Here’s Why Black Knight (BKI) Declined in Q4

Madison Funds, managed by Madison Investment Management, released the “Madison Investors Fund” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 10.2% compared to the 7.6% return for the S&P 500 Index. For the calendar year, the fund declined 13.2% compared to a -18.1% fall for the S&P 500 Index. In the quarter, the Consumer Discretionary sector was the largest positive contributor to the fund’s performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Madison Funds highlighted stocks like Black Knight, Inc. (NYSE:BKI) in the Q4 2022 investor letter. Headquartered in Jacksonville, Florida, Black Knight, Inc. (NYSE:BKI) is a software technology company. On January 12, 2023, Black Knight, Inc. (NYSE:BKI) stock closed at $61.50 per share. One-month return of Black Knight, Inc. (NYSE:BKI) was 3.07%, and its shares lost 19.29% of their value over the last 52 weeks. Black Knight, Inc. (NYSE:BKI) has a market capitalization of $9.596 billion.

Madison Funds made the following comment about Black Knight, Inc. (NYSE:BKI) in its fourth-quarter 2022 investor letter:

“Our largest individual detractors were Brookfield Corporation, Alphabet, Amazon, Black Knight, Inc. (NYSE:BKI), and Dollar Tree. Alphabet’s price-to-earnings multiple continues to contract due to concerns about the potential for revenue to be more economically sensitive than it has been historically, given the vast size of the business today. At Amazon, cost pressures and slowing AWS growth weighed on its share price. The regulatory status of Intercontinental Exchange’s pending acquisition offer for Black Knight remains a concern, while in the interim, business conditions have deteriorated given the slowdown in the mortgage market.”

Black Knight, Inc. (NYSE:BKI) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held Black Knight, Inc. (NYSE:BKI) at the end of the third quarter, and which was 46 in the previous quarter.

We discussed Black Knight, Inc. (NYSE:BKI) in another article and shared best stocks according to Clint Carlson’s Carlson Capital. In addition, please check out our hedge fund investor letters Q4 2022 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.