Is it a Good Move to Acquire Global Payments (GPN) Shares?
Baron Funds, an investment management firm, released its "Baron FinTech Fund" third quarter 2023 investor letter, a copy of which can be downloaded here. During the quarter concluding on September 30, 2023, Baron FinTech Fund® (Institutional Shares) experienced a 1.30% increase, contrasting with a 6.77% loss for the FactSet Global FinTech Index (the Benchmark). Since its inception on December 31, 2019, the Fund has achieved an annualized growth of 6.50%, surpassing the Benchmark, which declined by 2.22%. 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, Baron FinTech Fund mentioned Global Payments Inc. (NYSE:GPN) and explained its insights for the company. Global Payments Inc. (NYSE:GPN) is an Atlanta, Georgia-based financial services company with a $28.4 billion market capitalization. Global Payments Inc. (NYSE:GPN) delivered a 9.93% return since the beginning of the year, while its 12-month returns are up by 5.76%. The stock closed at $109.18 per share on November 9, 2023.
Here is what Baron FinTech Fund has to say about Global Payments Inc. (NYSE:GPN) in its Q3 2023 investor letter:
"Performance in Payments was bolstered by gains from Global Payments Inc. (NYSE:GPN). Shares of payments technology company Global Payments benefited from better-than-expected quarterly results and market share gains."
A finance executive tapping away on a digital tablet, demonstrating the company's digital innovation.
Our calculations show that Global Payments Inc. (NYSE:GPN) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. Global Payments Inc. (NYSE:GPN) was in 55 hedge fund portfolios at the end of the second quarter of 2023, compared to 56 funds in the previous quarter. Global Payments Inc. (NYSE:GPN) delivered a -13.20% 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.
