SPO Advisory Corp Hits It Big In Q3 With Charles Schwab (SCHW), Qualcomm (QCOM), More

18.73 million Charles Schwab Corp (NYSE:SCHW) shares were owned by SPO at the end of June, up by 23% from the end of March, with the position valued at $474 million. SPO’s top finance pick returned 25% during the third-quarter and has climbed slightly higher in the fourth-quarter. Deutsche Bank believes that Charles Schwab is well positioned to attract customers displaced by the Scottrade/TD Ameritrade deal.

Charles Schwab Corp (NYSE:SCHW) was in 38 hedge funds’ portfolios at the end of June among those we track, down from 43 hedge funds in our database with SCHW positions at the end of the first quarter. The largest stake in Charles Schwab Corp (NYSE:SCHW) was held by SPO Advisory Corp. It was followed by Theleme Partners with a $322.6 million position. Other investors bullish on the company included SQ Advisors, Egerton Capital Limited, and Brave Warrior Capital.

Lastly is QUALCOMM, Inc. (NASDAQ:QCOM), SPO’s top tech pick. The fund owned 6.41 million shares of the stock on June 30, cutting its position by 32% during the quarter. The cut came at an inopportune time, as the stock returned 29% during the third quarter. Qualcomm is coming off a strong fiscal fourth-quarter in which its revenue rose by 13% year-over-year, while its profit rose by over 50%.

Qualcomm was in 48 hedge funds’ portfolios at the end of the second quarter of 2016, down by 11 over the quarter. The largest stake in QUALCOMM, Inc. (NASDAQ:QCOM) among them was held by Orbis Investment Management, which reported holding $961.4 million worth of stock at the end of June. It was followed by Fisher Asset Management with a $524.1 million position. Other investors bullish on the company included Gruss Asset Management and Generation Investment Management.

Disclosure: None