The London Company, an investment management company, released “The London Company Large Cap Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund gained 7.6% (7.5%, net) during the quarter compared to a 12% rise in the Russell 1000 Index. Headwinds from stock selection and sector exposure led the fund to underperform in Q4. The Large Cap portfolio underperformed its benchmark in 4Q, falling short of 85-90% upside capture estimates. As was the case throughout the year, a lack of exposure to high volatility and growth factors, as well as an overexposure to quality factors, acted as headwinds. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Large Cap Strategy featured stocks such as The Charles Schwab Corporation (NYSE:SCHW) in the fourth quarter 2023 investor letter. Headquartered in Westlake, Texas, The Charles Schwab Corporation (NYSE:SCHW) is a savings and loan holding company. On February 9, 2024, The Charles Schwab Corporation (NYSE:SCHW) stock closed at $63.37 per share. One-month return of The Charles Schwab Corporation (NYSE:SCHW) was -2.85%, and its shares lost 21.20% of their value over the last 52 weeks. The Charles Schwab Corporation (NYSE:SCHW) has a market capitalization of $113.856 billion.
The London Company Large Cap Strategy stated the following regarding The Charles Schwab Corporation (NYSE:SCHW) in its fourth quarter 2023 investor letter:
“The Charles Schwab Corporation (NYSE:SCHW) – SCHW posted growth in net assets, with some of the headwinds around the TD integration clearing. We believe SCHW is well positioned to show a sharp rebound in 2024 and 2025 earnings as near-term issues resolve naturally. We continue to like SCHW’s strong competitive position, growth outlook, high incremental margins, and excellent management team.”
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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, 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 Giverny Capital Asset Management’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.
