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Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>John W. Rogers Jr. founded Ariel Investments in 1983 and remains the firm’s founder, chairman, co-CEO, and chief investment officer.</li><li>Based in Chicago, Ariel has grown into a global asset manager.</li><li>The firm had $16.3 billion in assets under management as of June 30, 2026, including affiliated advisers and private-fund commitments.</li></ul>

John W. Rogers Jr. founded Ariel Investments in 1983 and remains the firm’s founder, chairman, co-CEO, and chief investment officer.Based in Chicago, Ariel has grown into a global asset manager.The firm had $16.3 billion in assets under management as of June 30, 2026, including affiliated advisers and private-fund commitments.

John W. Rogers Portfolio: What Ariel Investments Owns Now (2026)

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Event-Driven

Madison Square Garden Sports Corp. / Event-Driven

Madison Square Garden Sports Corp. (MSGS US)

<ul>
<li>MSGS has set October 26, 2026 as the completion date for the Rangers spin. Holders of record on October 20 receive one SpinCo share for every two MSGS shares .</li>
<li>When-Issued trading will commence from October 21, while Regular-way trading will begin from October 27.</li>
<li>We expect the separation to improve price discovery and narrow the valuation discount, with October 21 when-issued trading providing the first market based assessment of each franchise.</li>
</ul>


MSGS has set October 26, 2026 as the completion date for the Rangers spin. Holders of record on October 20 receive one SpinCo share for every two MSGS shares .
When-Issued trading will commence from October 21, while Regular-way trading will begin from October 27.
We expect the separation to improve price discovery and narrow the valuation discount, with October 21 when-issued trading providing the first market based assessment of each franchise.


Madison Square Garden Sports (NYSE: MSGS) To Complete Rangers Spin-Off on October 26

<ul>
<li>MSGS will spin off the Rangers as MSG Rangers Corp. (MSGR), distributing one share per two MSGS shares tax-free. Completion targeted by end of October 2026.</li>
<li>MSGS's $10.5B EV roughly equals the Knicks' private value alone, implying the market ascribes near-zero value to the Rangers franchise.</li>
<li>We believe the separation of the Rangers from MSG Sports is structurally value accretive, mainly because it exposes a mispricing.</li>
</ul>


MSGS will spin off the Rangers as MSG Rangers Corp. (MSGR), distributing one share per two MSGS shares tax-free. Completion targeted by end of October 2026.
MSGS's $10.5B EV roughly equals the Knicks' private value alone, implying the market ascribes near-zero value to the Rangers franchise.
We believe the separation of the Rangers from MSG Sports is structurally value accretive, mainly because it exposes a mispricing.


MSG Sports/Rangers Spin-Off - Unlocking the Hidden Rangers Value

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Madison Square Garden Sports Corp. / Equity Bottom-Up

<ul><li>Madison Square Garden Sports Corp. reported fiscal year 2026 revenues of approximately $1.2 billion, with adjusted operating income near $59 million.</li><li>The results were driven by strong consumer and corporate demand during the regular seasons and notably influenced by the New York Knicks' NBA championship win.</li><li>The Knicks’ postseason success led to record-breaking in-arena per game gate revenues and the highest ever single-day merchandise sales within 24 hours of clinching the title.</li></ul>

Madison Square Garden Sports Corp. reported fiscal year 2026 revenues of approximately $1.2 billion, with adjusted operating income near $59 million.The results were driven by strong consumer and corporate demand during the regular seasons and notably influenced by the New York Knicks' NBA championship win.The Knicks’ postseason success led to record-breaking in-arena per game gate revenues and the highest ever single-day merchandise sales within 24 hours of clinching the title.

Madison Square's Next Big Move: Can The Rangers Spin-Off Pay Off?

<ul><li>Madison Square Garden Sports Corp reported fiscal second quarter results for 2026 showing revenue of approximately $403 million, up from $358 million in the prior year, driven by increased home games and higher per game revenues across all in-game categories, including ticketing, suites, sponsorship, food, beverage, and merchandise.</li><li>Adjusted operating income rose to nearly $30 million from $20.3 million the previous year, supported by revenue gains but offset partially by heightened direct operating expenses such as team personnel compensation, luxury taxes, and revenue sharing costs.</li><li>Noncash arena lease expenses were relatively stable quarter-over-quarter.</li></ul>

Madison Square Garden Sports Corp reported fiscal second quarter results for 2026 showing revenue of approximately $403 million, up from $358 million in the prior year, driven by increased home games and higher per game revenues across all in-game categories, including ticketing, suites, sponsorship, food, beverage, and merchandise.Adjusted operating income rose to nearly $30 million from $20.3 million the previous year, supported by revenue gains but offset partially by heightened direct operating expenses such as team personnel compensation, luxury taxes, and revenue sharing costs.Noncash arena lease expenses were relatively stable quarter-over-quarter.

Madison Square Garden Sports’ Sponsorship Engine Gains Momentum With PwC And Polymarket!

United States

Madison Square Garden Sports Corp. is a professional sports company that owns and operates sports franchises.

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Madison Square Garden Sports Corp. (MSGS US)

John W. Rogers Portfolio: What Ariel Investments Owns Now (2026)

John W. Rogers Jr. founded Ariel Investments in 1983 and remains the firm’s founder, chairman, co-CEO, and chief investment officer.

Hedge Fund Alpha

Madison Square Garden Sports (NYSE: MSGS) To Complete Rangers Spin-Off on October 26

MSGS board approved the Rangers spin. MSGR distribution date at Oct 26 (record date is Oct 20). When-issued trading begins Oct 21, while regular...

GSBR Research

MSG Sports/Rangers Spin-Off - Unlocking the Hidden Rangers Value

MSGS spins off the Rangers (MSGR) 1-for-2, tax-free, by end of Oct 2026. The ~$10.5B EV prices only the Knicks. The spin should expose Rangers value.

GSBR Research

Madison Square's Next Big Move: Can The Rangers Spin-Off Pay Off?

Madison Square Garden Sports Corp. reported fiscal year 2026 revenues of approximately $1.2 billion, with adjusted operating income near $59...

Baptista Research

Madison Square Garden Sports’ Sponsorship Engine Gains Momentum With PwC And Polymarket!

Madison Square Garden Sports Corp reported fiscal second quarter results for 2026 showing revenue of approximately $403 million, up from $358...

Baptista Research

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