Do You Believe in Formula One Group’s (FWONK) Growth Prospects?
Ruane, Cunniff & Goldfarb, an investment adviser managing Sequoia Fund, released its Q4 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 13.31% compared to an 11.69% return for the S&P 500 Index. The fund generated a 27.83% return in 2023 compared to a 26.29% return for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Sequoia Fund featured stocks like Formula One Group (NASDAQ:FWONK) in the fourth quarter 2023 investor letter. Based in Englewood, Colorado, Formula One Group (NASDAQ:FWONK) is a motorsports company. On March 20, 2024, Formula One Group (NASDAQ:FWONK) stock closed at $68.02 per share. One-month return of Formula One Group (NASDAQ:FWONK) was -0.34%, and YTD its shares gained 7.75% of their value. Formula One Group (NASDAQ:FWONK) has a market capitalization of $15.75 billion.
Sequoia Fund stated the following regarding Formula One Group (NASDAQ:FWONK) in its fourth quarter 2023 investor letter:
Shares in Liberty Media, the holding company through which we own the Formula One Group (NASDAQ:FWONK) motorsport league, returned 9.3% last year, trailing the Index. Financial results were very good. We expect revenues to be up over 25% and cash earnings per share to grow in the high teens. Ultimately, our long-term return in Liberty Media will be determined to a significant extent by the health of Formula One, as both a sport and a spectacle.
The big development for Formula One in 2023 was the hosting of the new Las Vegas Grand Prix. For every other race on the circuit, Formula One receives a mostly fixed fee from a third-party promoter, who bears responsibility for planning and paying for the event, and who then enjoys whatever profit is left after the fee is paid. From Formula One’s perspective, there is an obvious financial and operational elegance to this arrangement….” (Click here to read the full text)
Three racing cars competing side by side at a motorsports event, demonstrating the power and precision of the company's racing technology.
Formula One Group (NASDAQ:FWONK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Formula One Group (NASDAQ:FWONK) was held by 42 hedge fund portfolios, compared to 49 in the previous quarter, according to our database.
We discussed Formula One Group (NASDAQ:FWONK) in another article and shared the list of largest media companies in the world in 2023. In addition, please check out our hedge fund investor letters Q4 2023 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.
