−1.2%
since Oct 7
The idea
I believe live sports keeps winning no matter what screen or format tries to replace it, so instead of picking one winner I own the whole chain: the teams and leagues making the product, the venues and ticketing businesses getting fans in seats, and the platforms streaming it live. It's spread across roughly twenty names with about 8% in cash, built to sit for years rather than trade around news. The whole bet rests on people still showing up and tuning in live, and if that ever stops holding, the idea stops working.
What it owns
- Direct ownership of sports franchises and leagues whose value rises with attendance, media rights fees, and global fan engagement. · TKO Group HoldingsIt operates UFC and WWE, live events that exist only in real time and depend on ticket sales, pay-per-view buys and media deals., Liberty Media Formula OneIt owns Formula One outright, so race attendance and broadcast rights fees drive all its value., Atlanta Braves HoldingsIt is direct ownership of a Major League Baseball team and its surrounding real estate, so it benefits from attendance and team appreciation., Madison Square Garden SportsIt owns the Knicks and Rangers in the largest US media market, betting that scarce big-market sports franchises keep rising in value., Rogers CommunicationsIt owns the Toronto Blue Jays and Sportsnet, and controls a stake in the Maple Leafs and Raptors, making it Canada's primary sports company., Manchester UnitedIt is direct ownership of one of soccer's most-watched clubs, so it benefits from Premier League media rights growth and global fan interest.41%
- Companies that profit when fans show up in person, from ticket resale to concessions to venue operations and regional broadcasting. · AramarkIt runs stadium and arena concessions across the country, so it earns money every time a fan buys food or drinks at a game., Live Nation EntertainmentIt owns venues, promotes events and operates Ticketmaster, the primary marketplace where fans pay to enter live entertainment., StubHub HoldingsIt operates the resale ticket marketplace where fan demand shows up directly in prices and volumes., Vivid SeatsIt operates a secondary ticket resale marketplace and depends on fan demand for live events to drive trading volume., Madison Square Garden EntertainmentIt owns Madison Square Garden itself and gets paid whenever the venue fills up, regardless of what event happens on the floor., Sphere EntertainmentIt operates the Vegas Sphere venue and owns regional sports TV channels, depending on sold-out events and stable local broadcasting to succeed.31%
- Tech and media platforms competing for live sports rights as the primary reason audiences watch in real time. · AmazonIt owns live sports rights like Thursday Night Football and NBA games for Prime Video, betting streaming platforms need live content to grow., AlphabetIt holds NFL Sunday Ticket on YouTube, showing that tech platforms now outbid traditional networks for live sports rights., NetflixIt moved into live sports after years of focusing on on-demand content, signaling that even streaming's largest player needs live games to stay competitive., Fox CorporationIt stripped itself down to live sports and news because those are the few things audiences still watch in real time on broadcast television., Walt DisneyIt owns ESPN, the largest sports broadcast brand, and is moving it from cable into its own streaming service as viewing habits shift.20%
- Cash8%