Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund returned 6.60% in the first quarter, compared to S&P’s 10.56% return and Russell 1000 Value’s 8.99% return. Strong performance across the portfolio holdings delivered significant reruns in the quarter where value investing faced challenges compared to growth strategies. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Longleaf Partners Fund highlighted stocks like Fidelity National Information Services Inc. (NYSE:FIS), in the first quarter 2024 investor letter. Fidelity National Information Services Inc. (NYSE:FIS), with a market capitalization of $43.232 billion (intraday), provides financial technology solutions for financial institutions, businesses, and developers. One-month return of Fidelity National Information Services, Inc. (NYSE:FIS) was 9.00%, and its shares gained 35.24% of their value over the last 52 weeks. The stock gained 22.11% in the last three months. As of May 20, 2024, Fidelity National Information Services, Inc.’s (NYSE:FIS) shares are trading at $77.72 per share.
Longleaf Partners Fund stated the following regarding Fidelity National Information Services, Inc. (NYSE:FIS) in its first quarter 2024 investor letter:
“Fidelity National Information Services, Inc. (NYSE:FIS) – The technology solution provider for financial institutions was the top contributor in the quarter. We first started buying this company last year when its bank customers were going through stock market turmoil after the failure of Silicon Valley Bank. We have learned how steady this industry tends to be even through crises, and FIS has demonstrated this once again with the company’s core bank software business getting back to solid growth this year. CEO Stephanie Ferris is proving to be a great partner since she was elevated to the role less than a year and a half ago. FIS recently monetized a non-core business at a good value and is using the proceeds to repurchase 10% of the company. This is a stable company that is on offense yet still trading at a reasonable multiple of free cash flow (FCF) – not easy to find in today’s market.”
A financial analyst monitoring the stock market, with multiple screens of varying sizes and colors.
Fidelity National Information Services, Inc.’s (NYSE:FIS) trailing 12 months revenue is $9.89 billion. Year over year quarterly revenue growth rate of the company is 2.90%, and year over year quarterly earnings growth rate is 417.10%. This is the fifth consecutive quarter of outperformance, according to Fidelity National Information Services, Inc.’s (NYSE:FIS) most recent earnings call.
Fidelity National Information Services, Inc. (NYSE:FIS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 66 hedge fund portfolios held Fidelity National Information Services, Inc. (NYSE:FIS) at the end of the fourth quarter which was 55 in the previous quarter.
In another article, we discussed Fidelity National Information Services, Inc. (NYSE:FIS) and shared the best financial sector dividend 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.
