Should You Now Liquidate Your Signature Bank (SBNY) Position?

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 Signature Bank (OTC:SBNY) and explained its insights for the company. Founded in 2001, Signature Bank (OTC:SBNY) is a US-based financial services company with a $8.4 million market capitalization. Signature Bank (OTC:SBNY) delivered a -99.88% return since the beginning of the year, while its 12-month returns are down by -99.92%. The stock closed at $0.1345 per share on June 16, 2023.

Here is what Tweedy, Browne has to say about Signature Bank (OTC:SBNY) in its Q1 2023 investor letter:

“Many, if not most, stocks held in the Funds’ portfolios performed quite well in the first quarter. In contrast, the Funds received very little in the way of return contributions from many of their financial, energy, media, and healthcare holdings. The Funds’ bank holdings faced headwinds from declining interest rates and a midquarter banking crisis which led to the failure of two US banks which includes Signature Bank (OTC:SBNY). 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.”

Our calculations show that Signature Bank (OTC:SBNY) was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. Signature Bank (OTC:SBNY) delivered a -99.81% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q1 2023 page. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q1 2023 page.

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