Liberty Live Holdings (LLYVK) Traded Lower as the Concert Segment Earnings Fell Short of Expectations

Baron Funds, an investment management company, released its “Baron Discovery Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Fund focuses on long-term, competitively positioned companies that are well-managed and have significant potential in untapped markets. The letter also addressed the advancements in AI and how humans define themselves in the changing landscape. In Q4, the fund generated a return of 0.19% (Institutional Shares), underperforming the Russell 2000 Growth Index by 1.03 percentage points. Over the entire year, the fund posted a return of 10.96%, while the Index returned 13.01%. The outperformance of low-quality and short-term price momentum-oriented stocks affected the Fund’s focus on long-term valuation metrics. The top 10 holdings comprised 26.7% of the Fund’s net assets, with cash making up 3.3%. The Fund maintains strong optimism and expects a high-growth, low-inflation environment in 2026. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.

In its fourth-quarter 2025 investor letter, Baron Discovery Fund highlighted Liberty Live Holdings, Inc. (NASDAQ:LLYVK) as one of the leading detractors. Liberty Live Holdings, Inc. (NASDAQ:LLYVK) is a live entertainment company spun off from Liberty Midea. On February 3, 2026, Liberty Live Holdings, Inc. (NASDAQ:LLYVK) stock closed at $81.00 per share. Liberty Live Holdings, Inc. (NASDAQ:LLYVK) delivered a 0.55% return in the past month, and its shares are up 6.52% over the past twelve months. Liberty Live Holdings, Inc. (NASDAQ:LLYVK) has a market capitalization of $7.444 billion.

Baron Discovery Fund stated the following regarding Liberty Live Holdings, Inc. (NASDAQ:LLYVK) in its fourth quarter 2025 investor letter:

"Liberty Live Holdings, Inc. (NASDAQ:LLYVK) was a detractor during the period. Shares traded sharply lower following Live Nation's third quarter earnings release. During the quarter, concert segment earnings fell short of investor expectations, a divergence from a string of significant earnings beats in the business line. Management also lowered its outlook for ticketing in 2026 due to measures taken in response to regulatory action around ticket buying “bots” and costs associated with the FTC lawsuit. Stepping back from near term results, Live Nation has been executing well on developing its owned venues and the long-term growth opportunity remains attractive. Strong category demand and organic investment in its footprint underpin steady double-digit earnings compounding. We continue to own the stock due to a favorable view of the Live Nation business and an attractively valued entry point at the Liberty holding company level."

Liberty Live Holdings, Inc. (NASDAQ:LLYVK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 38 hedge fund portfolios held Liberty Live Holdings, Inc. (NASDAQ:LLYVK) at the end of the third quarter, the same as in the previous quarter. While we acknowledge the potential of Liberty Live Holdings, Inc. (NASDAQ:LLYVK) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

In addition, please check out our hedge fund investor letters Q4 2025 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.