Ensemble Capital Management, an investment management company, released its third quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter, the strategy declined by 5.68% compared to the S&P 500’s 3.27% decline. The underperformance of the fund was driven by large declines in two holdings that have recently elected activist shareholders to their boards. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Ensemble Capital Management highlighted stocks like Broadridge Financial Solutions, Inc. (NYSE:BR) in the third quarter 2023 investor letter. Headquartered in Lake Success, New York, Broadridge Financial Solutions, Inc. (NYSE:BR) is an investor communications and technology-driven solutions provider for the financial services industry. On October 31, 2023, Broadridge Financial Solutions, Inc. (NYSE:BR) stock closed at $170.64 per share. One-month return of Broadridge Financial Solutions, Inc. (NYSE:BR) was -4.91%, and its shares gained 23.89% of their value over the last 52 weeks. Broadridge Financial Solutions, Inc. (NYSE:BR) has a market capitalization of $20.071 billion.
Ensemble Capital Management made the following comment about Broadridge Financial Solutions, Inc. (NYSE:BR) in its Q3 2023 investor letter:
“Broadridge Financial Solutions, Inc. (NYSE:BR) (+8.56%): In August, the company reported the close of their 2023 fiscal year and offered a better than expected earnings outlook for fiscal year 2024. Paired with a 10% dividend increase and the successful go live of their challenged rollout of a new wealth management software service for their anchor client UBS (the biggest global wealth manager) investor confidence in the company’s long demonstrated balance of growth and stability seems to have returned.”
A close-up of a senior investor making a critical decision over a laptop.
Broadridge Financial Solutions, Inc. (NYSE:BR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Broadridge Financial Solutions, Inc. (NYSE:BR) at the end of second quarter which was 18 in the previous quarter.
We discussed Broadridge Financial Solutions, Inc. (NYSE:BR) in another article and shared The London Company Small-Mid Cap Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
