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Cooper Investors sold Liberty SiriusXM (LSXMA) Stock

Cooper Investors, an independently-owned investment firm, recently published its first-quarter Global Equities Fund (Hedged) commentary – a copy of which can be downloaded here. During the first quarter of 2020, the Cooper Investors Global Equities Fund (Hedged) returned -18.98%, while the benchmark MSCI ACWI was down 19.97%.

In the said letter, Cooper Investors highlighted a few stocks and The Liberty SiriusXM Group (NASDAQ:LSXMA) is one of them. Here is what Cooper Investors said:

“Back to North America for the final two sells – firstly Liberty Media Sirius XM. Controlled by highly regarded media investor John Malone this is a tracking stock for Liberty Media’s controlling stake in SiriusXM, the US-based subscription satellite radio service which provides premium content to subscribers most commonly in their vehicles. SiriusXM is likely to face significant growth headwinds including less miles driven and a collapse in new vehicle sales. Combined with the more complex Liberty Media tracking stock structure we felt the risk adjusted value latency on offer was no longer attractive.”

In Q4 2019, the number of bullish hedge fund positions on LSXMA stock increased by about 22% from the previous quarter (see the chart here).

Disclosure: None. This article is originally published at Insider Monkey.

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