Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund returned -1.33% in the fourth quarter, compared to the S&P 500’s 2.41% return and Russell 1000 Value’s -1.98% return. For the year the fund returned 8.80% compared to 25.02% and 14.37% returns for the indexes. For more information on the fund’s best picks in 2024, please check its top five holdings.
Longleaf Partners Fund highlighted stocks like Fidelity National Information Services Inc. (NYSE:FIS) in its Q4 2024 investor letter. Fidelity National Information Services, Inc. (NYSE:FIS) is a leading provider of financial technology solutions for financial institutions, businesses, and developers. The one-month return of Fidelity National Information Services, Inc. (NYSE:FIS) was -0.51%, and its shares gained 29.07% of their value over the last 52 weeks. On January 28, 2024, Fidelity National Information Services, Inc. (NYSE:FIS) stock closed at $80.36 per share with a market capitalization of $43.26 billion.
Longleaf Partners Fund stated the following regarding Fidelity National Information Services, Inc. (NYSE:FIS) in its Q4 2024 investor letter:
“Fidelity National Information Services, Inc. (NYSE:FIS) – Technology solutions provider for financial institutions FIS was a top contributor for the year. We first started buying this company in 2023 when its bank customers were going through stock market turmoil following the failure of Silicon Valley Bank. As we have written previously, we have seen how resilient the financial technology industry tends to be, even through crises, and FIS has demonstrated this once again with the company’s core bank software business reporting solid growth this year. CEO Stephanie Ferris is proving to be a great partner since she was elevated to the role with FIS making notable strides this year. FIS monetized a non-core business this year at an attractive valuation and used the proceeds to repurchase 10% of its outstanding shares. These actions led to strong double-digit value per share growth in 2024. FIS is a stable company that is on offense yet still trading at a reasonable multiple of FCF – an increasingly rare attribute in today’s market.”
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Fidelity National Information Services, Inc. (NYSE:FIS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 56 hedge fund portfolios held Fidelity National Information Services, Inc. (NYSE:FIS) at the end of the third quarter which was 59 in the previous quarter. While we acknowledge the potential of Fidelity National Information Services, Inc. (NYSE:FIS) 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 Fidelity National Information Services, Inc. (NYSE:FIS) and shared the list of cheap value stocks to invest in, according to Seth Klarman. In addition, please check out our hedge fund investor letters Q3 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.