Here’s How Mastercard Incorporated (MA) Utilized AI

Akre Capital Management, an investment management company, published the “Akre Focus Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the quarter, the fund (Institutional share class) returned 8.62% compared to the S&P 500 Total Return’s 8.74% increase. In the second quarter, the focus shifted to Artificial intelligence (AI) which contributed to the broader market indices. The fund (the Institutional share class) returned 15.07% for the trailing 12-month period ending June 30, 2023, compared to the S&P 500 Total Return’s 19.59% gain. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Akre Focus Fund highlighted stocks like Mastercard Incorporated (NYSE:MA) in the second quarter 2023 investor letter. Headquartered in Purchase, New York, Mastercard Incorporated (NYSE:MA) is a payment technology company. On July 14, 2023, Mastercard Incorporated (NYSE:MA) stock closed at $402.51 per share. One-month return of Mastercard Incorporated (NYSE:MA) was 6.90%, and its shares gained 21.60% of their value over the last 52 weeks. Mastercard Incorporated (NYSE:MA) has a market capitalization of $381.43 billion.

Akre Focus Fund made the following comment about Mastercard Incorporated (NYSE:MA) in its second quarter 2023 investor letter:

“The Fund owns many businesses that stand to benefit enormously from A.I. Mastercard Incorporated (NYSE:MA) and Visa have long used artificial intelligence to gather and utilize insights from their massive troves of data to improve the safety and security of their networks. The top five positive contributors to performance during the quarter were Moody’s, Mastercard, CoStar, Constellation Software, and Adobe.”

Bornfree / Shutterstock.com

Mastercard Incorporated (NYSE:MA) is in 7th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 138 hedge fund portfolios held Mastercard Incorporated (NYSE:MA) at the end of the first quarter which was 139 in the previous quarter.

We discussed Mastercard Incorporated (NYSE:MA) in another article and shared the list of most owned stocks by hedge funds. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

• 10 Best Innovative Stocks that Pay Dividends
• 10 Best Restaurant Dividend Stocks to Buy
• Medallion Fund Strategy, Returns, and Holdings

Disclosure: None. This article is originally published at Insider Monkey.