Madison Investments, an investment advisor, released its “Madison Investors Fund” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund (Class Y) appreciated 7.80% compared to a 5.89% return for the S&P 500 index. In the YTD, nine months period, the fund returned 16.96% compared to a 22.08% return for the index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Madison Investors Fund highlighted stocks like Fiserv, Inc. (NYSE:FI), in the third quarter 2024 investor letter. Fiserv, Inc. (NYSE:FI) is a payment and financial services technology services provider with a market capitalization of $113.585 billion. The one-month return of Fiserv, Inc. (NYSE:FI) was 10.03%, and its shares gained 79.99% of their value over the last 52 weeks. On October 18, 2024, Fiserv, Inc. (NYSE:FI) stock closed at $197.29 per share.
Madison Investors Fund stated the following regarding Fiserv, Inc. (NYSE:FI) in its Q3 2024 investor letter:
In the third quarter, the top five individual contributors to performance relative to the benchmark were Parker-Hannifin Corporation, Fiserv, Inc. (NYSE:FI), Lowe’s Companies, Brookfield Corporation, and Progressive Corporation. At payment processor Fiserv, revenue and profits continue to grow nicely, in part driven by the strong performance of its Clover payment platform for small-and-medium sized businesses. In our assessment, Clover’s broad adoption by merchants across a wide variety of verticals is due to its superior functionality compared to legacy point-of-sale payment platforms, coupled with Fiserv’s extensive distribution scale across financial institutions and independent sales organizations. This latter advantage is especially difficult for emerging fintech competitors to replicate, reinforcing our confidence in the company’s long-term prospects.”
A businessperson checking their laptop, highlighting the company’s integration of technology across its banking and financial services.
Fiserv, Inc. (NYSE:FI) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 73 hedge fund portfolios held Fiserv, Inc. (NYSE:FI) at the end of the second quarter which was 69 in the previous quarter. While we acknowledge the potential of Fiserv, Inc. (NYSE:FI) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Fiserv, Inc. (NYSE:FI) and shared the list of stocks that hedge funds and mutual funds are in love with and those that they hate according to Goldman Sachs. Fiserv, Inc. (NYSE:FI) contributed to the performance of Oakmark Equity and Income Fund in Q3 2024. In addition, please check out our hedge fund investor letters Q3 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.