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Greenhaven Road Capital, an funding administration firm, launched its second quarter 2023 investor letter. A replica of the identical may be downloaded here. In the second quarter, the Fund returned 8% internet, bringing YTD internet returns to over 25%. The agency believes its portfolio is a little bit stronger with every passing day regardless of the challenges. In addition, you possibly can verify the highest 5 holdings of the fund to know its finest picks in 2023.
Greenhaven Road Capital highlighted shares like Sphere Entertainment Co. (NYSE:SPHR) within the second quarter 2023 investor letter. Headquartered in New York, New York, Sphere Entertainment Co. (NYSE:SPHR) engages in dwell leisure and media companies. Sphere Entertainment Co. (NYSE:SPHR), previously often known as Madison Square Garden Entertainment Corp, modified its identify in April 2023. On August 11, 2023, Sphere Entertainment Co. (NYSE:SPHR) inventory closed at $39.77 per share. One-month return of Sphere Entertainment Co. (NYSE:SPHR) was 12.92%, and its shares gained 35.31% of their worth over the past 52 weeks. Sphere Entertainment Co. (NYSE:SPHR) has a market capitalization of $1.374 billion.
Greenhaven Road Capital made the next remark about Sphere Entertainment Co. (NYSE:SPHR) in its second quarter 2023 investor letter:
“Sphere Entertainment Co. (NYSE:SPHR) may also have a potentially quicker path to appreciation. A new holding outlined in more detail in this letter’s appendix, Sphere has many ingredients for mispricing including sold assets, spun-off assets, a unique business model, and widely misunderstood financials.
Was spending six years building a $2.3B concert and movie venue in the desert a good idea? I don’t know, but paying pennies on the dollar four months before the slated opening is almost certainly a better idea. I think there is a path, over time, to significant appreciation. The laughingstock construction project may even become the #1 destination in Las Vegas with 40M+ visitors per year. As the narrative changes, so, too, might the multiple.
With the passage of time, what happens for Sphere? It goes from an over-budget, behind-schedule punchline to an operating business. The building will open at the end of September with U2 playing 25 sold-out shows. When the outside of the building was turned on in July, SPHR shares appreciated by 25% in short order. The video is worth watching (link) to get a sense of the display surface that will show advertisements. In the next few months, one might see the company sell naming rights, announce new musical residencies (Phish is MSG CEO James Dolan’s favorite band…), and they will begin showing their new IMAX-like movie on their screens. We are one day closer to the building opening. In the meantime, this is as close as you can get to the inside of the building (link).”
Sphere Entertainment Co. (NYSE:SPHR) just isn’t on our checklist of 30 Most Popular Stocks Among Hedge Funds. We mentioned Sphere Entertainment Co. (NYSE:SPHR) in another article and shared O’keefe Stevens Advisory’s views on the corporate. In addition, please try our hedge fund investor letters Q2 2023 web page for extra investor letters from hedge funds and different main traders.
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Disclosure: None. This article is initially printed at Insider Monkey.
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