Manole Capital Management, an investment management company, focused on covering the Financial and Technology sectors, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. The letter discussed the pending debt ceiling crisis, a few macro issues like the money market and stock market, household savings, the labor environment, the Fed, inflation trends, and interest rates. The majority of the letter is focused on specific Fintech and financial issues. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Manole Capital Management highlighted stocks like Visa Inc. (NYSE:V) in the second quarter 2023 investor letter. Headquartered in San Francisco, California, Visa Inc. (NYSE:V) is a global payment technology company. On July 6, 2023, Visa Inc. (NYSE:V) stock closed at $238.88 per share. One-month return of Visa Inc. (NYSE:V) was 6.85%, and its shares gained 17.35% of their value over the last 52 weeks. Visa Inc. (NYSE:V) has a market capitalization of $500.31 billion.
Manole Capital Management made the following comment about Visa Inc. (NYSE:V) in its second quarter 2023 investor letter:
“We like to start out all of our discussions by telling investors who we are. We are FINTECH investors, and we define Fintech as “anything utilizing technology to improve an established process.” We realize that half of Fintech is financial, but we don’t invest in traditional, credit sensitive banks. Having managed money during the Financial Crisis, we learned firsthand how certain opaque and balance sheet intensive financials could go bankrupt or insolvent.
We prefer transaction-based businesses, generating recurring revenue, with sustainable margins, and significant cash flow. From our perspective, the perfect example of a FINTECH business is the secularly growing payments industry. Names like Visa Inc. (NYSE:V) or Mastercard, that generate revenue and profit per swipe or transaction, without the underlying credit sensitivity or risk associated with that underlying line of credit.”
siam sompunya
Visa Inc. (NYSE:V) is in 5th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 173 hedge fund portfolios held Visa Inc. (NYSE:V) at the end of the first quarter which was 177 in the previous quarter.
We discussed Visa Inc. (NYSE:V) in another article and shared the list of best stocks for the next 20 years. 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.
