UNVGY - Sequoia Fund - Universal Music Group: Value And Safety In Owning

2024-03-22 11:35:00 ET

Summary

• Shares in Universal Music Group returned 21% last year and financial results were solid.
• Universal gets paid more by the streaming platforms when they charge their subscribers more and we do believe that like-for-like pricing will increase over time.
• We continue to see value and safety in owning, through UMG, roughly a third of all the commercially relevant music ever recorded in the western world.

The following segment was excerpted from this fund letter.

Universal Music Group ( OTCPK:UMGNF )

Shares in Universal Music Group returned 21% last year. Financial results were solid. We expect both the company's revenues and operating income to be up high-single digits in 2023....

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