Should You Consider Adding Formula One Group (FWONK)?
Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, its Investor Class fund ARTMX returned 4.44%, Advisor Class fund APDMX posted a return of 4.48%, and Institutional Class fund APHMX returned 4.49%, compared to a 6.23% return for the Russell Midcap Growth Index. Sector allocation and security selection drove the Q2 underperformance. ARTMX, APDMX, and APHMX returned 17.36%, 17.47%, and 17.48%, respectively, compared to 15.94% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Fund highlighted stocks like Formula One Group (NASDAQ:FWONK) in the second quarter 2023 investor letter. based in Englewood, Colorado, Formula One Group (NASDAQ:FWONK) is a motorsports company. On August 29, 2023, Formula One Group (NASDAQ:FWONK) stock closed at $66.32 per share. Five days return of Formula One Group (NASDAQ:FWONK) was 0.29%. Formula One Group (NASDAQ:FWONK) has a market capitalization of $15.068 billion.
Artisan Mid Cap Fund made the following comment about Formula One Group (NASDAQ:FWONK) in its second quarter 2023 investor letter:
"We initiated new GardenSM positions in Keysight, Roblox and Formula One Group (NASDAQ:FWONK) during the quarter. In early 2017, Liberty Media acquired Formula One (F1), an iconic global motorsports business. We believe F1 has scarcity value with the potential to benefit from two trends: 1) a shift in consumer attention from over-the-air/pay TV to streaming video (which is largely global in nature and lacks live event content) and 2) demand for unique sporting experiences, especially among high-end consumers. When Liberty acquired F1, the sport had 350 million viewers (down from 600 million in 2008), which were primarily based in Europe. In the last few years, F1 has expanded the fan base to newer markets (like the US and China) and a younger demographic through efforts like the “Drive to Survive” series on Netflix, recasting broadcast agreements and making the sport more competitive (through adding cost caps, instituting standardized parts and changing prize money distribution). As its audience continues to grow, we believe F1 will be able to increase future monetization and profitability through higher broadcasting fees, better sponsorship and hospitality opportunities, and the extraction of more value out of races from promoters."
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Formula One Group (NASDAQ:FWONK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Formula One Group (NASDAQ:FWONK) at the end of second quarter which was 46 in the previous quarter.
We discussed Formula One Group (NASDAQ:FWONK) in another article and shared Sequoia Fund's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.
