Broyhill Asset Management, an investment advisor, released its fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. 2025 witnessed extreme market concentration and a strong focus on artificial intelligence, leaving many sectors behind. The Portfolio, which has been significantly reshaped, now trades at a substantial discount relative to the broader market. The firm strongly believes it will benefit as market fundamentals improve. For the year, the portfolio declined by 1.4%, underperforming the MSCI ACWI’s 22.9% return. Momentum has dominated equity markets, with performance driven more by narratives than fundamentals. The firm admits the risks of being different but will remain contrarian and strategic, adapting more quickly to changing facts. In addition, please check the Portfolio’s top five holdings to know its best picks in 2025.
In its fourth-quarter 2025 investor letter, Broyhill Asset Management highlighted stocks like Fiserv, Inc. (NASDAQ:FISV). Fiserv, Inc. (NASDAQ:FISV) is an American financial technology company that provides technology services and solutions. On February 25, 2026, Fiserv, Inc. (NASDAQ:FISV) stock closed at $61.61 per share. One-month return of Fiserv, Inc. (NASDAQ:FISV) was -2.87%, and its shares lost 73.40% over the past twelve months. Fiserv, Inc. (NASDAQ:FISV) has a market capitalization of $33.83 billion.
Broyhill Asset Management stated the following regarding Fiserv, Inc. (NASDAQ:FISV) in its fourth quarter 2025 investor letter:
“Our mistakes were costly. Our largest detractors were Avantor, Fiserv, Inc. (NASDAQ:FISV), and Six Flags. Losers also shared a common thread: financial leverage amplified by execution missteps. Fiserv was a close second. This was a particularly painful loss because we thought we owned a dominant business with a flawless record of consistent execution, trading at a large discount to the market and to its own history. We increased our investment through the first half of the year because we believed the market was overly punitive in assessing short-term headwinds and slowing growth at Clover. As the stock’s decline accelerated and the valuation collapsed, we actively questioned what we might be missing, seeking additional context, perspective, and data to stress our assumptions. In hindsight, we over-weighted the probability that the sell-off was driven by competitive dynamics and overlooked the probability of more structural issues beneath the surface. As it turned out, that “flawless execution” was a red flag. We immediately exited the position when we concluded the company was unanalyzable. We now believe the most similar analogue for Fiserv post the reign of former CEO Frank Bisignano, who resigned to join the current administration right before the stock’s collapse, was the rubble left behind by Jack Welch at General Electric. For younger investors, not witness to Welch’s glory days, Google’s Gemini produced an impressive analogue available in this report and dashboard.”
Fiserv, Inc. (NASDAQ:FISV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 83 hedge fund portfolios held Fiserv, Inc. (NASDAQ:FISV) at the end of the fourth quarter, compared to 83 in the previous quarter. While we acknowledge the risk and potential of Fiserv, Inc. (NASDAQ:FISV) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Fiserv, Inc. (NASDAQ:FISV) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Fiserv, Inc. (NASDAQ:FISV) and shared Madison Large Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 2025 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.
