Yahoo Finance Here’s Why Artisan Mid Cap Value Fund Sold The Liberty SiriusXM Group (LSXMK)
Artisan Partners, an investment management company, released its “Artisan Mid Cap Value Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, its Investor Class fund ARTQX returned 11.21%, Advisor Class fund APDQX posted a return of 11.20%, and Institutional Class fund APHQX returned 11.17%, compared to a 12.11% return for the Russell Midcap Value Index. For the full year, ARTQX, APDQX, and APHQX returned 18.15%, 18.25%, and 18.35%, respectively, compared to 12.71% for the index. The portfolio did well in the market with double-digit gains but trailed the Russell Midcap Value Index in Q4. However, it outperformed in the prior three quarters, leading to strong results compared to the index and peer group for 2023. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Value Fund featured stocks like The Liberty SiriusXM Group (NASDAQ:LSXMK) in the fourth quarter 2023 investor letter. Headquartered in Englewood, Colorado, The Liberty SiriusXM Group (NASDAQ:LSXMK) engages in the entertainment business. On March 27, 2024, The Liberty SiriusXM Group (NASDAQ:LSXMK) stock closed at $29.52 per share. One-month return of The Liberty SiriusXM Group (NASDAQ:LSXMK) was 1.41%, and YTD its shares gained 2.57% of their value. The Liberty SiriusXM Group (NASDAQ:LSXMK) has a market capitalization of $9.634 billion.
Artisan Mid Cap Value Fund stated the following regarding The Liberty SiriusXM Group (NASDAQ:LSXMK) in its fourth quarter 2023 investor letter:
"On the downside, our industrials, consumer staples and communication services underperformed in 2023. Our biggest individual detractors overall were aforementioned Cable One; The Liberty SiriusXM Group (NASDAQ:LSXMK), tracking stocks for Liberty Media’s stakes in Sirius XM Holdings (SIRI) and Live Nation Entertainment; and Dollar General, a discount retail chain in the US. Our investment case in Liberty SiriusXM was based on the tracking stocks’ attractive discounts to the value of underlying assets, the high quality of the assets owned and management’s history of creating value for shareholders. SiriusXM produces unique content and maintains a loyal subscriber base of over 30 million customers that we believed had the potential to grow. However, weak auto sales made for a tough environment. We exited the position due in part to concerns about cost pressures and competition from streaming options like Spotify and Apple Music."
The corporate headquarters of a satellite radio systems company, illuminating the skyline.
The Liberty SiriusXM Group (NASDAQ:LSXMK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, The Liberty SiriusXM Group (NASDAQ:LSXMK) was held by 48 hedge fund portfolios, compared to 48 in the previous quarter, according to our database.
We discussed The Liberty SiriusXM Group (NASDAQ:LSXMK) in another article and shared the list of best entertainment stocks to buy for 2024. In addition, please check out our hedge fund investor letters Q4 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.
