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Baron Funds, an funding administration firm, launched its “Baron Discovery Fund” third quarter 2023 investor letter. A replica of the identical could be downloaded here. Baron Discovery Fund (the Fund) reached its 10-year anniversary on September 30, 2023. Since inception, on a cumulative foundation, the fund was up 195.3% (Institutional Shares) in comparison with the Russell 2000 Growth Index’s 91.6% return. During the quarter, the fund returned -5.36% (Institutional Shares) in comparison with -7.32% return for the benchmark. The bond market turned the newest headwind to inventory market efficiency within the quarter. In addition, please verify the fund’s high 5 holdings to know its finest picks in 2023.
Baron Discovery Fund highlighted shares like Live Nation Entertainment, Inc. (NYSE:LYV) within the third quarter 2023 investor letter. Headquartered in Beverly Hills, California, Live Nation Entertainment, Inc. (NYSE:LYV) is a stay leisure firm. On November 10, 2023, Live Nation Entertainment, Inc. (NYSE:LYV) inventory closed at $87.52 per share. One-month return of Live Nation Entertainment, Inc. (NYSE:LYV) was 3.51%, and its shares gained 14.11% of their worth over the past 52 weeks. Live Nation Entertainment, Inc. (NYSE:LYV) has a market capitalization of $20.158 billion.
Baron Discovery Fund made the next remark about Live Nation Entertainment, Inc. (NYSE:LYV) in its Q3 2023 investor letter:
“Liberty Media Corporation-Liberty Live is a tracking stock created on 8/4/2023 representing Liberty Media Corporation’s holdings in Live Nation Entertainment, Inc. (NYSE:LYV) shares. Those holdings were previously attributed to Liberty SiriusXM and reattributed to a the newly created Liberty Live Group vehicle to reduce the complexity of the Liberty SiriusXM structure and make way for its potential combination with the underlying SiriusXM business. We believe the separation created some selling pressure on Liberty Live, creating an attractive discount of over 40% to the underlying value of its Live Nation holdings, and we took advantage of that discount to build a position. The Liberty Live Group is a small-cap vehicle through which we can own the underlying Live Nation business, which we have tracked and liked for years. Live Nation has significant competitive advantages in the live entertainment industry due to its unique combination of concert promotion, ticketing, venue management, and sponsorship businesses, which create a market share flywheel and margin structure that is difficult for competitors in any one of these underlying sub-segments to replicate independently. In addition to the upside we see in Live Nation, we think Liberty Live Group could eventually transition from a tracking stock to an asset-backed vehicle, which would pave the way for a structure consolidation with Live Nation and allow us to capture the current wide NAV discount.”
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Live Nation Entertainment, Inc. (NYSE:LYV) isn’t on our record of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Live Nation Entertainment, Inc. (NYSE:LYV) on the finish of second quarter which was 37 within the earlier quarter.
We mentioned Live Nation Entertainment, Inc. (NYSE:LYV) in another article and shared Longleaf Partners Fund’s views on the corporate. In addition, please take a look at our hedge fund investor letters Q3 2023 web page for extra investor letters from hedge funds and different main buyers.
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Disclosure: None. This article is initially revealed at Insider Monkey.
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