Sawgrass Asset Management, LLC on StoneX Group
Thesis
StoneX Group was the portfolio's largest positive contributor during the quarter, adding 226 basis points to performance. Sawgrass highlights the company's consistent record operating revenues, expanding client engagement, increasing transaction volumes and higher interest and fee income earned on client balances. These operating trends support the holding within Sawgrass's quality-growth framework, although the letter does not provide a specific valuation thesis or price target.
“SNEX has consistently delivered record operating revenues, strong growth in client engagement, increased transaction volumes, and higher interest and fee income on client balances.”