Here’s Why Fidelity National Information Services (FIS) Landed in Weitz Investments’ Detractor List

Weitz Investment Management, an investment management firm, published its “Partners III Opportunity Fund” fourth quarter 2021 investor letter – a copy of which can be downloaded here. The Partners III Opportunity Fund’s Institutional Class returned +0.91% in the fourth quarter compared to +11.03% for the S&P 500 and +9.28% for the Russell 3000. For the calendar year, the Partners III Opportunity Fund’s Institutional Class returned +12.45% compared to +28.71% for the S&P 500 and +25.66% for the Russell 3000. Spare some time to check the fund’s top 5 holdings to have a clue about their top bets for 2022.

Weitz Investment Management Partners III Opportunity Fund in its Q4 2021 investor letter, mentioned Fidelity National Information Services, Inc. (NYSE: FIS) and discussed its stance on the firm. Fidelity National Information Services, Inc. is a Jacksonville, Florida-based financial services company with a $69.2 billion market capitalization. FIS delivered a 4.22% return since the beginning of the year, while its 12-month returns are down by -13.97%. The stock closed at $113.76 per share on February 4, 2022.

Here is what Weitz Investment Management Partners III Opportunity Fund has to say about Fidelity National Information Services, Inc. in its Q4 2021 investor letter:

“Fidelity National Information Services (FIS) appear on the Fund’s list of detractors for both the quarter and calendar year. We have detailed our investment thesis for FIS in recent Analyst Corner features (available on our website). Of late, FIS’s collection of mission-critical software and payment services to financial services clients has fallen out of favor as investors chase the theme of “disruption.” But if the company successfully executes its business plan, we believe the stock can move higher over the next few years.”

Investments, Finance

Our calculations show that Fidelity National Information Services, Inc. (NYSE: FIS) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. FIS was in 32 hedge fund portfolios at the end of the third quarter of 2021, compared to 34 funds in the previous quarter. Fidelity National Information Services, Inc. (NYSE: FIS) delivered a 0.09% return in the past 3 months.

In December 2021, we also shared another hedge fund’s views on FIS in another article. You can find other letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q4 page.

Disclosure: None. This article is originally published at Insider Monkey.