Liberty SiriusXM (LSXMA) Shares Rebounded Sharply in Q2
Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund’s Institutional Class returned +8.03% compared to an +8.39% return for the Russell 3000 Index. The Fund’s Institutional Class has returned +11.33% year-to-date compared to +16.17% return for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Weitz Partners III Opportunity Fund highlighted stocks like The Liberty SiriusXM Group (NASDAQ:LSXMA) in the second quarter 2023 investor letter. Based in Englewood, Colorado, The Liberty SiriusXM Group (NASDAQ:LSXMA) engages in the entertainment business. On August 8, 2023, The Liberty SiriusXM Group (NASDAQ:LSXMA) stock closed at $22.70 per share. The Liberty SiriusXM Group (NASDAQ:LSXMA) has a market capitalization of $7.411 billion.
Weitz Partners III Opportunity Fund made the following comment about The Liberty SiriusXM Group (NASDAQ:LSXMA) in its second quarter 2023 investor letter:
“The Fund's year-to-date detractor list includes both our S&P 500 ETF short and Perimeter Solutions, but the list is otherwise populated by first-quarter poor performers. Fidelity National Information Services (FIS) delivered a modestly positive return in the second quarter, while The Liberty SiriusXM Group (NASDAQ:LSXMA) rebounded sharply, likely due to its upcoming recapitalization. In August, Liberty SiriusXM will move its 30% stake in concert promotion and ticketing firm Live Nation Entertainment, Inc. (LYV) to a new tracking stock (Liberty Live Group), leaving Liberty SiriusXM shares as a “pure play” tracker of its 82% ownership of satellite radio provider SiriusXM Holdings, Inc. (SIRI). We intend to own both trackers upon receipt, and we believe the clearer structure may lead investors to reduce the current, large mark-to-market discount between Liberty SiriusXM and its underlying SiriusXM shares.”
Pixabay/Public Domain
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 first quarter which was 42 in the previous quarter.
We discussed The Liberty SiriusXM Group (NASDAQ:LSXMA) in another article and shared the list of oversold value stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.
