Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was 5.15% up in the second quarter, compared to S&P’s return of 8.74% and Russell 1000 Value’s 4.07% return. YTD, the fund returned 17.42% outperforming S&P 500’s 16.89% return. The portfolio’s lack of exposure to Information Technology and relative overweight to Consumer Discretionary weighed on the relative performance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Fund highlighted stocks like Live Nation Entertainment, Inc. (NYSE:LYV) in the second quarter 2023 investor letter. Headquartered in Beverly Hills, California, Live Nation Entertainment, Inc. (NYSE:LYV) is a live entertainment company. On September 7, 2023, Live Nation Entertainment, Inc. (NYSE:LYV) stock closed at $80.90 per share. One-month return of Live Nation Entertainment, Inc. (NYSE:LYV) was -7.00%, and its shares lost 10.83% of their value over the last 52 weeks. Live Nation Entertainment, Inc. (NYSE:LYV) has a market capitalization of $18.619 billion.
Longleaf Partners Fund made the following comment about Live Nation Entertainment, Inc. (NYSE:LYV) in its Q2 2023 investor letter:
“Live Nation Entertainment, Inc. (NYSE:LYV) – Live Nation Entertainment, a new purchase this year, was the top contributor in the quarter and a top performer for the first half. We had the opportunity to buy Live Nation on the back of the well-publicized controversy faced by Ticketmaster after the botched Taylor Swift tour pre-sale event in November, which lead to short-term fan and political pressure. The industry continues to have great demand tailwinds for the long term. Even after a strong 2022, concerts further accelerated in 2023, driving the positive stock price performance in the quarter. We have prior knowledge of Live Nation from our time owning various Liberty Media entities and are encouraged on future capital allocation that Liberty is still on the case as a 30%+ owner.”
Pixabay/Public Domain
Live Nation Entertainment, Inc. (NYSE:LYV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Live Nation Entertainment, Inc. (NYSE:LYV) at the end of second quarter which was 37 in the previous quarter.
We discussed Live Nation Entertainment, Inc. (NYSE:LYV) in another article and shared Artisan Global Discovery Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.
