--- title: Equity Highlights December 2023 description: Discover the latest equity highlights from December 2023, including the tobacco industry's transition, EPAM's AI platform, and FIS's small acquisitions. Stay informed and subscribe now! image: https://www.broyhillasset.com/hubfs/12.2023%20EH.jpg --- [![Logo](https://www.broyhillasset.com/hubfs/Logo.svg) ](https://www.broyhillasset.com) ** ** [ Subscribe ](https://www.broyhillasset.com/subscribe-now) ![](https://www.broyhillasset.com/hubfs/raw_assets/public/Broyhill/Images/Menu.svg) ![](https://www.broyhillasset.com/hubfs/raw_assets/public/Broyhill/Images/closeNigation.svg) ![](https://www.broyhillasset.com/hubfs/raw_assets/public/Broyhill/Images/navIcon.svg) [828.610.5360](tel:828.610.5360) [ir@broyhillasset.com](mailto:ir@broyhillasset.com) 601 S Cedar St., Suite 200, Charlotte, NC 28202 - 01[ Home ](https://www.broyhillasset.com) - 02[ About ](https://www.broyhillasset.com/about-us) - 03[ Broyhill Banter ](https://www.broyhillasset.com/broyhill-blog) - 04[ Research Studio ](https://www.broyhillasset.com/resources) - 05[ Broyhill Library ](https://www.broyhillasset.com/broyhill_library) - 06[ Contact ](https://www.broyhillasset.com/contact) # Equity Highlights December 2023 [ Olivia Guillebeau](https://www.broyhillasset.com/broyhill-blog/author/olivia-guillebeau) 12/19/2023 Welcome to Broyhill's Equity Highlights, where we share a few quick takes on recent news across the portfolio every month.   We aim to make these highlights easy to read and easy to repeat. Feel free to share our work!  [BAT's US writedown puts tobacco transition in spotlight](https://www.reuters.com/markets/commodities/bats-us-writedown-puts-tobacco-transition-spotlight-2023-12-06/). Shares of former portfolio company British American Tobacco tumbled this month after management announced a $31.5 billion write-down of its US cigarette business. BATS' write-down acknowledges that the cigarette business is a melting ice cube. It also recognizes that the market is quickly transitioning to reduced-risk products. This article highlights the intensely competitive vaping industry and, importantly, Philip Morris’s first-mover advantage in heated tobacco. [EPAM Releases AI-powered DIAL Platform for Open Source](https://www.prnewswire.com/news-releases/epam-releases-ai-powered-dial-platform-for-open-source--helping-companies-quickly-advance-generative-ai-and-llm-driven-solutions-302014054.html).  [AI Insanity](https://hubs.ly/Q02bqRZg0) has weighed on the IT Services sector as the market believes AI will eliminate the need for many IT solutions. We think that’s an oversimplification. We believe AI will increase demand for many IT solutions as companies lean on best-of-breed IT providers like EPAM for AI implementation, training, and maintenance. [FIS eyes small acquisitions](https://www.paymentsdive.com/news/fis-acquisitions-mergers-banking-capital-markets/701285/). In an investor conference held by UBS, FIS's CFO, James Kehoe, mentioned he has an appetite for small acquisitions under $1 billion. Following the spinoff of Worldpay in Q1 2024, FIS will have plenty of cash to pay down debt, buy back stock, and make a few small purchases. We hope they stay focused on items one and two on that list. [**](http://www.facebook.com/share.php?u=https%3A%2F%2Fwww.broyhillasset.com%2Fbroyhill-blog%2Fequity-highlights-december-2023) [**](https://twitter.com/intent/tweet?original_referer=https%3A%2F%2Fwww.broyhillasset.com%2Fbroyhill-blog%2Fequity-highlights-december-2023) [**](http://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fwww.broyhillasset.com%2Fbroyhill-blog%2Fequity-highlights-december-2023) ### Stay Curious. Subscribe Now. ## Keep Reading #### Equity Highlights September 2025 Welcome to Broyhill's Equity Highlights, where we share a few quick takes on recent news across the portfolio every month. We aim to make these highlights easy to read and easy to repeat. Feel free... [Read More **](https://www.broyhillasset.com/broyhill-blog/equity-highlights-september-2025) #### Equity Highlights April 2026 Below you will find recent Equity Highlights for a selection of Broyhill's portfolio companies. As always, we aim to make these easy to read and easy to repeat — so please share with anyone who might... [Read More **](https://www.broyhillasset.com/broyhill-blog/equity-highlights-april-2026) #### Value Investing Podcast with Sherlock Holmes A couple years ago, I did an interview with The Manual of Ideas prior to Berkshire’s Annual Meeting in Omaha. After watching the video of myself, I swore I’d never do another. Nothing has changed... [Read More **](https://www.broyhillasset.com/broyhill-blog/2015/10/06/value-investing-podcast-with-sherlock-holmes) [828.610.5360](tel:%20828.610.5360) 601 S Cedar St., Suite 200, Charlotte, NC 28202 ![Broyhill-Asset-Management-Horizontal-Logo-Light](https://www.broyhillasset.com/hubfs/Broyhill-Asset-Management-Horizontal-Logo-Light.svg) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Olivia Guillebeau", "url" : "https://www.broyhillasset.com/broyhill-blog/author/olivia-guillebeau" }, "dateModified" : "2023-12-19T19:44:38.034Z", "datePublished" : "2023-12-19T19:44:38.000Z", "headline" : "Equity Highlights December 2023", "image" : [ "https://www.broyhillasset.com/hubfs/12.2023%20EH.jpg" ], "mainEntityOfPage" : { "@id" : "https://www.broyhillasset.com/broyhill-blog/equity-highlights-december-2023", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.broyhillasset.com/hubfs/Broyhill-Asset-Management-Horizontal-Logo.png" }, "name" : "Broyhill Asset Management, LLC." } } ```