Third Avenue Management, an investment management company based in New York City, released its “Small-Cap Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund generated positive results in a challenging market environment in the third quarter. The fund returned 3.88% in Q3 compared to a 2.96% decline for the Russell 2000 Value Index. During the initial nine months of 2023, the fund returned 11.43% compared to a 0.53% drop for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Third Avenue Small-Cap Value Fund highlighted stocks like Atlanta Braves Holdings, Inc. (NASDAQ:BATRK) in the third quarter 2023 investor letter. Based in Englewood, Colorado, Atlanta Braves Holdings, Inc. (NASDAQ:BATRK) operates a league baseball club. On October 25, 2023, Atlanta Braves Holdings, Inc. (NASDAQ:BATRK) stock closed at $34.79 per share. One-month return of Atlanta Braves Holdings, Inc. (NASDAQ:BATRK) was 10.06%, and its shares gained 55.40% of their value over the last 52 weeks. Atlanta Braves Holdings, Inc. (NASDAQ:BATRK) has a market capitalization of $2.194 billion.
Third Avenue Small-Cap Value Fund made the following comment about Atlanta Braves Holdings, Inc. (NASDAQ:BATRK) in its Q3 2023 investor letter:
“LSB Industries (LXU) and the Series C shares of Atlanta Braves Holdings, Inc. (NASDAQ:BATRK) were added to the Fund in the third quarter. The investment theses are discussed below. On July 18th the Atlanta Braves Holdings, Inc. was spun off from the Liberty Media Corporation and began trading on the Nasdaq Stock Market. Consistent with other John Malone controlled entities, the issuance contained multiple share classes. Post IPO, despite equivalent economic value, we noticed a 16% discount between the Series C and Series A common shares. We felt the discrepancy was technical in nature and used it as an opportunity to boost the position size through the Series C shares.”
Atlanta Braves Holdings, Inc. (NASDAQ:BATRK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Atlanta Braves Holdings, Inc. (NASDAQ:BATRK) at the end of second quarter which was 24 in the previous quarter.
We discussed Atlanta Braves Holdings, Inc. (NASDAQ:BATRK) in another article and shared the list of spin-off companies in 2023. In addition, please check out our hedge fund investor letters Q3 2023 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.
