Should You Short The Liberty SiriusXM Group (LSXMA) Stock?

Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund’s Institutional Class returned +5.45% compared to a +7.18% return for the Russell 3000 Index. For the full year, the fund returned -22.46% compared to -19.21% for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Weitz Partners III Opportunity Fund highlighted stocks like The Liberty SiriusXM Group (NASDAQ:LSXMA) in its Q4 2022 investor letter. Headquartered in Englewood, Colorado, The Liberty SiriusXM Group (NASDAQ:LSXMA) is an entertainment company. On March 9, 2023, The Liberty SiriusXM Group (NASDAQ:LSXMA) stock closed at $28.80 per share. One-month return of The Liberty SiriusXM Group (NASDAQ:LSXMA) was -17.95%, and its shares lost 34.72% of their value over the last 52 weeks. The Liberty SiriusXM Group (NASDAQ:LSXMA) has a market capitalization of $9.406 billion.

Weitz Partners III Opportunity Fund made the following comment about The Liberty SiriusXM Group (NASDAQ:LSXMA) in its Q4 2022 investor letter:

“The Fund’s short position against an ETF tracking the S&P 500 index was a modest drag on quarterly returns but contributed to performance for the calendar year (our Nasdaq 100 ETF short, closed earlier in 2022, also produced positive returns). During the quarter, we re-established a short position against The Liberty SiriusXM Group (NASDAQ:LSXMA) common shares. Portfolio holding Liberty SiriusXM’s primary asset is a controlling, 82% stake in the satellite radio and entertainment company. By shorting a portion of the underlying SiriusXM shares, we neutralize a modest portion of our economic exposure to SiriusXM.”

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The Liberty SiriusXM Group (NASDAQ:LSXMA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held The Liberty SiriusXM Group (NASDAQ:LSXMA) at the end of the fourth quarter which was 43 in the previous quarter.

We discussed The Liberty SiriusXM Group (NASDAQ:LSXMA) in another article and shared high growth value stocks to buy according to Seth Klarman. 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.