Baron Funds, an investment management company, released its “Baron FinTech Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund rose 6.33% (Institutional Shares) compared to a 3.60% gain for the FactSet Global FinTech Index (Benchmark) and a 10.56% gain for the S&P 500 index. The major market indexes touched an all-time high in the quarter driven by robust economic data and relatively strong corporate earnings. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron FinTech Fund highlighted stocks like Fiserv, Inc. (NYSE:FI), in the first quarter 2024 investor letter. Fiserv, Inc. (NYSE:FI) is a payment and financial services technology services provider with a market capitalization of $88.515 billion. The one-month return of Fiserv, Inc. (NYSE:FI) was -3.56%, and its shares gained 32.14% of their value over the last 52 weeks. On May 24, 2024, Fiserv, Inc. (NYSE:FI) stock closed at $150.34 per share.
Baron FinTech Fund stated the following regarding Fiserv, Inc. (NYSE:FI) in its first quarter 2024 investor letter:
“Payments was another standout theme thanks to double-digit gains from global payment companies Mastercard Incorporated and Fiserv, Inc. (NYSE:FI). Fiserv shares rose in response to robust quarterly earnings, supported by strength in Clover, its point-of-sale system for small businesses. Clover revenue jumped 30% with greater adoption of value-added services. Despite investor concerns about macroeconomic weakness potentially impacting Fiserv’s outlook, the company reaffirmed its 2024 guidance. We remain optimistic as Fiserv continues to execute well on its long-term vision, and we believe Clover will play a key role in driving growth for the company in the years ahead.”
A businessperson checking their laptop, highlighting the company’s integration of technology across its banking and financial services.
Fiserv, Inc. (NYSE:FI) had a strong first quarter, with adjusted earnings per share of $1.88, up 19%. This reflects continued revenue growth and operating margin expansion. Fiserv, Inc. (NYSE:FI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held Fiserv, Inc. (NYSE:FI) at the end of the first quarter which was 74 in the previous quarter.
In another article, we discussed Fiserv, Inc. (NYSE:FI) and shared the list of best digital payments stocks to buy. Fiserv, Inc. (NYSE:FI) was one of top individual contributors of Madison Investments in the first quarter 2024. 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.