Is it Still Worthy to Keep Your Truist Financial Corporation (TFC) Shares?

Tweedy, Browne, an investment management firm, released its first quarter 2023 investor letter, a copy of which can be downloaded here. Tweedy, Browne has entered into a voluntary agreement, whereby they will waive the fees associated with the International Value Fund whenever the Fund’s average daily net assets (“ADNA”) surpass the threshold of $6 billion. The performance of the Fund would have been lower if fees were not waived during specific periods. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.

In its Q1 2023 investor letter, Tweedy, Browne mentioned Truist Financial Corporation (NYSE:TFC) and explained its insights for the company. Founded in 1872, Truist Financial Corporation (NYSE:TFC) is a Charlotte, North Carolina-based financial services company with a $41.9 billion market capitalization. Truist Financial Corporation (NYSE:TFC) delivered a -26.80% return since the beginning of the year, while its 12-month returns are down by -32.78%. The stock closed at $31.50 per share on June 21, 2023.

Here is what Tweedy, Browne has to say about Truist Financial Corporation (NYSE:TFC) in its Q1 2023 investor letter:

“The Funds received very little in the way of return contributions from many of their financial, energy, media, and healthcare holdings. While it would appear that a crisis was avoided by the quick intervention of bank regulators in the US and Switzerland, some uneasiness still remains in the global banking community. This turmoil couldn’t help but have a negative impact on investor sentiment and in turn on Fund bank holdings such as Truist Financial Corporation (NYSE:TFC).”

Our calculations show that Truist Financial Corporation (NYSE:TFC) was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. Truist Financial Corporation (NYSE:TFC) was in 48 hedge fund portfolios at the end of the first quarter of 2023, compared to 44 funds in the previous quarter. Truist Financial Corporation (NYSE:TFC) delivered a -3.29% return in the past 3 months.

Earlier this year, we also discussed Truist Financial Corporation (NYSE:TFC) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q1 2023 page.

Suggested Articles:

• 12 Best One Dollar Stocks To Buy
• 25 Most Powerful Countries in Europe
• 13 Cheap DRIP Stocks To Buy

Disclosure: None. This article is originally published at Insider Monkey.