Here’s Why Weitz Capital Sold The Charles Schwab Corporation (SCHW)

Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund’s Institutional Class returned -0.57% compared to a -3.25% return for the Russell 3000 Index. The Fund’s Institutional Class has returned +10.70% year-to-date compared to a +12.39% return for the benchmark. Following double-digit gains in the first half of 2023, bonds and stocks both cooled down in the third quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Weitz Investment Partners III Opportunity Fund highlighted stocks like The Charles Schwab Corporation (NYSE:SCHW) in the third quarter 2023 investor letter. Headquartered in Westlake, Texas, The Charles Schwab Corporation (NYSE:SCHW) is a savings and loan holding company. On December 11, 2023, The Charles Schwab Corporation (NYSE:SCHW) stock closed at $64.02 per share. One-month return of The Charles Schwab Corporation (NYSE:SCHW) was 16.85%, and its shares lost 17.66% of their value over the last three months. The Charles Schwab Corporation (NYSE:SCHW) has a market capitalization of $116.682 billion.

Weitz Investment Partners III Opportunity Fund made the following comment about The Charles Schwab Corporation (NYSE:SCHW) in its third 2023 investor letter:

“Lastly, we decided to sell our shares of The Charles Schwab Corporation (NYSE:SCHW) during the first quarter as the regional banking crisis unfolded. The decision effectively locked in Schwab’s negative impact on Fund performance but has no bearing on forward-looking returns. Nevertheless, it is likely Schwab will remain on our detractors list for the balance of 2023.”

Photo by Brendan Church on Unsplash

The Charles Schwab Corporation (NYSE:SCHW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 77 hedge fund portfolios held The Charles Schwab Corporation (NYSE:SCHW) at the end of third quarter which was 88 in the previous quarter.

We discussed The Charles Schwab Corporation (NYSE:SCHW) in another article and shared Baron Partners Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.