Should You Now Consider Selling Your Liberty SiriusXM (LSXMA) Shares?
Weitz Investment Management, an investment management firm, released its "Weitz Multi Cap Equity Fund" third quarter 2023 investor letter, a copy of which can be downloaded here. In the third quarter, the Institutional Class of the Multi Cap Equity Fund yielded a return of -2.06%, while the Russell 3000 experienced a slightly greater decline at -3.25%. When examining the year-to-date performance, the Fund's Institutional Class achieved a positive return of +9.13%, trailing behind the Russell 3000, which posted a higher return of +12.39%. Take a moment to review the fund's top 5 holdings to gain insights into their primary investment choices for 2023.
In its Q3 2023 investor letter, Weitz Multi Cap Equity Fund mentioned The Liberty SiriusXM Group (NASDAQ:LSXMA) and explained its insights for the company. The Liberty SiriusXM Group (NASDAQ:LSXMA) is an Englewood, Colorado-based media corporation with an $8.14 billion market capitalization. The Liberty SiriusXM Group (NASDAQ:LSXMA) delivered a -3.94% for the past month, while its 1-day returns are down by -3.00%. The stock closed at $24.91 per share on November 8, 2023.
Here is what Weitz Multi Cap Equity Fund has to say about The Liberty SiriusXM Group (NASDAQ:LSXMA) in its Q3 2023 investor letter:
"Liberty SiriusXM (NASDAQ:LSXMA) successfully separated its holdings of satellite radio provider SiriusXM Holdings, Inc. and live entertainment / ticketing leader Live Nation Entertainment, Inc., into distinct tracking stocks. Liberty management later proposed an outright combination with SiriusXM, whereby all shareholders would own shares directly in the newly combined entity. If such a deal is made, it would collapse the tracking stock structure which historically traded below its mark-to-market value. Shares of Black Knight, Inc. rallied when the Federal Trade Commission withdrew its opposition to the company's business combination with Intercontinental Exchange, Inc. We sold our remaining shares as the price approached the proposed deal value."
Photo by Memento Media on Unsplash
Our calculations show that The Liberty SiriusXM Group (NASDAQ:LSXMA) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. The Liberty SiriusXM Group (NASDAQ:LSXMA) was in 43 hedge fund portfolios at the end of the second quarter of 2023, compared to 42 funds in the previous quarter. The Liberty SiriusXM Group (NASDAQ:LSXMA) delivered a 9.03% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
