Should You Remain Holding Your Wells Fargo (WFC) 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 Wells Fargo & Company (NYSE:WFC) and explained its insights for the company. Founded in 1852, Wells Fargo & Company (NYSE:WFC) is a San Francisco, California-based financial services company with a $158.2 billion market capitalization. Wells Fargo & Company (NYSE:WFC) delivered a 2.16% return since the beginning of the year, while its 12-month returns are up by 9.62%. The stock closed at $42.18 per share on June 16, 2023.

Here is what Tweedy, Browne has to say about Wells Fargo & Company (NYSE:WFC) 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 Wells Fargo (NYSE:WFC).”

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Our calculations show that Wells Fargo & Company (NYSE:WFC) was not able to secure a spot on our list of the 30 Most Popular Stocks Among Hedge Funds. Wells Fargo & Company (NYSE:WFC) was in 78 hedge fund portfolios at the end of the first quarter of 2023, compared to 87 funds in the previous quarter. Wells Fargo & Company (NYSE:WFC) delivered an 11.71% return in the past 3 months.

Earlier this year, we also discussed Wells Fargo & Company (NYSE:WFC) in another article. 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.