Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund’s Institutional Class returned +5.98% compared to a +12.07% return for the Russell 3000 Index. Further, the fund returned +17.32%, compared to +25.96% for the index during the Calander year. An already successful year was capped off by strong performance across risk assets in the fourth quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Weitz Investment Management Partners III Opportunity Fund featured stocks such as CoreCard Corporation (NYSE:CCRD) in the fourth quarter 2023 investor letter. Headquartered in Norcross, Georgia, CoreCard Corporation (NYSE:CCRD) provides technology solutions and processing services to the financial technology and services industry. On February 12, 2024, CoreCard Corporation (NYSE:CCRD) stock closed at $13.03 per share. One-month return of CoreCard Corporation (NYSE:CCRD) was 7.07%, and its shares lost 62.70% of their value over the last 52 weeks. CoreCard Corporation (NYSE:CCRD) has a market capitalization of $109.978 million.
Partners III Opportunity Fund stated the following regarding CoreCard Corporation (NYSE:CCRD) in its fourth quarter 2023 investor letter:
“The Fund’s top detractors in 2023 were CoreCard Corporation (NYSE:CCRD), Perimeter Solutions SA (PR), and The Charles Schwab Corporation (SCHW) (sold during the first quarter in the wake of regional bank stresses). CoreCard processes payments for Goldman Sachs Group, Inc.’s (GS) consumer credit card businesses, including its Apple Card partnership. Well-reported strains in the Goldman-Apple partnership (unrelated to CoreCard’s performance) have led to speculation that their relationship may soon be terminated. If so, moving the Apple Card to a new partner will take quite some time, giving CoreCard’s entrepreneurial management team the opportunity to plan for what comes next.”
A modern payment processor with illuminated buttons in a busy financial district.
CoreCard Corporation (NYSE:CCRD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held CoreCard Corporation (NYSE:CCRD) at the end of third quarter which was 8 in the previous quarter.
We discussed CoreCard Corporation (NYSE:CCRD) in another article and shared Weitz Investment Management’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 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.
