Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund’s Institutional Class returned -0.57% compared to a -3.25% return for the Russell 3000 Index. The Fund’s Institutional Class has returned +10.70% year-to-date compared to a +12.39% return for the benchmark. Following double-digit gains in the first half of 2023, bonds and stocks both cooled down in the third quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Weitz Investment Partners III Opportunity Fund highlighted stocks like CoreCard Corporation (NYSE:CCRD) in the third quarter 2023 investor letter. Headquartered in Norcross, Georgia, CoreCard Corporation (NYSE:CCRD) provides technology solutions and processing services. On December 11, 2023, CoreCard Corporation (NYSE:CCRD) stock closed at $13.38 per share. One-month return of CoreCard Corporation (NYSE:CCRD) was -16.48%, and its shares lost 51.94% of their value over the last three months. CoreCard Corporation (NYSE:CCRD) has a market capitalization of $112.932 billion.
Weitz Investment Partners III Opportunity Fund made the following comment about CoreCard Corporation (NYSE:CCRD) in its third 2023 investor letter:
“On the negative side of the ledger, CoreCard Corporation (NYSE:CCRD) and Perimeter Solutions SA (PR) were material detractors for both the quarter and year-to-date periods. CoreCard provides payment processing for Goldman Sachs Group, Inc.’s, (GS) credit card business, including the Apple Card. Press speculations suggest Goldman Sachs has considered moving the Apple relationship to a new provider, despite having recently signed a new, two-year contract with CoreCard. We are monitoring developments closely, and a range of potential outcomes are possible, including CoreCard retaining the processing function even if Goldman selects a new provider for other service elements.”
A modern payment processor with illuminated buttons in a busy financial district.
CoreCard Corporation (NYSE:CCRD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held CoreCard Corporation (NYSE:CCRD) at the end of third quarter which was 8 in the previous quarter.
We discussed CoreCard Corporation (NYSE:CCRD) in another article and shared Long Cast Advisers’ 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.
