The London Company, an investment management company, released “The London Company Small-Mid Cap Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 5% gross, (4.8% net) compared to a 3.4% return for the Russell 2500 Index. Sector allocation was a tailwind for the outperformance of the fund in the quarter, while stock selection slightly impacted the relative performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Small-Mid Cap Strategy highlighted stocks like Jack Henry & Associates, Inc. (NASDAQ:JKHY) in the first quarter 2023 investor letter. Headquartered in Monett, Missouri, Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a financial technology company. On June 30, 2023, Jack Henry & Associates, Inc. (NASDAQ:JKHY) stock closed at $167.33 per share. One-month return of Jack Henry & Associates, Inc. (NASDAQ:JKHY) was 9.55%, and its shares lost 9.19% of their value over the last 52 weeks. Jack Henry & Associates, Inc. (NASDAQ:JKHY) has a market capitalization of $12.194 billion.
The London Company Small-Mid Cap Strategy made the following comment about Jack Henry & Associates, Inc. (NASDAQ:JKHY) in its first quarter 2023 investor letter:
“Jack Henry & Associates, Inc. (NASDAQ:JKHY) – JKHY underperformed the broader market during Q1 after reporting lower de-conversion fees as well as weaker card processing revenue. Negative banking headlines also pressured the stock. JKHY continues to win new accounts from the competition and expand margins. It has limited direct banking exposure as it generates revenue based on assets, accounts, transactions, or monthly active users. We remain confident in management’s ability to execute and believe the business model is very attractive with recurring revenue, long-term contracts, and high switching costs. Increased: Jack Henry (JKHY) – Added to position using proceeds from STOR acquisition. Addition reflects our conviction in the long-term thesis for JKHY.”
Jack Henry & Associates, Inc. (NASDAQ:JKHY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Jack Henry & Associates, Inc. (NASDAQ:JKHY) at the end of first quarter 2023 which was 27 in the previous quarter.
We discussed Jack Henry & Associates, Inc. (NASDAQ:JKHY) in another article and shared Conestoga Mid Cap Strategy’s views on the company. 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.
