Here’s Why Euronet Worldwide (EEFT) Declined in Q3

Aristotle Capital Boston, LLC, an investment advisor, released its “Small Cap Equity Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund delivered a return of -5.77% net of fees (-5.57% gross of fees), trailing the Russell 2000 Index’s -5.13% total return. Both security selection and allocation effects drove the underperformance of the strategy in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Aristotle Capital Small Cap Equity Strategy highlighted stocks like Euronet Worldwide, Inc. (NASDAQ:EEFT) in the third quarter 2023 investor letter. Headquartered in Leawood, Kansas, Euronet Worldwide, Inc. (NASDAQ:EEFT) provides electronic payment and transaction processing and distribution solutions. On October 16, 2023, Euronet Worldwide, Inc. (NASDAQ:EEFT) stock closed at $76.29 per share. One-month return of Euronet Worldwide, Inc. (NASDAQ:EEFT) was -7.38%, and its shares lost 5.49% of their value over the last 52 weeks. Euronet Worldwide, Inc. (NASDAQ:EEFT) has a market capitalization of $3.789 billion.

Aristotle Capital Small Cap Equity Strategy made the following comment about Euronet Worldwide, Inc. (NASDAQ:EEFT) in its Q3 2023 investor letter:

“Euronet Worldwide, Inc. (NASDAQ:EEFT), a provider of electronic payment and financial transaction solutions, declined during the period amid inflationary pressures and rising travel costs, leaving consumers with fewer funds for discretionary tourism spending and ultimately resulting in a negative impact on its Electronic Funds Transfer segment. We maintain our investment, as we believe the company’s expansion into mobile and digital payments combined with a continued recovery in international travel can benefit shareholders in the periods to come.”

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Euronet Worldwide, Inc. (NASDAQ:EEFT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Euronet Worldwide, Inc. (NASDAQ:EEFT) at the end of second quarter which was 28 in the previous quarter.

We discussed Euronet Worldwide, Inc. (NASDAQ:EEFT) in another article and shared the list of oversold midcap stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.