Madison Investments, an investment advisor, released its “Madison Investors Fund” first-quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund (Class Y) returned 9.63% compared to a 10.56% return for the S&P 500 index. The business remains dedicated to its more than two-decades-old strategy of investing in long-term, competitively advantaged, expanding firms at acceptable valuations, even if market performance has been robust over the past year and valuations have generally returned to earlier highs. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Madison Investors Fund featured stocks like Fiserv, Inc. (NYSE:FI) in the first quarter 2024 investor letter. Headquartered in Milwaukee, Wisconsin, Fiserv, Inc. (NYSE:FI) offers payment and financial services technology. On April 16, 2024, Fiserv, Inc. (NYSE:FI) stock closed at $146.40 per share. One-month return of Fiserv, Inc. (NYSE:FI) was -4.97%, and its shares gained 26.21% of their value over the last 52 weeks. Fiserv, Inc. (NYSE:FI) has a market capitalization of $86.999 billion.
Madison Investors Fund stated the following regarding Fiserv, Inc. (NYSE:FI) in its first quarter 2024 investor letter:
“At payment processor Fiserv, Inc. (NYSE:FI), revenue and profits continue to steadily compound. In fact, 2023 marked the 38th consecutive year of double-digit earnings growth for the company, a remarkable accomplishment considering the wide range of economic environments experienced during that long period. It goes without saying that success over such a prolonged timeframe requires a combination of strong competitive advantages, dependable stewardship, and continuous investment in new products and services. In more recent years, Fiserv has rolled out the Clover payment platform for small-and-medium sized businesses. Clover has been very successful in large part, not only due to its superior functionality relative to legacy point-of-sale payment platforms, but also Fiserv’s distribution scale across financial institutions and independent sales organizations, an advantage that is difficult to replicate by upstart fintech competitors. Investments like Clover give us confidence that Fiserv will continue to build upon its impressive long-term track record.”
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, compared to 70 in the previous quarter, according to our database.
We previously discussed Fiserv, Inc. (NYSE:FI) in another article, where we shared the list of best 52-week high stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 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.