Square Garden Entertainment Corp. (NYSE:MSGE) in its Q4 2022 investor letter:

“Madison Square Garden Entertainment Corp. (NYSE:MSGE)’s primary assets include the Madison Square Garden arena, MSGN (the regional sports network), Tao Group, the Radio City Rockettes show, and an in-construction entertainment venue in Las Vegas called the Sphere.

These assets have historically traded at a “Dolan Discount”. Some of that discount is warranted as management has sometimes taken actions to benefit some shareholders while harming others (Selling MSGN at a steep discount to MSGE). Alternatively, management has also been thoughtful about spins and share buybacks to benefit shareholders…” (Click here to read the full text)

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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 Ariel Investment’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 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.