Should You Hold The Charles Schwab Corporation (SCHW)?
Mairs & Power, an investment advisor, released “Mairs & Power Growth Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund was up 7.27% year-to-date compared to a 7.50% return for the S&P 500 index. The stock selection was positive in the quarter, but it was not enough to offset sector allocation. 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 first quarter 2023 investor letter. Headquartered in Westlake, Texas, The Charles Schwab Corporation (NYSE:SCHW) is a savings and loan holding company. On June 13, 2023, The Charles Schwab Corporation (NYSE:SCHW) stock closed at $54.75 per share. One-month return of The Charles Schwab Corporation (NYSE:SCHW) was 5.65%, and its shares lost 10.99% of their value over the last 52 weeks. The Charles Schwab Corporation (NYSE:SCHW) has a market capitalization of $99.647 billion.
Mairs & Power Growth Fund made the following comment about The Charles Schwab Corporation (NYSE:SCHW) in its first quarter 2023 investor letter:
"Financials were roiled in the quarter thanks to the Silicon Valley Bank and Signature Bank failures. Even though the Fund has a similar weight to Financials as the index, our bank stocks—US Bank (USB), JPMorgan Chase (JPM), Wells Fargo (WFC), and The Charles Schwab Corporation (NYSE:SCHW)—fell more than the Financials sector and hurt relative performance. We have performed a thorough analysis of our banking stocks and believe that they will exit this banking event intact, and a few may even benefit from the sector turmoil.
The largest detractors from relative performance in the quarter were US Bank, Charles Schwab, UnitedHealth Group (UNH), and Hormel (HRL). The first two got caught up in the previously mentioned bank scare."
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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 2023 which was 74 in the previous quarter.
We discussed The Charles Schwab Corporation (NYSE:SCHW) in another article and shared the list of dividend stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q1 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.
