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Third Point Management, a New York-based investment advisor, released its fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. The Third Point Offshore Fund returned nearly 9.1% in the fourth quarter bringing the yearly returns to 24.2%. The performance was driven by positive results across all strategies – equities, corporate and structured credit, and privates. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Third Point Management emphasized stocks such as Live Nation Entertainment, Inc. (NYSE:LYV). Headquartered in Beverly Hills, California, Live Nation Entertainment, Inc. (NYSE:LYV) is a live entertainment company. The one-month return of Live Nation Entertainment, Inc. (NYSE:LYV) was 16.71%, and its shares gained 67.53% of their value over the last 52 weeks. On February 6, 2024, Live Nation Entertainment, Inc. (NYSE:LYV) stock closed at $149.99 per share, with a market capitalization of $34.59 billion.
Third Point Management stated the following regarding Live Nation Entertainment, Inc. (NYSE:LYV) in its Q4 2024 investor letter:
"During Q2, we made an investment in Live Nation Entertainment, Inc. (NYSE:LYV), the leading integrated global concert company. Having studied the business model and management’s accomplishments for many years, we saw, in our view, an attractive entry point after the shares dislocated on news of an antitrust lawsuit from the Department of Justice (DoJ). We believe LYV is set to compound earnings at a double-digit rate through the next decade driven by strong demand for concerts, robust pricing power, and a sizeable opportunity to reinvest in owned and operated venues.