Investment management company Vulcan Value Partners recently released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The firm has five strategies, and all gained positive absolute returns in the second quarter. The fund’s Large Cap Composite returned 10.0% net of fees and expenses, the Small Cap Composite returned 4.4% net, the Focus Composite returned 11.1% net, the Focus Plus composite returned 10.6%, and the All-Cap Composite returned 6.0% net. You can check the top 5 holdings of the fund to know its best picks in 2023.
Vulcan Value Partners 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 22, 2023, Fiserv, Inc. (NYSE:FI) stock closed at $119.26 per share. One-month return of Fiserv, Inc. (NYSE:FI) was -6.32%, and its shares gained 12.32% of their value over the last 52 weeks. Fiserv, Inc. (NYSE:FI) has a market capitalization of $72.703 billion.
Vulcan Value Partners made the following comment about Fiserv, Inc. (NYSE:FI) in its second quarter 2023 investor letter:
“We purchased two new positions: Fiserv Inc. and SS&C Technologies Holdings Inc. Fiserv, Inc. (NYSE:FI), a company we have owned in the past, is a global payments solutions and financial services provider. Their business consists of three segments: merchant acceptance, payments processing, and core bank processing. Each of these segments provides essential products and services to the customers. Fiserv’s products have high switching costs, which aids in customer retention and increases the stickiness of their revenues. Currently, the company is generating over $3 billion of free cash flow annually, allowing management to invest in research and development, opportunistic M&A, and returning cash to shareholders. We are pleased to have the opportunity to purchase this company at a discount to our estimate of intrinsic value.”
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Fiserv, Inc. (NYSE:FI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 68 hedge fund portfolios held Fiserv, Inc. (NYSE:FI) at the end of second quarter which was 64 in the previous quarter.
We discussed Fiserv, Inc. (NYSE:FI) in another article and shared the list of best stocks to buy that are on the rise. 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.
