Cooper Investors Global Equities Fund (Unhedged) - Cooper Investors Pty Limited on Liberty Media Corporation
Thesis
Liberty Media is a core exposure to Formula One and the recently acquired MotoGP asset within Cooper's Compounding capital pool. The company trades at about 22 times free cash flow, which the fund notes is cheaper than the MSCI ACWI, while cash flows are growing and supported by multiyear media, sponsorship, and race-promotion agreements. Formula One has roughly four years of revenue under contract and continues to grow that backlog. Cooper also sees substantial value latency in MotoGP because it monetizes its fan base at a fraction of Formula One's rate.
“Liberty Media is an example of an exceptional business being overlooked by a market hyper focused on AI.”