Banking Sector Meltdown Impacted Bank of America Corporation (BAC) in Q1

Smead Capital Management, an investment management company, released its “Smead Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund delivered -0.02% compared to a 7.50% gain for the S&P 500 Index and a 1.01% rise for the Russell 1000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Smead Value Fund highlighted stocks like Bank of America Corporation (NYSE:BAC) in the first quarter 2023 investor letter. Headquartered in Charlotte, North Carolina, Bank of America Corporation (NYSE:BAC) provides banking and financial products and services. On July 3, 2023, Bank of America Corporation (NYSE:BAC) stock closed at $29.20 per share. One-month return of Bank of America Corporation (NYSE:BAC) was -0.10%, and its shares lost 6.53% of their value over the last 52 weeks. Bank of America Corporation (NYSE:BAC) has a market capitalization of $232.699 billion.

Smead Value Fund made the following comment about Bank of America Corporation (NYSE:BAC) in its first quarter 2023 investor letter:

“Our biggest detractors were mainly a function of the decline in oil and gas prices. Ovintiv (OVV), which absorbed some of our Continental Resources proceeds and Conoco Phillips (COP), declined the most. Bank of America Corporation (NYSE:BAC) got hammered by the Silicon Valley Bank meltdown and fears about our financial system. We’ve owned BAC for over ten years and it has outperformed the rest of our portfolio.”

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Bank of America Corporation (NYSE:BAC) is in 18th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 91 hedge fund portfolios held Bank of America Corporation (NYSE:BAC) at the end of first quarter 2023 which was 100 in the previous quarter.

We discussed Bank of America Corporation (NYSE:BAC) in another article and shared the list of best large-cap value stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.