The Charles Schwab Corporation (SCHW) was Caught Up in the Banking Selloff

Mairs & Power, an investment advisor, released “Mairs & Power Growth Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The market has risen 24% in the second quarter from its last fall. The fund also had a positive start to the year and was up 18.82% compared to a 16.89% increase for the S&P 500 TR Index and 13.39% for the peer group as measured by the Morningstar Large Blend category. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Mairs & Power Growth 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 23, 2023, The Charles Schwab Corporation (NYSE:SCHW) stock closed at $58.02 per share. One-month return of The Charles Schwab Corporation (NYSE:SCHW) was -11.85%, and its shares lost 21.59% of their value over the last 52 weeks. The Charles Schwab Corporation (NYSE:SCHW) has a market capitalization of $105.661 billion.

Mairs & Power Growth Fund made the following comment about The Charles Schwab Corporation (NYSE:SCHW) in its second quarter 2023 investor letter:

“Notable detractors to performance in the first half were US Bank (USB), Charles Schwab (SCHW), and The Charles Schwab Corporation (NYSE:SCHW), which were down 22.09%, 31.65%, and 8.65%, respectively. Charles Schwab was also caught up in the banking selloff in March. The company’s earnings will likely be pressured in the near term from lower deposit balances and higher-cost funding, but we believe these headwinds will eventually abate. In the meantime, the company continues to take share from its competitors thanks to its low-cost position.”

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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, 88 hedge fund portfolios held The Charles Schwab Corporation (NYSE:SCHW) at the end of second quarter which was 87 in the previous quarter.

We discussed The Charles Schwab Corporation (NYSE:SCHW) in another article and shared the list of bank stocks in the Goldman Sachs portfolio. 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.