1. Fidelity Puritan Fund (NASDAQ:FPURX)
Fidelity Puritan Fund (NASDAQ:FPURX) is a Boston-based mutual fund that invests at least 60% of net assets in stocks and other securities and the remainder in bonds. The fund invests at least 25% of total assets in fixed-income senior securities.
Fidelity Puritan Fund (NASDAQ:FPURX) has more than $35 billion in net assets under management with a holdings turnover of 55%. The expense ratio for the fund is 0.52%.
A top holding of Fidelity Puritan Fund (NASDAQ:FPURX) is Mastercard Incorporated (NYSE:MA), a firm that provides transaction processing solutions. Among the hedge funds being tracked by Insider Monkey, Virginia-based investment firm Akre Capital Management is a leading shareholder in Mastercard Incorporated (NYSE:MA) with 5.8 million shares worth more than $2 billion.
In its Q4 2020 investor letter, Bretton Fund, an asset management firm, highlighted a few stocks and Mastercard Incorporated (NYSE:MA) was one of them. Here is what the fund said:
“While consumers resumed much of their spending by summer, what and how they used their Visas and Mastercards changed. For obvious reasons, people shifted to contactless payments—one of the Covid-era changes we think is permanent—and replaced travel purchases with online shopping and food delivery. Consumers spent more on their debit cards and less on their credit cards; Visa and Mastercard Incorporated (NYSE:MA) make more per transaction on the latter. They also make more on cross-border transactions that come mostly from international travel, which ground to a halt early in the pandemic. Visa’s and Mastercard’s earnings per share fell by 7% and 16%, respectively, compared to their usual mid-teens growth. We’re not too worried, and we think they’ll catch up nicely in the post-vaccine world. Visa’s stock returned 17.1% and Mastercard’s 20.2%.”
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