HBCYF - We Look Past A Poor Quarter From HSBC Holdings
2024-03-08 00:35:41 ET
Summary
- HSBC Holdings was the largest position in the portfolio, and its share price increased by 39% in 2023.
- Concerns about lower earnings due to a lower interest rate environment and potential deterioration in the loan book.
- HSBC returned $19 billion to shareholders in 2023 and plans to continue buybacks and dividends in 2024.
- Lower NIM might be offset by higher volume.
Investment Thesis
The largest position in our portfolio, at the end of last year, was HSBC Holdings plc. ( HSBC ).
It did well, and so did its share price, which was up 39% in 2023.
Due to pressure from one of its largest shareholders, Ping An Insurance, a shift took place where more focus on the return of capital to shareholders came back on the board's agenda....
We Look Past A Poor Quarter From HSBC Holdings