The Charles Schwab Corporation (SCHW) Declined on Increased Interest Rates

Oakmark Funds, advised by Harris Associates, released its “Oakmark Equity and Income Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The fund increased 5.3% in the second quarter compared to a 3.2% return for the Lipper Balanced Fund Index. For the calendar year to date, the fund returned 8.8% compared to a 7.6% return for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Oakmark Equity and Income 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 July 11, 2023, The Charles Schwab Corporation (NYSE:SCHW) stock closed at $57.58 per share. One-month return of The Charles Schwab Corporation (NYSE:SCHW) was 5.94%, and its shares lost 6.45% of their value over the last 52 weeks. The Charles Schwab Corporation (NYSE:SCHW) has a market capitalization of $104.798 billion.

Oakmark Equity and Income Fund made the following comment about The Charles Schwab Corporation (NYSE:SCHW) in its second quarter 2023 investor letter:

“Two financial industry companies led the six-month detractors’ list, however. The Charles Schwab Corporation (NYSE:SCHW) and Bank of America both reported material mark-to-market unrealized losses in their marketable securities holdings, an outcome of the increase in interest rates early in the year.”

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 Manole Capital 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.