Broyhill Asset Management, a boutique investment firm, released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The past two years were mirror images of each other for equity investors. Global stocks increased by 22% in 2022 after declining by 18% the year before. The fourth quarter saw exceptionally high portfolio activity. Although Broyhill’s fully invested managed funds underperformed year-over-year broader equities benchmarks, they avoided problems during the falls in 2021 and 2022, and their relative performance is still well above any longer-term horizon. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Broyhill Asset Management featured stocks such as Fiserv, Inc. (NYSE:FI) in the fourth quarter 2023 investor letter. Headquartered in Brookfield, Wisconsin, Fiserv, Inc. (NYSE:FI) offers payment and financial services technology. On February 16, 2024, Fiserv, Inc. (NYSE:FI) stock closed at $148.04 per share. One-month return of Fiserv, Inc. (NYSE:FI) was 6.49%, and its shares gained 28.32% of their value over the last 52 weeks. Fiserv, Inc. (NYSE:FI) has a market capitalization of $88.852 billion.
Broyhill Asset Management stated the following regarding Fiserv, Inc. (NYSE:FI) in its fourth quarter 2023 investor letter:
“Shares of Fiserv, Inc. (NYSE:FI) gained 18% during the quarter. We first outlined our investment in Fiserv here. Since then, the company has continued to fire on all cylinders. After reporting a solid third quarter and raising guidance, share gains accelerated following the company’s November Investor Day, where the company reiterated its outlook for the year and introduced preliminary 2024 guidance of 11% – 13% organic top-line growth. Management also sounded quite confident in its new medium-term guidance, calling for 9% – 12% organic revenue growth and 13% – 17% earnings per share growth. Despite the company’s near-flawless execution, shares closed the year trading at 15x earnings, more than a 20% discount to the market.”
A close-up of a credit card being swiped on a payment terminal, reflecting the company’s payments technology.
Fiserv, Inc. (NYSE:FI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Fiserv, Inc. (NYSE:FI) was held by 73 hedge fund portfolios, up from 70 in the previous quarter, according to our database.
We discussed Fiserv, Inc. (NYSE:FI) in another article and shared the list of best fintech stocks to buy in 2024. 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.