Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Giverny Capital Asset Management David M. Poppe | “Schwab, for example, earned $4.87 per share in 2025 and the consensus of Wall Street analysts calls for earnings per share, or EPS, of $7.62 in 2027. That would represent a two-year growth rate of 56%, or 25% per year. As of June 30th, the shares were down 8% for the year and trading at $92.27, or 12 times the 2027 EPS estimate. The Index trades for more than 20 times the forward estimate. We added to Schwab during the quarter, making it our third-largest position. During the quarter we added to Charles Schwab in two tranches at $92 and $85.” | NEUTRAL | Q2 2026 Aug 4, 2026 | View Pitch |
PM Capital Global Companies Fund Paul Moore | “During the quarter we entered a new position in Charles Schwab Corp, an online brokerage and wealth management platform. We have owned and written about Schwab in the past, most recently following the Silicon Valley Bank crisis in 2023. Schwab remains a pre-eminent franchise in American retail financial services, and the 35 million client accounts and nearly US$9 trillion in client assets that we have previously written about has since grown to nearly 40 million client accounts and more than US$13 trillion in client assets. While Schwab's business continues to perform well with various measures of client activity at record levels, the stock was weak over much of 2026 on the perceived risk of clients using artificial intelligence to optimise their finances and limit Schwab's ability to capture a net interest rate spread on transactional cash balances. Our view is Schwab's platform provides a market-leading and highly-trusted service for clients. Directly or indirectly, we believe clients are willing to pay a small fee to the platform that safely custodies their life or retirement savings. Over time Schwab's business model has evolved from a trading commission model to an interest spread model, and management said it will evolve further if the circumstances require it.” | NEUTRAL | Q2 2026 Jul 29, 2026 | View Pitch |
Baron Partners Fund Ron Baron | “Brokerage firm The Charles Schwab Corporation has embarked on a multi-year program to improve funding costs. Net new asset trends have strengthened as the company completes the multi-stage migration of TD Ameritrade accounts to the Schwab platform. Reflecting these positive developments, full-year guidance was raised for revenue, net interest margin, and earnings per share. After several years of downward earnings revisions, investors are rewarding Schwab's improving fundamentals and upward estimates as the company returns to its normal double-digit earnings growth trajectory. We believe Schwab has a dominant position in retail brokerage and an ability to drive earnings growth through both organic expansion in assets under management and improved funding efficiency. The stock increased 36.6% in 2025. BSD Analysis: Charles Schwab is in a "post-balance-sheet reset" phase for 2026, with analysts projecting a 16% annualized return as funding costs normalize. The company is modeling 8.4% revenue growth and an expansion of operating margins toward 53% by 2028. Execution momentum is supported by record client engagement and the stabilization of net interest revenue as rate headwinds fade. For 2026, the mid-case scenario assumes revenue growth of 6.5% and operating margins improving toward 39.4%. While the stock trades at a lower P/E than its historical average, its ability to sustain asset gathering in a moderating market remains the primary debate for investors.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Giverny Capital Asset Management David M. Poppe | “Charles Schwab has an exceptional position with affluent American households. It grew earnings by more than 50% in 2025 and could grow them by another 20%+ in 2026. Schwab has been adding roughly one million new brokerage accounts per quarter and now has more than 38 million active brokerage accounts. BSD Analysis: Schwab is retail brokerage infrastructure disguised as a financial stock. Client assets are sticky because switching custodians is psychologically and administratively painful. Net interest income fluctuates, but scale smooths shocks better than peers. Investors focus on rate sensitivity and miss long-term asset consolidation trends. Advisory and banking services deepen wallet share over time. Capital strength supports patience through cycles. This is financial plumbing that compounds as investors centralize accounts.” | BULL | Q4 2025 Oct 24, 2025 | View Pitch |
Harris Associates Concentrated Strategy Tony Coniaris | “Charles Schwab was a contributor during the quarter. The U.S.-headquartered investment banking and brokerage firm's stock price rose relatively steadily throughout the period as it reported solid first-quarter 2025 earnings. The earnings were highlighted by net new assets, net interest margin and adjusted earnings per share (EPS), all besting consensus expectations. Management emphasized that Schwab should benefit from the current volatile market environment and is confident in achieving the high end of its EPS guidance for the year. The managers continue to believe Schwab is a best-in-class brokerage business with a long runway for future growth. BSD Analysis: Schwab remains a scaled, low-cost brokerage and wealth platform with powerful asset-gathering capabilities and significant operating leverage to higher client cash yields and equity markets. Strong net new asset inflows, resilient NIM and EPS upside versus expectations underscore the strength of its model despite industry pricing pressure and regulatory scrutiny. Robust capital generation supports ongoing buybacks and balance-sheet flexibility as it normalizes its interest-rate exposure post-2023 stresses. While deposit mix and rate sensitivity remain key watchpoints, Schwab's franchise quality and secular shift toward self-directed and advised investing provide a compelling long-term runway.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
The London Company Large Cap Brian Campbell | “Charles Schwab Corp (SCHW) - SCHW has been a top name after delivering strong quarterly and monthly results. The results showed steady growth in net new assets and a stabilizing balance sheet, as client cash inflows now effectively offset outflows into money market funds. We continue to like the company's wide competitive moat and quality management team, as well as long-term growth prospects. BSD Analysis: Charles Schwab is a scale oligopolist in U.S. wealth management whose stock is a high-conviction bet on the imminent repair of its balance sheet. The core moat is its massive scale ($9.1 trillion in client assets) and its zero-commission model, which creates high customer stickiness. The stock is currently penalized by the non-cash pressure of its low-yielding HTM (Held-To-Maturity) bond portfolio. The investment thesis is the leveraged reversal of this discount: as cash is reinvested at higher rates and its banking segment's pressure subsides, Net Interest Margin (NIM) will accelerate, leading to a massive earnings inflection and a stock re-rating.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
LVS Advisory Defensive Portfolio Manager | “LVS liquidated its holding in Charles Schwab in early March 2023 due to emerging systemic banking liquidity concerns and unexpected deposit flight. The manager concluded that Schwab is no longer in a position to return capital and faces the risk of dilutive equity raises, prompting a quick exit to prevent deeper losses.” | BEAR | Q1 2023 Apr 13, 2023 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
