Ruane, Cunniff & Goldfarb, an investment adviser managing Sequoia Fund, released its Q4 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 8.81% compared to a 7.56% return for the S&P 500 Index. The fund returned -30.52% in 2022 compared to -18.11% for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Sequoia Fund highlighted stocks like Formula One Group (NASDAQ:FWONK) in its Q4 2022 investor letter. Headquartered in Englewood, Colorado, Formula One Group (NASDAQ:FWONK) engages in the motorsports business internationally. On March 21, 2023, Formula One Group (NASDAQ:FWONK) stock closed at $73.14 per share. One-month return of Formula One Group (NASDAQ:FWONK) was 5.95%, and its shares gained 13.45% of their value over the last 52 weeks. Formula One Group (NASDAQ:FWONK) has a market capitalization of $17.024 billion.
Sequoia Fund made the following comment about Formula One Group (NASDAQ:FWONK) in its Q4 2022 investor letter:
“Formula One Group (NASDAQ:FWONK) has made very significant progress since Sequoia first acquired shares via a private placement in 2017. Formula One has for decades been the pinnacle of global motorsport, but under previous management it suffered from internecine fissures and short-sighted strategy that were negatively impacting the sport and the business. 2022 saw the full implementation of a new Concorde Agreement signed in 2020. The Concorde Agreement lays out the key economic, technical and sporting terms on which the teams participate, and this most recent one realigns the teams and the league in a manner that should pay off for all parties involved. The new Concorde Agreement has already had some positive impact on the sport and the business, and we believe the majority of the benefits have yet to be realized.
Already, the sport is healthier than it has been for a long time. TV viewership was up globally again this year, which helped Formula One secure a round of richer broadcast deals in Europe as well as in the US, where the new deal with ESPN/ABC is rumored to be almost 10x more remunerative than the last one. In 2022, US TV viewership was up almost 30% over last year, building on the momentum of previous years and driven by the latest season of Netflix’s Drive to Survive series and the calendar’s new Miami race. Liberty Media plans to add a third US race in 2023, in Las Vegas. Instead of relying on a promoter as it typically does, Liberty Media will run the Las Vegas race itself, which will require significant investment but should generate an attractive return.”
Vince Clements/Shutterstock.com
Formula One Group (NASDAQ:FWONK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Formula One Group (NASDAQ:FWONK) at the end of the fourth quarter which was 45 in the previous quarter.
We discussed Formula One Group (NASDAQ:FWONK) in another article and shared the list of best entertainment stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 Best Augmented Reality Stocks to Buy Now
- 15 Biggest Potash Companies in the World
- 15 Best High Yield Dividend Stocks to Buy
Disclosure: None. This article is originally published at Insider Monkey.
