Here’s Why The London Company Mid Cap Strategy Increased its Stake in Black Knight (BKI)

The London Company, an investment management company, released “The London Company Mid Cap Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 6.5% gross, (6.4% net) compared to a 4.1% return for the Russell Midcap Index. The outperformance of the fund is due to strong stock selection and limited exposure to banks. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

The London Company Mid Cap Strategy highlighted stocks like Black Knight, Inc. (NYSE:BKI) in the first quarter 2023 investor letter. Headquartered in Jacksonville, Florida, Black Knight, Inc. (NYSE:BKI) is a software technology company that provides integrated software, data, and analytics solutions. On June 30, 2023, Black Knight, Inc. (NYSE:BKI) stock closed at $59.73 per share. One-month return of Black Knight, Inc. (NYSE:BKI) was 4.22%, and its shares lost 9.75% of their value over the last 52 weeks. Black Knight, Inc. (NYSE:BKI) has a market capitalization of $9.363 billion.

The London Company Mid Cap Strategy made the following comment about Black Knight, Inc. (NYSE:BKI) in its first quarter 2023 investor letter:

“Increased: Black Knight, Inc. (NYSE:BKI) – Addition reflects BKI’s favorable long-term outlook, potential acquisition by Intercontinental Exchange (ICE) at a price much higher than the current market value, and large breakup fee ($725M) if ICE breaks the deal.”

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Black Knight, Inc. (NYSE:BKI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 57 hedge fund portfolios held Black Knight, Inc. (NYSE:BKI) at the end of first quarter 2023 which was 49 in the previous quarter.

We discussed Black Knight, Inc. (NYSE:BKI) in another article and shared the top stock picks of David Einhorn’s 2023 portfolio. In addition, please check out our hedge fund investor letters Q1 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.