Greenhaven Road Capital, an investment management company, released its first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the Fund returned approximately 2%. In the short term, most share price fluctuations are due to changes in investor sentiment. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Greenhaven Road Capital featured stocks like Sphere Entertainment Co. (NYSE:SPHR) in the first quarter 2024 investor letter. Headquartered in New York, New York, Sphere Entertainment Co. (NYSE:SPHR) engages in entertainment business. Madison Square Garden Entertainment Corp. was renamed Sphere Entertainment Co. (NYSE:SPHR) in April 2023. On May 7, 2024, Sphere Entertainment Co. (NYSE:SPHR) stock closed at $40.68 per share. One-month return of Sphere Entertainment Co. (NYSE:SPHR) was -8.65%, and its shares gained 36.65% of their value over the last 52 weeks. Sphere Entertainment Co. (NYSE:SPHR) has a market capitalization of $1.429 billion.
Greenhaven Road Capital stated the following regarding Sphere Entertainment Co. (NYSE:SPHR) in its first quarter 2024 investor letter:
“In the first quarter, we exited our investment in Sphere Entertainment Co. (NYSE:SPHR), the entertainment venue in Las Vegas. We made the investment last year, before the facility opened, when Sphere was still a poster child for cost overruns and delays, allowing us to purchase shares at far below replacement cost. Fast forward to the new year and the building is open to rave reviews. U2 sold out every show, Phish sold out every show, and The Grateful Dead is coming. Sphere’s economic model is better understood by the market and thus the “bet” has changed from “this is a viable venue” to “the company will be able to economically replicate this type of venue in other locations such as Macau or Dubai via direct investment or partnerships.” Now, you have to believe that management can build partnerships and develop quality content in an economically rational way. It will take years before additional locations contribute economically. The CEO will lead them through this period of uncertainty. However, I just did not feel comfortable with James Dolan in our Fight Club. We may revisit this company over time, as its facility and the experience are jaw-dropping.
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Sphere Entertainment Co. (NYSE:SPHR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Sphere Entertainment Co. (NYSE:SPHR) at the end of the fourth quarter which was 41 in the previous quarter.
We previously discussed Sphere Entertainment Co. (NYSE:SPHR) in another article, where we shared the list of stocks recently downgraded by analysts. Meridian Hedged Equity Fund discussed Sphere Entertainment Co. (NYSE:SPHR) in its Q4 2023 letter and explained why it underperformed the market in the fourth quarter, despite they maintained long position in Sphere Entertainment Co. (NYSE:SPHR). In addition, please check out our hedge fund investor letters Q1 2024 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.
