GreensKeeper Asset Management, an investment management company, released its third quarter investor letter. A copy of the letter can be downloaded here. The Value Fund appreciated +4.7% (net) in the third quarter, +16.7% year to date and +24.4% over the past twelve months, however, the US dollar lowered returns by about -1.1% in Q3. The broader markets are clearly in positive territory for the year after a successful quarter. After the Federal Reserve decided to lower interest rates by 50 basis points in September, the major indices saw a surge, with the DJIA and S&P 500 closing the quarter at all-time highs. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.
GreensKeeper Asset Management 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. The one-month return of Fiserv, Inc. (NYSE:FI) was 2.20%, and its shares gained 64.66% of their value over the last 52 weeks. On December 4, 2024, Fiserv, Inc. (NYSE:FI) stock closed at $215.85 per share with a market capitalization of $122.53 billion.
GreensKeeper Asset Management stated the following regarding Fiserv, Inc. (NYSE:FI) in its Q3 2024 investor letter:
“Fiserv, Inc. (NYSE:FI) was our third-largest contributor this quarter, returning +20.5%. Our initial investment in Fiserv followed its merger with First Data in 2020, and we subsequently increased our position after the stock sold off amid rising fintech competition in 2022. Since then, Fiserv has executed exceptionally well across multiple areas—strengthening its balance sheet, returning capital to shareholders, and entrenching its presence with merchants by adding integral software solutions to its payment processing and core banking solutions. The company is on track to achieve its 39th consecutive year of double-digit earnings per share growth, and we remain optimistic about our investment’s potential to compound 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) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 71 hedge fund portfolios held Fiserv, Inc. (NYSE:FI) at the end of the third quarter which was 73 in the previous quarter. In the third quarter, Fiserv announced impressive financial results, reporting adjusted earnings per share of $2.30, which marks a substantial increase of 17%, fueled by robust revenue growth and further improvements in operating margins across its various businesses. 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 high growth IT stocks to invest in. The London Company Large Cap Strategy expressed its belief in Fiserv, Inc.’s (NYSE:FI) continued growth in its Q3 2024 investor letter. 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.