Baron Funds, an investment management company, released its “Baron Discovery Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund appreciated 13.55% (Institutional Shares), outperforming the 8.41% return for the Russell 2000 Growth Index. Year-to-date, the fund returned 9.50% compared to the index’s 13.22% return. The firm was pleased with the fund’s performance in the third quarter and believes that the bear market in small-cap growth stocks, which began in February 2021, may finally end. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron Discovery Fund 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 11.80%, and its shares gained 46.26% of their value over the last 52 weeks. On November 6, 2024, Live Nation Entertainment, Inc. (NYSE:LYV) stock closed at $125.99 per share with a market capitalization of $29.244 billion.
Baron Discovery Fund stated the following regarding Live Nation Entertainment, Inc. (NYSE:LYV) in its Q3 2024 investor letter:
“We added to our position in Liberty Media Corporation – Liberty Live, a tracking stock whose primary asset is its holdings in Live Nation Entertainment, Inc. (NYSE:LYV). Live Nation, which produces live concerts and owns Ticketmaster, traded down when the Department of Justice (DOJ) sued the company for anticompetitive behavior. We added to our position in Liberty Live as we do not believe the DOJ suit will lead to the breakup of Live Nation and we believe that Live Nation trades at a valuation well below its intrinsic value. Shares of both Live Nation and Liberty Live recovered during the quarter, ending the period near their 52-week highs.”
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 the list of best music stocks to buy according to hedge funds. Live Nation Entertainment, Inc. (NYSE:LYV) contributed to the performance of Vulcan Value Partners in Q3 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.