Here’s Why Weitz Partners III Opportunity Fund Sold Charles Schwab Corporation (SCHW)

Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund’s Institutional Class returned +8.03% compared to an +8.39% return for the Russell 3000 Index. The Fund’s Institutional Class has returned +11.33% year-to-date compared to +16.17% return for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Weitz Partners III Opportunity Fund highlighted stocks like The Charles Schwab Corporation (NYSE:SCHW) in the second quarter 2023 investor letter. Headquartered in Westlake, Texas, The Charles Schwab Corporation (NYSE:SCHW) is a savings and loan holding company. On August 7, 2023, The Charles Schwab Corporation (NYSE:SCHW) stock closed at $65.97 per share. One-month return of The Charles Schwab Corporation (NYSE:SCHW) was 12.76%, and its shares lost 5.95% of their value over the last 52 weeks. The Charles Schwab Corporation (NYSE:SCHW) has a market capitalization of $118.121 billion.

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

“Lastly, we elected to sell our shares of The Charles Schwab Corporation (NYSE:SCHW) as the regional bank crisis unfolded during the first quarter. That sale crystalized underperformance that will likely linger on our top detractor list as we move through the year, despite no longer impacting our forward-looking performance.”

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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 which was 74 in the previous quarter.

We discussed The Charles Schwab Corporation (NYSE:SCHW) in another article and shared Broyhill Asset Management’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.