Investment management company Vulcan Value Partners recently released its first quarter 2024 investor letter. A copy of the letter can be downloaded here. The firm is happy with the first quarter’s outcomes. All of the strategic composites generated positive returns, and many of them outperformed their respective benchmarks. In the quarter, the fund’s Large Cap Composite returned 12.0% net of fees and expenses, the Small Cap Composite returned 0.2% net, the Focus Composite returned 12.7% net, the Focus Plus composite returned 12.9%, and the All-Cap Composite returned 6.6% net. You can check the top 5 holdings of the fund to know its best picks in 2023.
Vulcan Value Partners featured stocks like Live Nation Entertainment, Inc. (NYSE:LYV) in the first quarter 2024 investor letter. Headquartered in Beverly Hills, California, Live Nation Entertainment, Inc. (NYSE:LYV) is a live entertainment company. On May 7, 2024, Live Nation Entertainment, Inc. (NYSE:LYV) stock closed at $96.34 per share. One-month return of Live Nation Entertainment, Inc. (NYSE:LYV) was -5.01%, and its shares gained 22.63% of their value over the last 52 weeks. Live Nation Entertainment, Inc. (NYSE:LYV) has a market capitalization of $22.297 billion.
Vulcan Value Partners stated the following regarding Live Nation Entertainment, Inc. (NYSE:LYV) in its first quarter 2024 investor letter:
“Live Nation Entertainment, Inc. (NYSE:LYV) is the world’s largest live entertainment company. The live entertainment industry has grown in the high single-digits over the last two decades, and demand continues to exceed supply. Live Nation is a dominant player and offers a complimentary suite of services including concert promotion, venue operations, ticketing, and artist management businesses. Artists today make 90% of their revenue on tour as album sales and royalties become less important. Tours are increasingly global, and there are an increasing number of shows per tour. Live Nation’s comprehensive offerings and scale enable its concert promoters to make better decisions on pricing and venue organization which benefits artists, venues, and fans. We expect Live Nation to continue to grow in the high single-digits over our long-term time horizon.”
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 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Live Nation Entertainment, Inc. (NYSE:LYV) at the end of the fourth quarter which was 40 in the previous quarter.
We previously discussed Live Nation Entertainment, Inc. (NYSE:LYV) in another article, where we shared the list of best entertainment stocks to buy for 2024. Longleaf Partners, an investment management company added Live Nation Entertainment, Inc. (NYSE:LYV) in 2023 and it performed well in both 2023 and Q4 2023. Longleaf Partners shared its optimism on Live Nation Entertainment, Inc. (NYSE:LYV) in it Q4 2023 investor letter. In addition, please check out our hedge fund investor letters Q1 2024 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.
