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Ariel Investments, an investment management company, released its “Ariel Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The third quarter saw losses in the U.S. stock market due to concerns about a government shutdown, autoworker strikes, rising oil prices, and the possibility that interest rates might stay higher for longer. In the third quarter, Ariel fund declined -7.15% underperforming both the Russell 2500 Value Index and the Russell 2500 Index, which returned -3.66% and -4.78%, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Fund highlighted stocks such as Sphere Entertainment Co. (NYSE:SPHR) in the third quarter 2023 letter to investors. Headquartered in New York, New York, Sphere Entertainment Co. (NYSE:SPHR) offers live entertainment and media services. The company formerly known as Madison Square Garden Entertainment Corp. changed its call to Sphere Entertainment Co. (NYSE:SPHR) in April 2023. On November 28, 2023, Sphere Entertainment Co. (NYSE:SPHR) closed at $34. 05 in line with the shares. Sphere Entertainment Co. (NYSE: SPHR) in one month it fell by 0. 50% and its shares gained 53. 26% of its price in the last 52 weeks. Sphere Entertainment Co. (NYSE: SPHR) has a market capitalization of $1. 196 billion.
Ariel Fund made the following comment about Sphere Entertainment Co. (NYSE: SPHR) in its Q3 2023 letter to investors:
“Live entertainment, media and technology company, Sphere Entertainment Co. (NYSE:SPHR) was the top contributor during the quarter. Shares jumped following news the Las Vegas venue was on track to open in late September and costs were in-line with expectations. Additionally, the company delivered a profitable fourth quarter relative to the loss posted a year ago. While the Sphere venue will take some time to reach its full potential, the company is planning to have events 365 days a year. In addition to hosting concert residencies, marquee sporting and corporate events, The Sphere Experience will debut in October, consisting of a series of exhibits chronicling technology’s impact on the development of human potential. Management also believes there is a significant opportunity for advertising and sponsorship on the Exosphere (the Sphere’s exterior) as well as licensing interior VIP hospitality suites. Meanwhile, U2 opened to great fanfare on September 29th – sending shares even higher into the month of October. In our view, the Sphere’s new experiential immersive venue and the company’s two regional sports and entertainment networks present a long-term opportunity, which remains meaningfully underappreciated at current trading levels.”
The stagehands set up the apparatus for an entertainment event.
Sphere Entertainment Co. (NYSE: SPHR) is not on our list of the 30 most popular stocks among hedge funds. According to our database, 41 hedge fund portfolios owned Sphere Entertainment Co. (NYSE:SPHR) at the end of the third quarter, to 36 in the prior quarter.
We talked about Sphere Entertainment Co. (NYSE: SPHR) in an article and shared Third Avenue Small-Cap Value Fund’s opinion on the company. Also, check out our Q3 2023 Hedge Fund Investor Letters page for more letters from hedge fund investors and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.