The London Company, an investment management company, released “The London Company Mid Cap Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. Equities declined broadly in Q3, with the Russell 3000 Index down 3.3% after three consecutive quarterly gains. In the third quarter, the fund declined 3.0% (-3.1% net) during the quarter compared to a 4.7% drop in the Russell Midcap Index. The outperformance was due to positive stock selection, however, there were some challenges from the sector exposure. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Mid Cap Strategy highlighted stocks like Fidelity National Information Services, Inc. (NYSE:FIS) in the third quarter 2023 investor letter. Fidelity National Information Services, Inc. (NYSE:FIS) is a financial technology solutions provider headquartered in Jacksonville, Florida. On November 7, 2023, Fidelity National Information Services, Inc. (NYSE:FIS) stock closed at $51.10 per share. One-month return of Fidelity National Information Services, Inc. (NYSE:FIS) was -3.80%, and its shares lost 17.21% of their value over the last 52 weeks. Fidelity National Information Services, Inc. (NYSE:FIS) has a market capitalization of $30.275 billion.
The London Company Mid Cap Strategy made the following comment about Fidelity National Information Services, Inc. (NYSE:FIS) in its Q3 2023 investor letter:
“Initiated: Fidelity National Information Services, Inc. (NYSE:FIS) – FIS is a leading provider of technology services for financial institutions globally. The stock has underperformed in recent years, but we feel FIS is attractive following the announcement of the sale of a majority stake in Worldpay, its merchant acquiring business. The pending sale should enable greater financial flexibility and operational focus for the two separate companies. FIS’s Banking Solutions segment is comprised of outsourced central account processing and back-office technology infrastructure for banks, while FIS’s Capital Markets business offers industry-specific software for a variety of financial services firms. Collectively, these business units are characterized by long-term contracts, strong client retention, high recurring revenue and >40% EBITDA margins. A recovery in the stock will take time, but we believe the odds of success are high, given its greater focus on the banking and capital markets businesses. Its compelling sum-of-the-parts valuation gives us further confidence in downside support.”
Copyright: stokkete / 123RF Stock Photo
Fidelity National Information Services, Inc. (NYSE:FIS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Fidelity National Information Services, Inc. (NYSE:FIS) at the end of second quarter which was 68 in the previous quarter.
We discussed Fidelity National Information Services, Inc. (NYSE:FIS) in another article and shared the list of best stocks to buy for income. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 20 Least Productive States in the US
- 15 States With the Highest Rent in the US
- 15 States With the Highest Property Taxes in the US
Disclosure: None. This article is originally published at Insider Monkey.
