MSGE

MSGE

MSGE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	Apr 15, 2024	Ariel Fund	12.1%	0.0%	AMZN, ATGE, META, MHK, MSFT, MSGE, NVDA, NVST, PARA, SNA, SPHR	AI, Entertainment, fundamentals, private market value, small caps, value	The fund holds multiple entertainment companies including Sphere Entertainment, Madison Square Garden Entertainment, and Paramount Global. SPHR delivered robust first quarter results with strong venue performance and U2 concerts. MSGE benefited from increased concerts and strong Christmas Spectacular demand. PARA faces streaming headwinds but management expects significant earnings growth in 2024.	NVST ATGE PARA MSGE MHK SPHR	View
2024 Q1	Apr 15, 2024	Ariel Appreciation Fund	9.9%	0.0%	BIO, KN, LAZ, MSGE, NVST, NVT, SNA, WBA	AI, earnings, Electrical, Entertainment, healthcare, mid cap, value	Investor enthusiasm around artificial intelligence drove broad-based market rally in Q1. AI-themed mega-cap stocks showed exuberance that may eventually prove excessive, though patient investors focus on fundamentals over market psychology.	BIO NVST KN WBA MSGE LAZ NVT	View
2024 Q4	Dec 31, 2024	Ariel Appreciation Fund	-0.5%	6.3%	AAPL, AMZN, CG, GOOGL, GS, IPG, META, MSFT, MSGE, NTRS, NVDA, OMC, SWK, TSLA, WBA	Deregulation, discount, Election, financials, mid cap, value	The fund focuses on investing in companies trading at significant discounts to private market value estimates. Multiple holdings including MSGE and CG are described as trading at healthy discounts to intrinsic value.	WBA IPG MSGE SWK CG NTRS GS	View
2024 Q4	Dec 31, 2024	Ariel Fund	-0.7%	11.8%	ATGE, CG, LESL, MHK, MSGE, RCL	Capital markets, consumer, earnings, Entertainment, small caps, value	Royal Caribbean Group delivered strong quarterly earnings with robust consumer demand, healthy onboard spending, and solid pricing. The company benefits from new megaships, expanded island destinations, and a growing addressable market including younger demographics new to cruising.	MSGE LESL MHK CG ATGE RCL	View
2023 Q3	Oct 25, 2023	McIntyre Partnerships	14.7%	6.0%	GTX, MSGE, OSW, SHC, SPHR, STHO, UMG.AS, WMG	Buybacks, Concentration, Cruises, Entertainment, Music, small caps, value	OSW operates as a quasi-monopoly in cruise ship spa services with limited competition and modest cyclicality. The business has returned to profitability with ~$85MM EBITDA expected in 2023 and ~$100MM in 2024. Cruise demand has been improving throughout the year, helping OSW post its best quarter since COVID.	OSW	View
2025 Q3	Oct 15, 2025	Ariel Small Cap Value Strategy	12.7%	-	BCO, KMT, MAT, MSGE, PBH, REZI, SPHR, ZBRA	consumer, Entertainment, industrials, rates, small caps, technology, value	Small caps outperformed as capital rotated into undervalued segments of the market. Small caps are currently trading at one of the steepest discounts to large caps since the dot-com era. Consensus earnings projections suggest the Russell 2000 Index may outpace the Russell 1000 Index over the next two years.	KMT US SPHR US BCO US REZI US	View
2023 Q2	Oct 8, 2023	McIntyre Partnerships	14.7%	6.0%	GTX, MSGE, SHC, SPHR, STE	Buybacks, Entertainment, GARP, healthcare, small caps, value	MSGE completed its spin-off of SPHR (Sphere Entertainment). The Sphere has gone viral with its exosphere displays, which validates the innovative business model for selling naming rights and advertisements. Manager trimmed position but retains holding.	SHC	View
2025 Q4	Jan 18, 2026	Ariel Appreciation Fund	3.0%	11.1%	CRL, FDS, FISV, GNRC, GNTX, IPG, MSGE, OMC, SPHR	Automotive, Biotechnology, Data centers, Entertainment, Financial Services, mid cap, technology, value	Artificial intelligence continues to drive structural trends contributing to productivity gains and shifting competitive positioning across industries. However, the benefits are unevenly distributed, reinforcing market leadership narrowness and raising questions about performance durability. Live entertainment shows strong consumer demand with Sphere Entertainment's success with The Wizard of Oz and Madison Square Garden Entertainment's robust concert and Christmas Spectacular performance. The sector benefits from continued demand for live experiences and valuable real estate assets. Charles River Laboratories maintains its leadership position in outsourced drug development services despite moderated biotech funding and big pharma budget pressures. The company's scale and capabilities position it well for recovery as nonclinical testing remains essential for pipeline replenishment. Generac Holdings sees significant long-term growth potential in the data center market, benefiting from rising energy needs and artificial intelligence infrastructure expansion. This represents a key growth driver alongside traditional backup power solutions.	OMC FDS GNRC FISV MSGE CRL SCHR	View
2025 Q4	Jan 18, 2026	Ariel Fund	3.2%	14.2%	ATGE, CLB, GNTX, MHK, MSGE, SPHR, XRAY	Autos, Entertainment, healthcare, industrials, Oil Services, small caps, value	Live entertainment companies like Sphere Entertainment and Madison Square Garden Entertainment showed strong performance driven by robust consumer demand for concerts and live shows. The success of The Wizard of Oz at Sphere demonstrates the venue's potential for scalable franchise opportunities both domestically and internationally. Core Laboratories delivered sequential revenue growth propelled by strong global demand for its proprietary services and products. The company strengthened its financial position by reducing leverage to a nine-year low while expanding internationally through acquisitions, positioning for long-term growth in energy development cycles. Gentex Corporation faced headwinds from mix-shift towards lower-end vehicle production due to tariff impacts in Europe and China. However, the Ford Bronco launch marked an important milestone for Full Display Mirror technology, which remains the company's most reliable growth driver as automakers increasingly adopt advanced technologies. The fund maintains a disciplined value approach, focusing on companies with robust balance sheets, durable fundamentals, and valuation discipline. This positioning aims to capture attractive upside as market leadership evolves and opportunities broaden beyond the current concentration in large-cap stocks.	XRAY GNTX MHK ATGE CLB	View
2025 Q4	Jan 12, 2026	ClearBridge Investment Growth Strategy	-	-	ALNY, AVGO, DLB, DOCS, ELF, FCX, HLT, HOOD, MSGE, MSGS, ODFL, ONON, SHOP, TEL, TJX, TKO, UNH, VRTX, VST, XPO	AI, balance, growth, innovation, semiconductors, technology, volatility	The letter outlines a balanced growth approach combining participation in AI-driven momentum with downside protection through diversified stock selection. Emphasis is placed on companies with durable fundamentals, innovation-led growth, and disciplined capital allocation. Growth investing is positioned as increasingly selective amid heightened volatility and dispersion.	ELF SHOP	View
2023 Q2	Jul 31, 2023	Tweedy, Browne Worldwide High Dividend	6.4%	9.8%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, real estate, Recovery, small cap, value	Cruise lines were among the most contrarian holdings that became the biggest winners. Royal Caribbean surged +109.9% and Norwegian up +77.9% through June 30th. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with cruise operators posting record revenues and bookings as cruising is seen as a high-value alternative to land travel.		View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Small Cap	8.1%	16.5%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, real estate, Recovery, small cap, value	Cruise lines were among the most contrarian holdings that became the biggest winners. Royal Caribbean surged 109.9% and Norwegian up 77.9% through June 30th. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with cruise operators posting record revenues and bookings as cruising is seen as a high-value alternative to land travel.		View
2023 Q2	Jul 31, 2023	Vulcan Value Partners – Focus Plus	5.9%	18.7%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, mid cap, real estate, small cap, value	Cruise lines were among the most contrarian holdings that drove the fund's biggest wins. Royal Caribbean surged 109.9% and Norwegian up 77.9% through June 30th as the vacation and leisure spaces are booming in response to isolating Covid lockdowns. The fund doubled down on these scorned holdings during the pandemic when they were trading at historic lows.		View
2023 Q2	Jun 30, 2023	Ariel Appreciation Fund	9.9%	0.0%	CAH, CBRE, CCL, CG, CRL, GS, IPG, KMT, KMX, LABH, LESL, MAT, MSGE, NCLH, NTRS, PARA, RCL, SCHW, SPHR, SWK	contrarian, Cruises, mid cap, real estate, Recovery, value	Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel for retirees and younger people alike. The vacation and leisure spaces are booming in direct response to the isolating Covid lock downs, with memories having more value than goods for many consumers.		View
2023 Q2	Jun 30, 2023	Ariel Fund	12.1%	0.0%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, mid cap, real estate, Recovery, small cap, value	Cruise lines were among the most derided areas during COVID but have become top performers as the vacation and leisure spaces boom in response to isolating lockdowns. Royal Caribbean and Norwegian Cruise Line are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel.		View
2023 Q2	Jun 30, 2023	Ariel International Fund	7.6%	0.0%	BIDU, CAH, CBRE, CCL, CG, DB1.DE, Gold, LESL, MOS, MSFT, MSGE, NCLH, NTRS, ORCL, PARA, RCL, ROG.SW, SNA, SPHR, ZIMV	Asia, Europe, growth, international, liquidity, momentum, technology, value	The fund's investment approach encountered headwinds as growth stocks significantly outpaced value names. The MSCI ACWI Growth Index surged +9.19% during the quarter, while the MSCI ACWI Value Index only returned +2.98%. The manager believes the factors that hindered them this year will pivot in their favor once the effects of excessive monetary and fiscal stimulus abate.		View
2022 Q2	Jun 30, 2022	Third Avenue Small-Cap Value Fund	8.3%	0.0%	BATRA, FEPH, MSGE, TDW, WED CN	-			View
2023 Q1	Mar 31, 2023	Ariel Appreciation Fund	9.9%	0.0%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZIMV	contrarian, Cruises, mid cap, real estate, Recovery, value	Cruise operators are posting record revenues and bookings as cruising is seen as a high-value alternative to land travel. The vacation and leisure spaces are booming in direct response to isolating Covid lockdowns, with memories having more value than goods for many consumers.		View
2023 Q1	Mar 31, 2023	Ariel Fund	12.1%	0.0%	ADTL, AMG, APA, BOKF, BWA, GS, IPG, JLL, LESL, LMT, MAT, MHK, MOS, MSGE, ORCL, PARA, PGR, RCL, SNAP, ZBRA	Banking, Commercial real estate, energy, interest rates, Mid Caps, Regional Banks, small caps, value	Regional banks face significant challenges from deposit flight and commercial real estate exposure following Silicon Valley Bank's collapse. BOK Financial declined 18% amid banking sector stress, though managers believe it remains well-positioned with strong underwriting standards and diversified business model.		View
2023 Q1	Mar 31, 2023	Ariel Global Fund	6.9%	0.0%	9984.T, CAH, CBRE, CCL, CG, ELE.MC, Gold, LESL, MOS, MSFT, MSGE, NCLH, NTRS, ORCL, PARA, RCL, ROG.SW, SNA, SPHR, ZIMV	Fed policy, global, growth, liquidity, momentum, technology, value	The fund's investment approach encountered headwinds as growth stocks significantly outpaced value names. The MSCI ACWI Growth Index surged +9.19% during the quarter, while the MSCI ACWI Value Index only returned +2.98%. The manager believes the factors that hindered them this year will pivot in their favor once the effects of excessive monetary and fiscal stimulus abate.		View
2023 Q1	Mar 31, 2023	Ariel International Fund	7.6%	0.0%	CAH, CBRE, CCL, CG, Gold, LESL, MOS, MSGE, NCLH, NTRS, ORCL, PARA, RCL, SNA, SPHR, ZBH, ZIMV	Europe, growth, international, liquidity, momentum, technology, value	Manager emphasizes contrarian value approach, avoiding expensive U.S. market while leaning into undervalued opportunities in Europe and Emerging Markets. The fund's deliberate underweight in Technology and overweight in recession-resilient sectors reflects this value orientation.		View
2022 Q1	Mar 31, 2022	Ariel Fund	12.1%	0.0%	CLB, LAZ, MAS, MHK, MSGE, PARA, TGNA	-			View
2023 Q4	Jan 31, 2024	Ariel Fund	12.1%	0.0%	ATGE, CLB, JLL, MAT, MSGE, RCL	consumer, earnings, energy, Entertainment, real estate, small caps, value	Royal Caribbean Group advanced on quarterly earnings beat and raised full-year guidance driven by stronger consumer demand and solid cost containment. The company continues to experience solid momentum in onboard spend, while 2024 booking trends are significantly ahead of historical ranges at higher pricing.	MSGE AMAT CLB JLL ATGE ADI\|BDX\|FI\|FND\|HAS\|META\|MSFT\|MSI\|ORCL\|TMO	View
2022 Q4	Jan 27, 2023	McIntyre Partnerships	14.7%	6.0%	MSGE, SHC, STE	-			View
2023 Q4	Jan 24, 2024	McIntyre Partnerships	14.7%	6.0%	ALGN, FBIN, FOR, GTX, MBC, MSGE, OSW, SAFE, SHC, SPHR, STHO, TPHS, UMG.AS, WMG, ZWS	Concentration, Event Driven, Litigation, small caps, turnaround, value	Manager discusses significant slowdown in battery electric vehicle growth and believes the stronger for longer tail of internal combustion engines and hybrid powertrains has materially increased in value. The slowdown in BEV is heading on a collision course with GTX's valuation and proper capital allocation.	GTX SHC	View
2023 Q1	Jan 5, 2023	McIntyre Partnerships	14.7%	6.0%	MSGE, OSW, SAFE, SHC, SPHR, STHO, WMG	Catalyst Driven, Entertainment, real estate, small cap, spinoffs, value	MSGE completed its spin-off of the MSG arena, with the new SPHR entity owning the Sphere development in Las Vegas. The Sphere's opening show with U2 sold out in days with tickets averaging close to $500, suggesting strong demand despite market skepticism about the project's viability.	SPHR STHO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Ariel Fund	Madison Square Garden Entertainment Corp.	Communication Services	Entertainment	Bull	NYSE	Asset-based valuation, cash flow generation, entertainment, Live entertainment, Private Market Value, Real Estate, Venue Operations	View Pitch
Apr 13, 2026	Fund Letters	Ariel Fund	Madison Square Garden Entertainment Corp.	Communication Services	Entertainment	Bull	NYSE	cash flow, Chicago, Concerts, deleveraging, Iconic Venues, Live entertainment, New York, Theater	View Pitch
Apr 13, 2026	Fund Letters	Ariel Appreciation Fund	Madison Square Garden Entertainment Corp.	Communication Services	Entertainment	Bull	NYSE	Bull, cash flow, deleveraging, Entertainment Venues, Event Bookings, Live entertainment, Premium Assets	View Pitch
Apr 13, 2026	Fund Letters	Ariel Appreciation Fund	Madison Square Garden Entertainment Corp.	Communication Services	Entertainment	Bull	NYSE	cash flow, deleveraging, Entertainment Assets, Iconic Venues, Live entertainment, Private Market Value, Sponsorship	View Pitch
Apr 13, 2026	Fund Letters	Ariel Fund	Madison Square Garden Entertainment Corp.	Communication Services	Entertainment	Bull	NYSE	cash flow, Discount Valuation, entertainment, hospitality, live events, Sponsorship, Venues	View Pitch
Jan 20, 2026	Fund Letters	John W. Rogers	Madison Square Garden Entertainment Corp.	Communication Services	Movies & Entertainment	Bull	New York Stock Exchange	Demand, Liveevents, Pricingpower, realestate, Venues	View Pitch

BSD Shareholders of MSGE

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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