Here’s What Happened to Formula One Group (FWONK) Shares in Q3
Madison Investments, an investment advisor, released its “Madison Mid Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund (Class Y) returned -1.8% compared to a -4.7% decline for the Russell Midcap Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Madison Mid Cap Fund highlighted stocks like Formula One Group (NASDAQ:FWONK) in the third quarter 2023 investor letter. Based in Englewood, Colorado, Formula One Group (NASDAQ:FWONK) is a motorsports company. On October 16, 2023, Formula One Group (NASDAQ:FWONK) stock closed at $68.42 per share. One-month return of Formula One Group (NASDAQ:FWONK) was 1.59%. Formula One Group (NASDAQ:FWONK) has a market capitalization of $15.845 billion.
Madison Mid Cap Fund made the following comment about Formula One Group (NASDAQ:FWONK) in its Q3 2023 investor letter:
"The bottom five detractors for the quarter were Dollar Tree, MKS Instruments, CarMax, Floor & Décor, and Liberty Media- Formula One Group (NASDAQ:FWONK). Finally, Liberty Formula One underperformed in the quarter as sentiment soured on the media rights ecosystem, an important revenue driver for the business. After quarter-end, the news in this regard has turned more positive, and the stock has started to rebound."
Three racing cars competing side by side at a motorsports event, demonstrating the power and precision of the company's racing technology. Editorial photo for a financial news article. 8k. --ar 16:9
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 Artisan Mid Cap Fund's views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
