Here’s Why Manole Capital Management Invested in Global Payments (GPN)

Boutique asset manager Manole Capital Management recently released its second-quarter 2022 investor letter. A copy of the same can be downloaded here. Due to various events, the market witnessed a downfall in the first half of the year. The US stock market index S&P 500 fell 21%. The fund mainly focuses on fintech stocks, a securely growing segment. The fund generated three times the top-line growth of the market and two times the earnings growth over the last five years.  Also, Manole Capital Management expects 21% growth in its portfolio based on 3- to 5-year forward EPS estimates. For more information on the fund’s top picks in 2022, please check its top five holdings.

Manole Capital Management mentioned Global Payments Inc. (NYSE:GPN) in the letter and discussed its views about the company. Based in Atlanta, Georgia, Global Payments Inc. (NYSE:GPN) is a financial technology solutions company that has a market capitalization of $37.242 billion. The stock of Global Payments Inc. (NYSE:GPN) closed at $136.15 per share on August 16, 2022. One-month return of Global Payments Inc. (NYSE:GPN) was 12.00%, while its shares lost 19.29% of their value over the last 52 weeks.

Here’s what Manole Capital Management specifically said about Global Payments Inc. (NYSE:GPN)  in its Q2 2022 investor letter:

“Over the next week or so, we will be publishing a stock-specific note on payment processor Global Payments Inc. (NYSE:GPN). We have owned GPN for nearly two decades and it currently is one of our largest positions. We will begin by highlighting recent spending trends, eCommerce developments and how many of our payment companies can actually benefit from inflation and higher costs. We will discuss their business, industry trends, what is driving their growth, and then highlight their compelling valuation.”

Although Manole Capital Management invested in Global Payments Inc. (NYSE:GPN), the stock is not on the list of  30 Most Popular Stocks Among Hedge Funds. As per our database, Global Payments Inc. (NYSE:GPN) was held by 57 hedge fund portfolios at the end of the first quarter, and 64 in the previous quarter.

We discussed Global Payments Inc. (NYSE:GPN) in another article and shared the list of stocks Michael Burry is buying as recession fears grow. For more investor letters from hedge funds and other prominent investors, you can check our hedge fund investor letters Q2 2022 page.

Disclosure: None. This article is originally published at Insider Monkey.

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