Aquamarine Capital’s Top 5 Stock Picks

2. Bank of America Corporation (NYSE:BAC)

Aquamarine’s Stake Value: $29.71 million
Number of shares: 767,845
Number of Hedge Fund Holders: 97

The latest returns of Bank of America Corporation (NYSE:BAC) are supported by stronger-than-expected financial results, the bank reporting first quarter EPS of $0.86 and revenue of $22.82 billion, beating the consensus estimates by $0.21 and $960 million, respectively. 

As of the end of the first quarter, there are 97 hedge funds tracked by Insider Monkey that hold a position in BAC compared to 99 funds three months earlier. The biggest stakeholder of the company is Berkshire Hathaway, with 1.01 billion shares worth $39.08 billion as of the end of March.

Another investor bullish on Bank of America Corporation (NYSE:BAC) is ClearBridge Investments. In its first-quarter investor letter, the fund mentioned Bank of America Corporation (NYSE:BAC): 

“Higher long-term interest rates supported financials such as Bank of America, which has shown both defensive and offensive characteristics in the past year. We believe it continues to be the least risky large bank from a credit standpoint, with conservative underwriting and controlled risk-taking, a leading consumer deposit franchise, scale, and technology. It is also a leader in its commitments to sustainability, or as it terms it, responsible growth. Disclosure and reporting at all levels form a large part of this commitment, including gender diversity and equality, environmental commitments, and support of communities in which it operates. In the first quarter, Bank of America announced it is setting a goal of net-zero greenhouse gas (GHG) emissions in its supply chain and operations, and notably also in its financing activities, before 2050.”