Charles Schwab Corporation (The)

34.5800 51.6450
52 weeks
52 weeks

Mkt Cap 61.66B

Shares Out 1.34B

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First Eagle Buys 5 Companies in 3rd Quarter

First Eagle Investment (Trades, Portfolio), a New York-based firm that seeks long-term capital appreciation through a value-oriented approach, disclosed this week that it established five new holdings during the third quarter: Charles Schwab Corp. (NYSE:SCHW), The Kraft Heinz Co. (NASDAQ:KHC), HD Supply Holdings Inc. (NASDAQ:HDS), Bloom Energy Corp. (NYSE:BE) and Marriott Vacations Worldwide Corp. (NYSE:VAC).

Matthew McLennan, our keynote speaker at the 2020 GuruFocus Value Conference, leads First Eagle's Global Value team and manages the firm's Global Value, International Value, U.S. Value and Gold strategies. Prior to joining First Eagle, McLennan worked as co-portfolio manager for Goldman Sachs Asset Management in London, a subsidiary of Goldman Sachs Group Inc. (NYSE:GS).


First Eagle applies the conviction that the best way to preserve capital is through absolute long-term performance. According to the firm's website, First Eagle values its legacy as "patient, thoughtful, long-term investors."

Portfolio overview

As of quarter-end, First Eagle's $35.21-billion equity portfolio contains 110 stocks with a turnover rate of 2%. The top three sectors in terms of portfolio weight are financial services, materials and energy, with weights of 18.07%, 16.1% and 13.42%, respectively.

Charles Schwab

First Eagle purchased 4,665,269 shares of Charles Schwab, giving the position a weight of 0.55% in the equity portfolio. Shares traded at an average of $40.33 during the quarter.

The San Francisco-based company operates in the brokerage, banking and asset-management businesses. Charles Schwab operates a wide network of brick-and-mortar brokerage branch offices and a well-established online investing office.

GuruFocus ranks Charles Schwab's financial strength 4 out of 10. The company's equity-to-asset ratio of 0.08 underperforms 91.96% of global competitors, offsetting a strong cash-to-debt ratio of 2.73. The website also warns that Charles Schwab's long-term debt has increased $1.6 billion over the past three years, a significant increase.

Gurus with large holdings in Charles Schwab include Dodge & Cox and Al Gore (Trades, Portfolio)'s Generation Investment Management.

Kraft Heinz

First Eagle purchased 5,462,461 shares of Kraft Heinz, giving the position 0.43% weight in the equity portfolio. Shares averaged $28.76 during the quarter.


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