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Giverny Capital Asset Management, LLC, an investment management company, recently published its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The model portfolio of the firm appreciated 6.06%, net of fees in the first quarter compared to a 7.50% return for the Standard & Poor’s 500 Index. For the year ended March 31, 2023, the portfolio returned -10.62% compared to -7.73% for the benchmark, net of fees. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Giverny Capital highlighted stocks like First Republic Bank (NYSE:FRC) in the first quarter 2023 investor letter. Headquartered in San Francisco, California, First Republic Bank (NYSE:FRC) is a financial company that operates through Commercial Banking and Wealth Management segments. On April 26, 2023, First Republic Bank (NYSE:FRC) stock closed at $5.69 per share. One-month return of First Republic Bank (NYSE:FRC) was 58.44%, and its shares lost 96.30% of their value over the last 52 weeks. First Republic Bank (NYSE:FRC) has a market capitalization of $1.06 billion.
Giverny Capital made the following comment about First Republic Bank (NYSE:FRC) in its Q1 2023 investor letter:
“Our holding Charles Schwab, which has a bank inside its operations, lost 37% of its value as investors feared it, too, would lose deposits (and earnings power). As Schwab began the year as a 7.0% weight in the portfolio, this hurt as much as the wipeout at First Republic Bank (NYSE:FRC) The declines in First Republic and Schwab together cost us a full five percentage points of our capital. Other financial holdings M&T Bank, Credit Acceptance and JP Morgan also lost value during the quarter.