Core Insights - The London Company reported a 6.3% return for its Large Cap Strategy in Q3 2025, underperforming the Russell 1000 Index which gained 8.0% [1] - The rally in US equities was attributed to the Fed rate cut, strong corporate earnings, and enthusiasm around AI, despite mixed economic data [1] Company Analysis: Fiserv, Inc. (NYSE:FI) - Fiserv, Inc. experienced a significant decline, with a one-month return of -49.13% and a 52-week loss of 69.48%, closing at $64.45 per share with a market capitalization of $34.665 billion on November 4, 2025 [2] - The underperformance of Fiserv was linked to slower growth and margin pressure in its Merchant business, leading to reduced guidance, while organic growth was hindered by delayed product launches and cautious consumer spending [3] - Despite challenges, Fiserv's international expansion, new products, and resilient Financial Solutions segment were highlighted as strengths, maintaining a leadership position in core segments [3] Hedge Fund Interest - Fiserv, Inc. was held by 94 hedge fund portfolios at the end of Q2 2025, an increase from 72 in the previous quarter, indicating growing interest among institutional investors [4] - However, there is a belief that certain AI stocks may offer greater upside potential and less downside risk compared to Fiserv [4]

Core Insights - Vulcan Value Partners reported positive absolute performance across all strategies in Q3 2025, with the All-Cap Composite leading at 5.5% net return [1] - Fiserv, Inc. (NYSE:FI) was highlighted as a new position, with a significant decline in stock value over the past year, closing at $121.11 with a market cap of $65.83 billion [2][3] Performance Summary - Large Cap Composite returned 4.6% net of fees and expenses - Small Cap Composite returned 4.1% net - Focus Composite returned 3.7% net - Focus Plus Composite returned 3.7% net - All-Cap Composite returned 5.5% net [1] Company Analysis: Fiserv, Inc. - Fiserv operates in two segments: merchant solutions and financial solutions, providing essential products and services [3] - The company has high switching costs, aiding customer retention and revenue stability [3] - Fiserv is expected to generate over $5 billion in free cash flow this year, which is being used for share repurchases [3] - The stock has seen a significant decline since earlier in the year, but the value remains stable [3] Hedge Fund Interest - Fiserv, Inc. was held by 94 hedge fund portfolios at the end of Q2 2025, an increase from 72 in the previous quarter [4] - Despite its potential, certain AI stocks are considered to offer greater upside potential with less downside risk [4]