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Robust Quarterly Results Pushed Fiserv (FI) in Q1

Baron Funds, an investment management company, released its “Baron FinTech Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund rose 6.33% (Institutional Shares) compared to a 3.60% gain for the FactSet Global FinTech Index (Benchmark) and a 10.56% gain for the S&P 500 index. The major market indexes touched an all-time high in the quarter driven by robust economic data and relatively strong corporate earnings. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Baron FinTech Fund highlighted stocks like Fiserv, Inc. (NYSE:FI), in the first quarter 2024 investor letter. Fiserv, Inc. (NYSE:FI) is a payment and financial services technology services provider with a market capitalization of $88.515 billion. The one-month return of Fiserv, Inc. (NYSE:FI) was -3.56%, and its shares gained 32.14% of their value over the last 52 weeks. On May 24, 2024, Fiserv, Inc. (NYSE:FI) stock closed at $150.34 per share.

Baron FinTech Fund stated the following regarding Fiserv, Inc. (NYSE:FI) in its first quarter 2024 investor letter:

“Payments was another standout theme thanks to double-digit gains from global payment companies Mastercard Incorporated and Fiserv, Inc. (NYSE:FI). Fiserv shares rose in response to robust quarterly earnings, supported by strength in Clover, its point-of-sale system for small businesses. Clover revenue jumped 30% with greater adoption of value-added services. Despite investor concerns about macroeconomic weakness potentially impacting Fiserv’s outlook, the company reaffirmed its 2024 guidance. We remain optimistic as Fiserv continues to execute well on its long-term vision, and we believe Clover will play a key role in driving growth for the company in the years ahead.”

A businessperson checking their laptop, highlighting the company’s integration of technology across its banking and financial services.

Fiserv, Inc. (NYSE:FI) had a strong first quarter, with adjusted earnings per share of $1.88, up 19%. This reflects continued revenue growth and operating margin expansion. Fiserv, Inc. (NYSE:FI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held Fiserv, Inc. (NYSE:FI) at the end of the first quarter which was 74 in the previous quarter.

In another article, we discussed Fiserv, Inc. (NYSE:FI) and shared the list of best digital payments stocks to buy. Fiserv, Inc. (NYSE:FI) was one of top individual contributors of Madison Investments in the first quarter 2024. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

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

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

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Exponential Growth on the Horizon: Forget linear growth – AI is poised for a hockey stick trajectory.

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This isn’t a maybe – it’s an inevitability.

Early investors will be the ones positioned to ride the wave of this technological tsunami.

Ground Floor Opportunity: Remember the early days of the internet?

Those who saw the potential of tech giants back then are sitting pretty today.

AI is at a similar inflection point.

We’re not talking about established players – we’re talking about nimble startups with groundbreaking ideas and the potential to become the next Google or Amazon.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

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This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

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Top Gold Stock to Watch In 2024

Precious metal gold finished 2023 at $2,062.40 per troy ounce, gaining 13% for the year after hitting an all-time high of $2,135.39. This was the highest annual close on record.

Gold prices surged in the last few months of 2023 after a powerful rally was sparked by central bank purchasing and mounting investor interest. Central bank demand, primarily from EM institutions, was a significant contributor: which added an estimated 15% to gold’s annual performance.

Fed interest rate cuts and falling U.S. real yields will once again become the key drivers behind gold prices in 2024.

What are experts predicting?

  • JPMorgan has said gold will peak at $2,300/oz in the third quarter of 2025.
  • Sean Casterline, the president and senior portfolio manager for Delta Capital Management has said: “We expect gold to move higher and be one of the market-leading sectors for 2024.”
  • The World Gold Council outlined its 2024 outlook, the possible scenarios for the global economy in the year ahead. The most probable outcomes—either a soft economic landing or a recession—each would support gold prices moving higher. “This should encourage many investors to hold effective hedges, such as gold, in their portfolios,” the council said.

The gold market has outperformed many key asset classes over several periods. The metal is well positioned in a period of low interest rates and political, economic, and social uncertainty. It also offers a unique correlation with the broader equity market in different return scenarios and experiences less volatility than many markets.

Click to read the full report on the top gold stock to watch in 2024…