Giverny Capital, an investment management company, recently published its third-quarter investor letter in 2022. A copy of the same can be downloaded here. In the third quarter, the fund’s performance was in line with the market, but it underperformed year-to-date. During the quarter, the fund fell by 4.64%, net of fees, compared to a 4.88% decline for the Standard & Poor’s 500 Index benchmark. Year-to-date, the portfolio returned -28.71%, net of fees, compared to a return of -23.87% for the S&P 500 Index. You can check the top 5 holdings of the fund to see its best picks for 2022.
Giverny Capital discussed stocks like The Charles Schwab Corporation (NYSE:SCHW) in the Q3 2022 investor letter. Headquartered in Westlake, Texas, The Charles Schwab Corporation (NYSE:SCHW) is a financial services company. On October 18, 2022, The Charles Schwab Corporation (NYSE:SCHW) stock closed at $68.61 per share. One-month return of The Charles Schwab Corporation (NYSE:SCHW) was -6.46% and its shares lost 15.86% of their value over the last 52 weeks. The Charles Schwab Corporation (NYSE:SCHW) has a market capitalization of $130.159 billion.
Here is what Giverny Capital specifically said about The Charles Schwab Corporation (NYSE:SCHW) in its Q3 2022 investor letter:
“We also own The Charles Schwab Corporation (NYSE:SCHW), which earns nearly all its income from the spread it earns between the minuscule rate it pays on cash balances held in brokerage accounts and the yield it can earn investing that cash in fixed income securities or lending those balances via Schwab Bank. Schwab is down about 12% through September. That is better than the market but not great, especially considering the consensus of Wall Street analysts says Schwab should earn $4 per share this year and nearly $5 next year. The stock trades for $75. This is a dominant franchise with consumer trust – Schwab grows brokerage accounts by about 6% per year – and a low-cost expense structure, trading attractively.
Altogether, we have not gotten the benefit I expected from our exposure to higher rates. However, we own these franchises because we think they’re going to perform well over many years, and I’ve seen nothing this year that would change my mind about their respective competitive positions.”
Jonathan Weiss/Shutterstock.com
The Charles Schwab Corporation (NYSE:SCHW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 68 hedge fund portfolios held The Charles Schwab Corporation (NYSE:SCHW) at the end of the second quarter, which was 78 in the previous quarter.
We discussed The Charles Schwab Corporation (NYSE:SCHW) in another article and shared Ensemble Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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