Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund’s Institutional Class returned +3.06% compared to a +7.18% return for the Russell 3000 Index. The fund returned -15.80% for the fiscal year ended March 31, 2023, compared to a -8.58% return for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Weitz Partners III Opportunity Fund highlighted stocks like Fidelity National Information Services, Inc. (NYSE:FIS) in the first quarter 2023 investor letter. Fidelity National Information Services, Inc. (NYSE:FIS) is a financial technology solutions provider headquartered in Jacksonville, Florida. On June 26, 2023, Fidelity National Information Services, Inc. (NYSE:FIS) stock closed at $52.68 per share. One-month return of Fidelity National Information Services, Inc. (NYSE:FIS) was -2.39%, and its shares lost 44.12% of their value over the last 52 weeks. Fidelity National Information Services, Inc. (NYSE:FIS) has a market capitalization of $31.21 billion.
Weitz Partners III Opportunity Fund made the following comment about Fidelity National Information Services, Inc. (NYSE:FIS) in its first quarter 2023 investor letter:
“The portfolio holdings most directly impacted by the bank failures of the first quarter were Charles Schwab and Fidelity National Information Services, Inc. (NYSE:FIS), both top detractors for the quarter. Banking software provider FIS’s shares were also collateral damage as investors looked to shed any exposure to the small and regional banks that FIS serves. This, after several quarters of underwhelming operating results, lands FIS as our top detractor for the fiscal year period as well. Our FIS experience has been disappointing to be sure. But having re-underwritten our investment thesis and lowered our business value estimate, we believe investors have exacted too steep a penalty on FIS shares. From this lowered price, we are optimistic that new management can reestablish credibility with investors and unlock value through the planned separation of the banking software and merchant services businesses.”
Fidelity National Information Services, Inc. (NYSE:FIS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 68 hedge fund portfolios held Fidelity National Information Services, Inc. (NYSE:FIS) at the end of first quarter 2023 which was 64 in the previous quarter.
We discussed Fidelity National Information Services, Inc. (NYSE:FIS) in another article and shared the list of beaten down stocks billionaires are loading up on. In addition, please check out our hedge fund investor letters Q1 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.
