Liberty SiriusXM: Compelling Value

Investors in the Elevation Capital Global Shares Fund own a share of Liberty SiriusXM (NASDAQ:LSXMA), a Liberty Media tracking stock formed in 2016. The stock features ownership of large entertainment companies, including 76% of radio conglomerate SiriusXM, and 33% of Live Nation, an events company they repositioned from The Formula One Group. SiriusXM is a high-quality business with near monopoly-like characteristics, dominating the United States satellite radio industry.

Liberty SiriusXM trades at a ~40% discount to the Net Asset Value (NAV) comprised of mainly SiriusXM stock, since April 2020. We have capitalised on this opportunity to acquire shares for investors in the Elevation Capital Global Shares Fund. Liberty SiriusXM trades at an attractive discount to our sum-of-the-parts valuation range of US$66.90 to US$93.88, offering a potential upside of +66.53% to +132.26% from the Elevation Capital Global Shares Fund’s latest cost basis as at 30 June 2021.