Intelligent Systems (INS, Financial) (+209%) deserves special mention. In the past two years, Intelligent Systems has undergone a period of transformational growth at its CoreCard operation (processing for credit card providers and software that manages various credit programs). New client wins led to revenue more than doubling, and the business flipped from loss-making to profit-generating. We believe CoreCard’s growth prospects remain strong (although growth will almost certainly slow). Nevertheless, we have trimmed our holdings as the stock’s impressive run resulted in an outsized position.
From Wallace Weitz (Trades, Portfolio)'s Partners III Opportunity Fund fourth-quarter 2019 commentary.
