Broyhill Asset Management, a boutique investment firm, released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the portfolio increased 0.9% net of all fees and expenses, and year-to-date, the portfolio returned 12.3% net of all fees and expenses. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Broyhill Asset Management highlighted stocks like Fiserv, Inc. (NYSE:FI) in the second quarter 2023 investor letter. Headquartered in Brookfield, Wisconsin, Fiserv, Inc. (NYSE:FI) offers payment and financial services technology. On August 4, 2023, Fiserv, Inc. (NYSE:FI) stock closed at $124.82 per share. One-month return of Fiserv, Inc. (NYSE:FI) was -0.30%, and its shares gained 17.67% of their value over the last 52 weeks. Fiserv, Inc. (NYSE:FI) has a market capitalization of $77.053 billion.
Broyhill Asset Management made the following comment about Fiserv, Inc. (NYSE:FI) in its second quarter 2023 investor letter:
“The portfolio’s largest contributors to performance were Fomento Economico Mexicano (FMX), Fiserv, Inc. (NYSE:FI), and McKesson Corporation (MCK). Management at Fiserv continues to execute. Amid fears of a recession and lower consumer spending in the latter half of the year, Fiserv is positioned to add another year to its uninterrupted, 32-year track record of double-digit earnings growth. The stock’s performance over the years has largely been driven by earnings growth as the market has yet to award FI with the premium valuation we believe it deserves. Our foray into the payments sector began a few years ago with an investment in Fiserv, which we detailed in our 2021 year-end letter to investors. While Fiserv continues to execute as expected, and the stock’s multiple has increased from recent lows of 14x to 16x earnings, shares still trade at a meaningful discount to the market.”
Photo by Clay Banks on Unsplash
Fiserv, Inc. (NYSE:FI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held Fiserv, Inc. (NYSE:FI) at the end of first quarter which was 65 in the previous quarter.
We discussed Fiserv, Inc. (NYSE:FI) in another article and shared the list of cheap value stocks to buy according to Seth Klarman. In addition, please check out our hedge fund investor letters Q2 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.
