Weitz Investment Management, an investment management firm, released its “Large Cap Equity Fund” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund’s Institutional Class returned +7.79% compared to a +10.30% return for the Russell 1000 Index. The Fund’s Institutional Class has returned +31.94% for the year compared to a +29.87% return for the benchmark. The fund’s impressive strong performance is further enhanced by the market rally in the first quarter. The fund’s returns have increased by 50% from the October 2022 lows. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Weitz Investment Large Cap Equity Fund highlighted stocks like Fidelity National Information Services Inc. (NYSE:FIS) provides financial technology solutions for financial institutions, businesses, and developers. One-month return of Fidelity National Information Services, Inc. (NYSE:FIS) was 7.27%, and its shares gained 35.42% of their value over the last 52 weeks. As of May 29, 2024, Fidelity National Information Services, Inc. (NYSE:FIS) shares are trading at $74.48 per share with a market capitalization of $41.43 billion.
Weitz Investment Large Cap Equity Fund stated the following regarding Fidelity National Information Services, Inc. (NYSE:FIS) in its first quarter 2024 investor letter:
“After many reports filled with mea culpas on Fidelity National Information Services, Inc. (NYSE:FIS), it is refreshing to provide a different kind of interim update. We suggested last quarter that the stock’s setup was much improved from year-end, rebased price levels. We added to the Fund’s position in January and early February at an average price in the high $50s. FIS completed the sale of a majority stake in Worldpay Merchant Solutions in January, and the company is paying down debt and repurchasing stock with the proceeds. The core businesses are doing fine, and the stock rose 24% to $74 during the quarter. Credit to CEO Stephanie Ferris and her team for taking decisive steps to help surface value. While FIS has much more work to do, the checkpoint served as a nice reminder that good things can (eventually) happen to high-quality stocks trading at a discount to intrinsic value.”
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%. As per the last earnings call, this is the fifth consecutive quarter that Fidelity National Information Services, Inc. (NYSE:FIS) has outperformed the financial outlook.
Fidelity National Information Services, Inc. (NYSE:FIS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held Fidelity National Information Services, Inc. (NYSE:FIS) at the end of the first quarter which was 66 in the previous quarter.
In another article, we discussed Fidelity National Information Services, Inc. (NYSE:FIS) and shared Longleaf Partners Fund’s views on the company. 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.
