Heartland Highlights MarketAxess After $167-per-Share Buyout Plan
The fund said MarketAxess was its biggest Q2 detractor before the company received a cash buyout plan in late July.
Key takeaways
- Heartland said MarketAxess was its biggest Q2 detractor.
- The company that owns the New York Stock Exchange announced its intent to buy MarketAxess for $167 per share in cash.
Heartland Mid Cap Value Fund highlighted MarketAxess Holdings as an example of its patience paying off, after the company that owns the New York Stock Exchange announced an intent to buy it for $167 per share in cash.
In its third-quarter investor letter, Heartland said MarketAxess had been the fund’s biggest detractor in Q2. The fund attributed trading pressure to heavy new bond issuance and tighter credit spreads, which diverted volume from MarketAxess’s secondary market.
Heartland said it remained invested because MarketAxess was exiting a heavy investment cycle and trading data showed it gaining share in a key credit trading protocol. The buyout plan was announced in late July, according to the letter.
This article was produced with the help of AI technology. Source: Yahoo Finance
