The London Company, an investment management company, released “The London Company Large Cap Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 2.7% gross, (2.6% net) compared to a 7.5% increase in the Russell 1000 Index. Both Stock Selection and sector allocation affected the portfolio’s relative performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Large Cap Strategy highlighted stocks like The Charles Schwab Corporation (NYSE:SCHW) in the first quarter 2023 investor letter. Headquartered in Westlake, Texas, The Charles Schwab Corporation (NYSE:SCHW) is a savings and loan holding company. On June 26, 2023, The Charles Schwab Corporation (NYSE:SCHW) stock closed at $57.14 per share. One-month return of The Charles Schwab Corporation (NYSE:SCHW) was 5.09%, and its shares lost 10.61% of their value over the last 52 weeks. The Charles Schwab Corporation (NYSE:SCHW) has a market capitalization of $103.997 billion.
The London Company Large Cap Strategy made the following comment about The Charles Schwab Corporation (NYSE:SCHW) in its first quarter 2023 investor letter:
“The Charles Schwab Corporation (NYSE:SCHW) – Shares of SCHW were weak during Q1. Despite solid execution on asset gathering, all eyes are on the pace of cash sorting, which dominated the discourse around SCHW. More importantly, the broader banking concerns gave rise to a bear narrative that SCHW would face insolvency from bank runs and client cash sorting. We disagree and believe that SCHW has ample short-term financing to shield them from having to realize any losses on their securities book. In a sign of conviction, multiple members of senior management and the board all stepped up to purchase SCHW shares. While we acknowledge that there may be short-term headwinds to earnings from elevated cash sorting, SCHW’s long-term earnings power remains intact.”
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The Charles Schwab Corporation (NYSE:SCHW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 87 hedge fund portfolios held The Charles Schwab Corporation (NYSE:SCHW) at the end of first quarter 2023 which was 74 in the previous quarter.
We discussed The Charles Schwab Corporation (NYSE:SCHW) in another article and shared the list of worst performing S&P 500 stocks in 2023. 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.
