Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund’s Institutional Class returned -2.96% compared to a +3.22% return for the Russell 3000 Index. Year-to-date the fund returned +5.01% compared to +13.56% return for the index. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2024.
Weitz Investment Management Partners III Opportunity Fund highlighted stocks like Global Payments Inc. (NYSE:GPN), in the second quarter 2024 investor letter. Global Payments Inc. (NYSE:GPN) provides payment technology and software solutions for card, check, and digital-based payments. The one-month return of Global Payments Inc. (NYSE:GPN) was 10.75%, and its shares lost 9.80% of their value over the last 52 weeks. On August 21, 2024, Global Payments Inc. (NYSE:GPN) stock closed at $109.35 per share with a market capitalization of $27.823 billion.
Weitz Investment Management Partners III Opportunity Fund stated the following regarding Global Payments Inc. (NYSE:GPN) in its Q2 2024 investor letter:
“Global Payments Inc. (NYSE:GPN) reversed its first-quarter gains, becoming the Fund’s top detractor for the quarter and second leading detractor year-to-date. Investor skepticism remains entrenched despite consistent operational execution. Current results are partially muddied by the moving parts of divestitures and positive synergies from the acquisition of former competitor EVO Payments that have yet to develop, leading many investors to adopt a “wait and see” approach in advance of an expected Investor Day later this year.”
A payment terminal in action with customers apart of the experience.
Global Payments Inc. (NYSE:GPN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 66 hedge fund portfolios held Global Payments Inc. (NYSE:GPN) at the end of the second quarter which was 52 in the previous quarter. Global Payments Inc. (NYSE:GPN) reported adjusted net revenue of $2.32 billion for the quarter, up 6% from the prior year’s quarter. While we acknowledge the potential of Global Payments Inc. (NYSE:GPN) 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 Global Payments Inc. (NYSE:GPN) and shared Baron FinTech Fund’s views on the company. In Q4 2023 Weitz Investment Management Partners III Opportunity Fund initiated a position in Global Payments Inc. (NYSE:GPN). In addition, please check out our hedge fund investor letters Q2 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.
