Here’s Why Madison Square Garden Sports Corp. (MSGS) Outperformed in Q4

ClearBridge Investments, an investment management company, released its “ClearBridge Aggressive Growth Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark index, the Russell 3000 Growth Index, in the fourth quarter. On an absolute basis, the strategy gained in seven of the eight sectors it invested in the quarter. The communication services sector was the primary contributor while the IT sector detracted from performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Aggressive Growth Strategy highlighted stocks like Madison Square Garden Sports Corp. (NYSE:MSGS) in its Q4 2022 investor letter. Headquartered in New York, New York, Madison Square Garden Sports Corp. (NYSE:MSGS) is a sports company. On March 8, 2023, Madison Square Garden Sports Corp. (NYSE:MSGS) stock closed at $191.35 per share. One-month return of Madison Square Garden Sports Corp. (NYSE:MSGS) was 1.84%, and its shares gained 11.16% of their value over the last 52 weeks. Madison Square Garden Sports Corp. (NYSE:MSGS) has a market capitalization of $4.57 billion.

ClearBridge Aggressive Growth Strategy made the following comment about Madison Square Garden Sports Corp. (NYSE:MSGS)  in its Q4 2022 investor letter:

“Madison Square Garden Sports Corp. (NYSE:MSGS) benefited from solid earnings and a revaluation of its marquee sports franchises, the New York Knicks and New York Rangers, following the sale of the Phoenix Suns for an NBA record $4 billion. MSG is expected to see additional opportunities to monetize its franchises as the NBA begins negotiations on a new broadcast deal.”

Madison Square Garden

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Madison Square Garden Sports Corp. (NYSE:MSGS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Madison Square Garden Sports Corp. (NYSE:MSGS) at the end of the fourth quarter which was 38 in the previous quarter.

We discussed Madison Square Garden Sports Corp. (NYSE:MSGS) in another article and shared top stock picks of Mario Gabelli for 2023. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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