We Look Past A Poor Quarter From HSBC Holdings

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Andy Feng/iStock Editorial via Getty Images Investment Thesis The largest position in our portfolio, at the end of last year, was HSBC Holdings plc. (NYSE: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. There are concerns from some analysts that earnings most likely have peaked, with a lower interest rate environment resulting in many banks having to accept lower earnings. In...