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Morningstar: Which Funds Are Taking the Biggest Hit on Silicon Valley Bank and Other Bank Stocks?

Posted By: NaturalWisdom
Date: Sunday, 12-Mar-2023 14:48:35
www.rumormill.news/218905

In Response To: SVB's board of directors includes a former Under Secretary at the Treasury Department, MARY J. MILLER (NaturalWisdom)

How I see this playing out on Wall Street on Monday:

The NYSE may be temporarily offline at market opening and share prices will instantly plunge when trading is resumed. Panic will grip the general public (courtesy of the talking heads on mainstream media) as naive investors scramble to sell and get out of the market. About an hour or two before market close, the Plunge Protection Team will step in and prop up share prices using their bag of tricks. Stock market indices will finish sharply lower on the day, but far above their lows of the trading session. It's a pattern that has been repeated many times in the past.
-NW

Which Funds Are Taking the Biggest Hit on Silicon Valley Bank and Other Bank Stocks?
Katherine Lynch
Morningstar
Mar 10, 2023

[snip]

Active Funds With the Biggest Silicon Valley Bank Holdings

Some active managers took larger bets on the bank, but none carried more than 5% of their fund in the stock. Shares were held by both value- and tech-stock-centric managers.

Diamond Hill Mid Cap held 3.5% of its $0.20 billion ($199 million) portfolio as of Feb. 28. The fund fell 4.5% Thursday. “The fund has long had an affinity for financials,” says Morningstar director of equity strategies Dan Culloton. As of Feb. 28, 24% of the portfolio was invested in the sector, while the average mid-cap value fund invested only 18.6%.

He points out that the fund had been purchasing the shares of Silicon Valley Bank since the latter part of 2021 and throughout much of 2022.

In shareholder commentary from the end of 2022, manager Chris Welch acknowledged the stock was facing difficulties. “Regional banks First Republic and SVB Financial were pressured amid a rising rate environment, which is weighing on net interest margins.”

Welch singled out the unique position of Silicon Valley Bank. “SVB Financial faced additional headwinds given its exposure to the innovation economy, its primary area of focus—though we believe such an environment offers the company an opportunity to add tremendous value for its clients and cement its leadership position in a lucrative space,” he wrote.

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