Should You Sell Global Payments (GPN)?
Oakmark Funds, an investment management company, released its “Oakmark Equity and Income Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The fund generated a 7.2% return in the fourth quarter compared to a 6.4% return for the Lipper Balanced Fund Index. 2022 was a tough year for balanced funds, and the fund declined 12.9% in the year, compared to a 14.4% decline for the benchmark index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Oakmark Funds highlighted stocks like Global Payments Inc. (NYSE:GPN) in its Q4 2022 investor letter. Headquartered in Atlanta, Georgia, Global Payments Inc. (NYSE:GPN) is a payment technology solutions and software-providing company. On January 9, 2023, Global Payments Inc. (NYSE:GPN) stock closed at $106.46 per share. One-month return of Global Payments Inc. (NYSE:GPN) was 7.05%, and its shares lost 28.60% of their value over the last 52 weeks. Global Payments Inc. (NYSE:GPN) has a market capitalization of $28.787 billion.
Oakmark Funds made the following comment about Global Payments Inc. (NYSE:GPN) in its Q4 2022 investor letter:
"We eliminated four positions during the quarter: Philip Morris International, ConocoPhillips, Global Payments Inc. (NYSE:GPN) and Johnson Controls. We sold Global Payments to utilize a tax loss and to increase our position in Fiserv, a similar business that offers better fundamentals at a comparable valuation."
Global Payments Inc. (NYSE:GPN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held Global Payments Inc. (NYSE:GPN) at the end of the third quarter, which was 57 in the previous quarter.
We discussed Global Payments Inc. (NYSE:GPN) in another article and shared Aristotle Atlantic's views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.