Madison Funds Believes in the Growth Prospects of Formula One Group (FWONK)

Madison Funds, managed by Madison Asset Management, LLC, released its “Madison Mid Cap Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. During the quarter, the fund declined 10.9% compared to a decline of 16.9% for the Russell Midcap Index. In the quarter, insurance companies in the portfolio performed well and contributed to the fund’s performance. In addition, you can check the top 5 holdings of the fund to learn about its best picks in 2022.

Madison Funds discussed stocks like Formula One Group (NASDAQ:FWONK) in the second quarter investor letter. Based in Englewood, Colorado, Formula One Group (NASDAQ:FWONK) is in the business of motorsports. On September 22, 2022, Formula One Group (NASDAQ:FWONK) stock closed at $59.78 per share. One-month return of Formula One Group (NASDAQ:FWONK) was -12.70% and its shares gained 18.19% of their value over the last 52 weeks. Formula One Group (NASDAQ:FWONK) has a market capitalization of $13.766 billion.

Here is what Madison Funds specifically said about Formula One Group (NASDAQ:FWONK) in its Q2 2022 investor letter:

“Liberty Formula One holds the exclusive global commercial rights to promote and monetize Formula One racing. Formula One Group (NASDAQ:FWONK) is a unique, asset-light business with tremendous global appeal, commanding over 430 million unique viewers in a given race year. Liberty purchased Formula One in 2017. We have invested alongside Liberty for years in other ventures and have the utmost confidence in their ability to allocate capital as well as maximize the value of their operating assets; and following many years of under-management by the previous owner at Formula One, we see plenty of value to be realized. For example, Formula One significantly lags other major sports leagues in metrics like average revenue generated per fan and has many different ways to close the gap, such as enhanced media rights and expanded sponsorship and promotion opportunities, among others.”

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Formula One Group (NASDAQ:FWONK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Formula One Group (NASDAQ:FWONK) at the end of the second quarter which was 43 in the previous quarter.

We discussed Formula One Group (NASDAQ:FWONK) in another article and shared the list of stocks that billionaire Stanley Druckenmiller dumped. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

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