Silver Beech Capital, a value-oriented investment management firm, released its inaugural first quarter 2023 investor letter. A copy of the same can be downloaded here. The recent banking sector decline had an impact on the fund’s first-quarter performance. However, the fund still returned 2.8% in the first quarter compared to a 5.3% return for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Silver Beech Capital highlighted stocks like First Citizens BancShares, Inc. (NASDAQ:FCNCA) in the first quarter 2023 investor letter. Headquartered in Raleigh, North Carolina, First Citizens BancShares, Inc. (NASDAQ:FCNCA) is a bank holding company that provides retail and commercial banking services. On April 27, 2023, First Citizens BancShares, Inc. (NASDAQ:FCNCA) stock closed at $999.10 per share. One-month return of First Citizens BancShares, Inc. (NASDAQ:FCNCA) was 2.67%, and its shares gained 56.26% of their value over the last 52 weeks. First Citizens BancShares, Inc. (NASDAQ:FCNCA) has a market capitalization of $14.398 billion.
Silver Beech Capital made the following comment about First Citizens BancShares, Inc. (NASDAQ:FCNCA) in its Q1 2023 investor letter:
“First Citizens BancShares, Inc. (NASDAQ:FCNCA) is a 130-year-old, Raleigh, NC-based, large regional bank operated by the aptly named Holding family. Robert Powell Holding, who joined the bank as an assistant cashier in 1918, became president in 1935. Frank Holding Jr., Robert’s grandson, has been Chairman and CEO since 2008 (preceded by his father, who held the role for over 50 years). Frank and his family own over 20% of First Citizens stock and have nearly 50% of the voting power.
We have tracked First Citizens for several years. Frank is a world-class banker who deeply understands the rewards of operating within limits during periods of excess, or in his own words, “taking the road less traveled.” First Citizens reaped the fruits of Frank’s discipline after the GFC. First Citizens entered the GFC with a strong capital position and high-quality book of assets and took no Troubled Asset Relief Program funds. Frank then led First Citizens to acquire 20 banks in the aftermath of the crisis (six failed banks almost immediately after the GFC and several failed banks thereafter). Frank has consistently expanded the First Citizens franchise in a cost-effective manner by acquiring failed banks…”(Click here to read the full text)
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First Citizens BancShares, Inc. (NASDAQ:FCNCA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held First Citizens BancShares, Inc. (NASDAQ:FCNCA) at the end of the fourth quarter which was 34 in the previous quarter.
We discussed First Citizens BancShares, Inc. (NASDAQ:FCNCA) in another article and shared Oakmark Select Fund’s views on the company. 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.
