Should You Reduce Your Holdings in Warner Music Group Corp. (WMG)?

McIntyre Capital Management, a private investment company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy returned 35% gross and 28% net in the first quarter, compared to the Russell 2000 Value’s decline including dividends of -1%. The year started with a strong market but bank failures and rising cyclical risks pulled back the performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.

McIntyre Partnership highlighted stocks like Warner Music Group Corp. (NASDAQ:WMG) in the first quarter 2023 investor letter. Headquartered in New York, New York, Warner Music Group Corp. (NASDAQ:WMG) is a music entertainment company. On May 26, 2023, Warner Music Group Corp. (NASDAQ:WMG) stock closed at $24.96 per share. One-month return of Warner Music Group Corp. (NASDAQ:WMG) was -19.67%, and its shares lost 16.02% of their value over the last 52 weeks. Warner Music Group Corp. (NASDAQ:WMG) has a market capitalization of $12.879 billion.

McIntyre Partnership made the following comment about Warner Music Group Corp. (NASDAQ:WMG) in its Q1 2023 investor letter:

“I also reduced our investment in the record labels, particularly Warner Music Group Corp. (NASDAQ:WMG). I remain bullish on the record labels’ long-term prospects, but the shares had rallied significantly despite only incremental news. More recently, the labels have pulled back, and I will consider resizing our investment if the selloff continues.”

Music, Studio

Photo by Dylan McLeod on Unsplash

Warner Music Group Corp. (NASDAQ:WMG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Warner Music Group Corp. (NASDAQ:WMG) at the end of first quarter 2023 which was 34 in the previous quarter.

We discussed Warner Music Group Corp. (NASDAQ:WMG) in another article and shared the list of live entertainment companies in the world. In addition, please check out our hedge fund investor letters Q1 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.