Ensemble Capital Management, an investment management company, released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund saw exceptionally excellent absolute and relative performance in the fourth quarter. The fund was up 16.00% in the quarter while the S&P 500 appreciated 11.69%. The fund was up 21.75% for the full year vs the S&P 500 up 26.29%. The fund’s underperformance was due to its investment in First Republic, which the fund exited in March. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Ensemble Capital Management featured stocks such as Broadridge Financial Solutions, Inc. (NYSE:BR) in the fourth quarter 2023 investor letter. Headquartered in Lake Success, New York, Broadridge Financial Solutions, Inc. (NYSE:BR) is an investor communications and technology-driven solutions provider for the financial services industry. On January 17, 2024, Broadridge Financial Solutions, Inc. (NYSE:BR) stock closed at $201.95 per share. One-month return of Broadridge Financial Solutions, Inc. (NYSE:BR) was 2.85%, and its shares gained 41.88% of their value over the last 52 weeks. Broadridge Financial Solutions, Inc. (NYSE:BR) has a market capitalization of $23.759 billion.
Ensemble Capital Management stated the following regarding Broadridge Financial Solutions, Inc. (NYSE:BR) in its fourth quarter 2023 investor letter:
“Broadridge Financial Solutions, Inc. (NYSE:BR) (5.98% weight in the Fund): Broadridge processes back office financial paperwork such as monthly statements, trade confirms, and corporate proxy votes. While the company provides software and services to its customers, it isn’t typically thought of as a cutting-edge tech company. Yet Broadridge is already rolling out AI applications to both its employees and customers. BondGPT allows Broadridge’s bond trading customers to use an AI system to search for bonds that meet their specific criteria. The bond market is far less liquid with far more unique securities than the equity market. BondGPT provides similar functionality to traditional bond screening tools, but its natural language interface means that traders can source bonds in a fraction of the time it would take using a traditional tool. The company has also rolled out OpsGPT to its employees. This program recommends solutions to Broadridge operations employees as they deal with trade or account opening errors.
Both BondGPT and OpsGPT show how AI can be leveraged to enhance productivity within very mundane areas of business. For all of the “magic” of bleeding edge AI capabilities, much of the work of the world is mundane activities. To the extent AI can be used to save bond traders and operations employees time; it won’t change the world but it will certainly improve the economics of the financial industry.”
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Broadridge Financial Solutions, Inc. (NYSE:BR) is not our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Broadridge Financial Solutions, Inc. (NYSE:BR) at the end of third quarter which was 23 in the previous quarter.
We discussed Broadridge Financial Solutions, Inc. (NYSE:BR) in another article and shared The London Company’s views on the company in the previous quarter. 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.
