Here’s Why Madison Investors Fund Sold Black Knight (BKI)
Madison Investments, an investment advisor, released its “Madison Investors Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund was up 6.5% compared to a 7.5% return for S&P 500 Index benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Madison Investors Fund highlighted stocks Black Knight, Inc. (NYSE:BKI) in the first quarter 2023 investor letter. Headquartered in Jacksonville, Florida, Black Knight, Inc. (NYSE:BKI) is a software technology company that provides integrated software, data, and analytics solutions. On April 14, 2023, Black Knight, Inc. (NYSE:BKI) stock closed at $56.26 per share. One-month return of Black Knight, Inc. (NYSE:BKI) was 1.81%, and its shares lost 16.91% of their value over the last 52 weeks. Black Knight, Inc. (NYSE:BKI) has a market capitalization of $8.822 billion.
Madison Investors Fund made the following comment about Black Knight, Inc. (NYSE:BKI) in its Q1 2023 investor letter:
“We sold our stake in Black Knight, Inc. (NYSE:BKI). Intercontinental Exchange announced the acquisition of Black Knight last May, and it remains committed to the deal today. We believe that the price that Intercontinental Exchange is offering is within the range of fair values, but given the uncertainty in the antitrust environment, we also believe that the situation is increasingly becoming the domain of risk arbitrageurs. We decided to sell our shares to fund our newest purchase.”
Speedcurve Performance Analytics
Black Knight, Inc. (NYSE:BKI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 49 hedge fund portfolios held Black Knight, Inc. (NYSE:BKI) at the end of the fourth quarter which was 47 in the previous quarter.
We discussed Black Knight, Inc. (NYSE:BKI) in another article and shared the list of stocks that Michael Burry is buying and selling. In addition, please check out our hedge fund investor letters Q1 2023 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.
