Invesco Distributors, Inc., an investment management firm, released its “Invesco Growth and Income Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. AI-related stocks kept rising and propelled many equity indexes to record highs, in the quarter, while other non-AI-linked market segments saw declines. The fund underperformed its Russell 1000 Value Index (USD) benchmark in the second quarter. The fund's relative underperformance was caused by stock selection in the industrial and healthcare sectors. Relative performance was added by stock selection in communication services and financials. In addition, you can check the fund's top 5 holdings to determine its best picks for 2024.

Invesco Growth and Income Fund highlighted stocks like Fidelity National Information Services Inc. (NYSE:FIS) in its Q2 2024 investor letter. Fidelity National Information Services, Inc. (NYSE:FIS) is a leading provider of financial technology solutions for financial institutions, businesses, and developers. The one-month return of Fidelity National Information Services, Inc. (NYSE:FIS) was 5.41%, and its shares gained 43.43% of their value over the last 52 weeks. On August 19, 2024, Fidelity National Information Services, Inc. (NYSE:FIS) stock closed at $79.16 per share with a market capitalization of $43.187 billion.

Invesco Growth and Income Fund stated the following regarding Fidelity National Information Services, Inc. (NYSE:FIS) in its Q2 2024 investor letter:

"Given that many equity indexes reached record highs, valuation opportunities were limited and portfolio activity was somewhat muted. We purchased new holdings in financials, health care and IT. Fidelity National Information Services, Inc. (NYSE:FIS): The company is a leading global provider of financial services technology solutions for financial institutions, businesses and developers. The company has lagged its peers in recent years due to numerous acquisitions that increased its debt. However, a new CEO and CFO have made efforts to right size the firm and refocus on its core banking and capital market businesses by selling a partial stake in a recent acquisition. As a result, we believe the company should be able to increase selling opportunities, grow earnings and potentially return capital to shareholders." Best Vanguard ETFs for Portfolio Diversification

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Fidelity National Information Services, Inc. (NYSE:FIS) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held Fidelity National Information Services, Inc. (NYSE:FIS) at the end of the second quarter which was 59 in the previous quarter. While we acknowledge the potential of Fidelity National Information Services, Inc. (NYSE:FIS) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.



In another article, we discussed Fidelity National Information Services, Inc. (NYSE:FIS) and shared Heartland Mid Cap Value Fund's views on the company. In addition, please check out our hedge fund investor letters Q2 2024 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.