Manole Capital Management, an investment management company, focused on covering the Financial and Technology sectors, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. The letter discussed the pending debt ceiling crisis, a few macro issues like the money market and stock market, household savings, the labor environment, the Fed, inflation trends, and interest rates. The majority of the letter is focused on specific Fintech and financial issues. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Manole Capital Management 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 6, 2023, The Charles Schwab Corporation (NYSE:SCHW) stock closed at $55.96 per share. One-month return of The Charles Schwab Corporation (NYSE:SCHW) was 1.75%, and its shares lost 13.05% of their value over the last 52 weeks. The Charles Schwab Corporation (NYSE:SCHW) has a market capitalization of $101.849 billion.
Manole Capital Management made the following comment about The Charles Schwab Corporation (NYSE:SCHW) in its second quarter 2023 investor letter:
“We have owned The Charles Schwab Corporation (NYSE:SCHW) for two decades and seen it morph from a commission-based online broker into a predictable asset manager and online bank. A year ago, Schwab’s bank had $152 billion of assets paying depositors less than 25 basis points. As the Fed raised rates, Schwab’s customers could begin to earn more and more on their cash balances and migrated those assets over to Schwab’s money market funds. Over the last year, Schwab’s bank balances declined by 32% or $49 billion, but its money market assets increased by +143% or $216.8 billion.
While it earns more on the banking side of the equation than it does in money market funds, the key for us is that Schwab retained and actually grew its wallet share and assets. Other banks, that experienced volatility and declines in March and April weren’t so lucky.”
Pixabay/Public Domain
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 ClearBridge Large Cap Value Strategy’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.
