We initiated a new position in Fiserv (FISV, Financial) during the fourth quarter. We purchased the company in the Oakmark Fund in the fourth quarter of 2020 and the reasons for purchase are unchanged from a year ago. The stock has languished over the last 12 months but the value has grown as fundamentals have been at least as good as we had expected. Given the widened discount to intrinsic value, we believed Fiserv belonged in a more concentrated portfolio, like Oakmark Select, as well. There were no deletions to the portfolio in the fourth quarter.
From Bill Nygren (Trades, Portfolio)'s Oakmark Select Fund fourth-quarter 2021 commentary.
