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

Ariel Investments, an investment management company, released its “Ariel Small/Mid Cap Value Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the Ariel Small/Mid Cap Value Composite delivered 12.21% gross of fees outperforming both the Russell 2500 Value Index and the Russell 2500 Index, which returned +9.21% and +7.43% respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Ariel Small/Mid Cap Value 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 15, 2023, Madison Square Garden Sports Corp. (NYSE:MSGS) stock closed at $182.15 per share. One-month return of Madison Square Garden Sports Corp. (NYSE:MSGS) was -4.14%, and its shares gained 6.46% of their value over the last 52 weeks. Madison Square Garden Sports Corp. (NYSE:MSGS) has a market capitalization of $4.35 billion.

Ariel Small/Mid Cap Value Strategy made the following comment about Madison Square Garden Sports Corp. (NYSE:MSGS) in its Q4 2022 investor letter:

“Additionally, pure-play professional sports content company, Madison Square Garden Sports Corp. (NYSE:MSGS) rebounded following the recent sale of the Phoenix Suns (NBA). This recent share appreciation suggests MSGS’ franchises could realize outsized returns due to the prominence of the New York Knicks (NBA) and the New York Rangers (NHL) in the largest U.S. market, particularly given high demand and the large premiums other sports franchises have traded at.”

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 ClearBridge Aggressive Growth Strategy’s views on the company. 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.