Diamond Hill Capital, an investment management company, released its “Long-Short Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -5.25% compared to a -4.61% return for the Russell 1000 Index. Even though the fund’s short book trailed the Russell 1000 Index, it still added positive returns. On the other hand, weakness in consumer discretionary and communication services holdings dragged the performance of the long book of the fund in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Diamond Hill Capital highlighted stocks like Fidelity National Information Services, Inc. (NYSE:FIS) in its Q3 2022 investor letter. Headquartered in Jacksonville, Florida, Fidelity National Information Services, Inc. (NYSE:FIS) is a financial technology services provider. On November 29, 2022, Fidelity National Information Services, Inc. (NYSE:FIS) stock closed at $67.53 per share. One-month return of Fidelity National Information Services, Inc. (NYSE:FIS) was -15.02%, and its shares lost 34.03% of their value over the last 52 weeks. Fidelity National Information Services, Inc. (NYSE:FIS) has a market capitalization of $40.071 billion.
Diamond Hill Capital made the following comment about Fidelity National Information Services, Inc. (NYSE:FIS) in its Q3 2022 investor letter:
“Shares of payment and bank technology provider Fidelity National Information Services, Inc. (NYSE:FIS) were weak on geopolitical and economic uncertainty. FIS is seeing softness in UK revenues (approximately 15% of its merchant segment), experiencing wage inflation in Brazil and India, and is feeling headwinds from the interest-rate backdrop due to acquisition leverage. Under the leadership of a new CFO, expectations going into 2023 have been reset and FIS reiterated its intention to return excess cash flow to shareholders through share buybacks. We continue to believe FIS is well positioned to grow organically, or via acquisition, over the long term.”
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Fidelity National Information Services, Inc. (NYSE:FIS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held Fidelity National Information Services, Inc. (NYSE:FIS) at the end of the third quarter, which was 67 in the previous quarter.
We discussed Fidelity National Information Services, Inc. (NYSE:FIS) in another article and shared the best digital payments stocks. In addition, please check out our hedge fund investor letters Q3 2022 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.