Mairs & Power, an investment advisor, released “Mairs & Power Growth Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was up 7.27% year-to-date compared to a 7.50% return for the S&P 500 index. The stock selection was positive in the quarter, but it was not enough to offset sector allocation. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Growth Fund highlighted stocks like JPMorgan Chase & Co. (NYSE:JPM) in the first quarter 2023 investor letter. Headquartered in New York, New York, JPMorgan Chase & Co. (NYSE:JPM) is a financial services company. On June 13, 2023, JPMorgan Chase & Co. (NYSE:JPM) stock closed at $142.02 per share. One-month return of JPMorgan Chase & Co. (NYSE:JPM) was 2.58%, and its shares gained 23.06% of their value over the last 52 weeks. JPMorgan Chase & Co. (NYSE:JPM) has a market capitalization of $415.024 billion.
Mairs & Power Growth Fund made the following comment about JPMorgan Chase & Co. (NYSE:JPM) in its first quarter 2023 investor letter:
“Financials were roiled in the quarter thanks to the Silicon Valley Bank and Signature Bank failures. Even though the Fund has a similar weight to Financials as the index, our bank stocks—US Bank (USB), JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo (WFC), and Charles Schwab (SCHW)—fell more than the Financials sector and hurt relative performance. We have performed a thorough analysis of our banking stocks and believe that they will exit this banking event intact, and a few may even benefit from the sector turmoil. For example, JP Morgan, one of the banks deemed “too-big-to-fail,” has benefited from an inflow of deposits from smaller institutions. As such, the Fund took advantage of the volatility in the quarter and added to its position.
With the selloff in the quarter, we have added to US Bank selectively, but more so to JPMorgan as it appears better positioned to gather deposits in the current environment.”
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JPMorgan Chase & Co. (NYSE:JPM) is in 19th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 112 hedge fund portfolios held JPMorgan Chase & Co. (NYSE:JPM) at the end of first quarter 2023 which was 100 in the previous quarter.
We discussed JPMorgan Chase & Co. (NYSE:JPM) in another article and shared the list of dividend stocks to buy according to hedge fund. 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.
