Weitz Investment Management, an investment management firm, released its “Weitz Multi Cap Equity Fund” third quarter 2023 investor letter, a copy of which can be downloaded here. In the third quarter, the Institutional Class of the Multi Cap Equity Fund yielded a return of -2.06%, while the Russell 3000 experienced a slightly greater decline at -3.25%. When examining the year-to-date performance, the Fund’s Institutional Class achieved a positive return of +9.13%, trailing behind the Russell 3000, which posted a higher return of +12.39%. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.
In its Q3 2023 investor letter, Weitz Multi Cap Equity Fund mentioned Equifax Inc. (NYSE:EFX) and explained its insights for the company. Equifax Inc. (NYSE:EFX) is an Atlanta, Georgia-based multinational consumer credit reporting agency with a $22.7 billion market capitalization. Equifax Inc. (NYSE:EFX) delivered a -5.09% return since the beginning of the year, while its 12-month returns are down by -1.78%. The stock closed at $184.46 per share on November 8, 2023.
Here is what Weitz Multi Cap Equity Fund has to say about Equifax Inc. (NYSE:EFX) in its Q3 2023 investor letter:
“During the third quarter, we initiated a new position in Equifax, Inc., (NYSE:EFX). Many will be familiar with Equifax as one of three consumer credit reporting bureaus and an indispensable partner for lenders in the extension and pricing of loans. Right now, surging borrowing costs are pressuring demand for mortgages and, therefore, banks’ demand for credit reports. Mortgages remain an important end market for Equifax, but we believe the current environment has overshadowed the opportunity within the faster-growing, higher-margin Equifax Workforce Services (EWS) business. EWS extends Equifax’s traditional credit reporting business with additional sources, most notably income and employment data sourced directly from employers’ payrolls or third- party payroll providers. This additional data increases the potential use cases for Equifax’s verification services into faster growth end-markets, for example employment background screening or qualification for government benefits programs.
An executive in a suit and tie at a meeting discussing asset management strategies.
Our calculations show that Equifax Inc. (NYSE:EFX) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. Equifax Inc. (NYSE:EFX) was in 28 hedge fund portfolios at the end of the second quarter of 2023, compared to 30 funds in the previous quarter. Equifax Inc. (NYSE:EFX) delivered a -6.98% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
