Giverny Capital Asset Management LLC recently published its second quarter investor letter 2022, which can be downloaded here. The fund’s model portfolio returns declined by 18.48% net of fees in the second quarter of 2022. The current events in the market influenced the stocks’ short-term prices. The fund generated an annualized return of 17.02% over the last nine quarters, net of fees. You can check the top 5 holdings of the fund to see its best picks for 2022.
In the second quarter 2022 letter, Giverny Capital Asset Management discussed the performance of its portfolios over the last few years. The letter also mentioned that consumer spending is holding up and entertainment company Live Nation Entertainment, Inc. (NYSE:LYV) said that the demand for concerts is growing across all genres. Live Nation Entertainment, Inc. (NYSE:LYV) is headquartered in Beverly Hills, California, and has a market capitalization of $21.436 billion. The stock of Live Nation Entertainment, Inc. (NYSE:LYV) closed at $93.99 per share on July 29, 2022. On a monthly time frame, the return of Live Nation Entertainment, Inc. (NYSE:LYV) rose to 13.16%, whereas its 12-month return jumped up to 19.14%.
Here is what Giverny Capital Asset Management specifically said about Live Nation Entertainment, Inc. (NYSE:LYV):
“An executive from Live Nation, which operates the Ticketmaster event ticketing service and owns more than 300 concert venues, said the demand for concerts across all genres and price points is so extraordinary that it can’t price tickets high enough to put a dent in the secondary market. That is, ticket scalping is more profitable than ever. Sure, retorted an investor, but this is all about wealthy people paying premiums to see their favorite performers after being cooped up at home for two years. No, responded the executive, demand for shows at clubs and festivals at $25 and $35 ticket prices is off the charts. Young people have income, in other words. (Note: Live Nation is not a GCAM holding).”
Pixabay/Public Domain
Live Nation Entertainment, Inc. (NYSE:LYV) stock isn’t on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios were holding Live Nation Entertainment, Inc. (NYSE:LYV) at the end of the first quarter, which was up from 46 in the previous quarter. Live Nation Entertainment, Inc. (NYSE:LYV) shares gained 16.44% of their value over the last 52 weeks.
In March we published another article on Live Nation Entertainment, Inc. (NYSE:LYV) and shared Diamond Hill Capital’s views about the company. If you want to read more investor letters from hedge funds and other leading investors, check out our hedge fund investor letters Q2 2022 page.
Disclosure: None. This article is originally published at Insider Monkey.
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