Portfolio gains were led this quarter by ACI Worldwide (ACIW, Financial). We have long held that ACI's key banking and payments services have been underappreciated. During the quarter, a well -known activist investor in the technology and payments sector went public with a similar thesis, asking management to realize that value via a sale of the company. We have trimmed our holdings to manage the size of the position and the potential risk that a deal may not materialize.
From Wallace Weitz (Trades, Portfolio)'s Hickory Fund fourth-quarter 2020 shareholder letter.
