2 months ago
Broyhill **** et Management, a Charlotte-based firm, issued its second-quarter 2026 investor letter, which is available for download here. The Broyhill Equity Composite gained 8.8% in Q2, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%. For the first half, the Composite returned 2.3%, versus 11.5% for the Index. The letter highlights that a significant portion of the shortfall occurred in April due to market dynamics and geopolitical events, with tech, particularly semiconductors, driving recent gains. Broyhill notes its lack of direct semiconductor exposure but acknowledges potential interest in the sector if opportunities arise, maintaining its investment philosophy focused on capital protection in fragile market conditions. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Broyhill **** et Management highlighted First Citizens BancShares, Inc. (NASDAQ:FCNCA). First Citizens BancShares, Inc. (NASDAQ:FCNCA) operates as the holding company for First-Citizens Bank & Trust Company, providing retail and commercial banking services. On September 14, 2026, First Citizens BancShares, Inc. (NASDAQ:FCNCA) closed at $2,173.88 per share. Over the past month, First Citizens BancShares, Inc. (NASDAQ:FCNCA) declined 1.03%, but its shares are up 17.10% over the past year. First Citizens BancShares, Inc. (NASDAQ:FCNCA) has a market capitalization of $24.55 billion, and its stock has traded within a 52-week range of $1,623.76 to $2,296.30.
Broyhill **** et Management stated the following regarding First Citizens BancShares, Inc. (NASDAQ:FCNCA) in its Q2 2026 investor letter:
"First Citizens BancShares, Inc. (NASDAQ:FCNCA), initiated in June, is a well-run company which we believe to be undervalued and with catalysts on the horizon. The company has retired almost 20% of its Class A shares since July 2024, and inside its roughly $25 billion market capitalization sits a rail leasing fleet of approximately 128,000 cars valued by the market at bank multiples. Management has proven themselves highly competent and highly aligned with shareholders, with the Holding family in key executive positions, owning over 20% of the economics and controlling roughly half the vote through their Class B shares. Much of what we are waiting on has a date attached to it: two separations have completed, and Masco and First Citizens are retiring shares at a pace that improves per-share value whether or not the multiples change."
#fcnca #market
In its second-quarter 2026 investor letter, Broyhill **** et Management highlighted First Citizens BancShares, Inc. (NASDAQ:FCNCA). First Citizens BancShares, Inc. (NASDAQ:FCNCA) operates as the holding company for First-Citizens Bank & Trust Company, providing retail and commercial banking services. On September 14, 2026, First Citizens BancShares, Inc. (NASDAQ:FCNCA) closed at $2,173.88 per share. Over the past month, First Citizens BancShares, Inc. (NASDAQ:FCNCA) declined 1.03%, but its shares are up 17.10% over the past year. First Citizens BancShares, Inc. (NASDAQ:FCNCA) has a market capitalization of $24.55 billion, and its stock has traded within a 52-week range of $1,623.76 to $2,296.30.
Broyhill **** et Management stated the following regarding First Citizens BancShares, Inc. (NASDAQ:FCNCA) in its Q2 2026 investor letter:
"First Citizens BancShares, Inc. (NASDAQ:FCNCA), initiated in June, is a well-run company which we believe to be undervalued and with catalysts on the horizon. The company has retired almost 20% of its Class A shares since July 2024, and inside its roughly $25 billion market capitalization sits a rail leasing fleet of approximately 128,000 cars valued by the market at bank multiples. Management has proven themselves highly competent and highly aligned with shareholders, with the Holding family in key executive positions, owning over 20% of the economics and controlling roughly half the vote through their Class B shares. Much of what we are waiting on has a date attached to it: two separations have completed, and Masco and First Citizens are retiring shares at a pace that improves per-share value whether or not the multiples change."
#fcnca #market
2 months ago
Broyhill ******* et Management, a Charlotte-based firm, issued its second-quarter 2026 investor letter, which is available for download here. The Broyhill Equity Composite gained 8.8% in Q2, trailing the MSCI All Country World Index's 15.1% and the MSCI ACWI Value Index's 10.8%. For the first half, the Composite returned 2.3%, versus 11.5% for the Index. The letter highlights that a significant portion of the shortfall occurred in April due to market dynamics and geopolitical events, with tech, particularly semiconductors, driving recent gains. Broyhill notes its lack of direct semiconductor exposure but acknowledges potential interest in the sector if opportunities arise, maintaining its investment philosophy focused on capital protection in fragile market conditions. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Broyhill ******* et Management highlighted First Citizens BancShares, Inc. (NASDAQ:FCNCA). First Citizens BancShares, Inc. (NASDAQ:FCNCA) operates as the holding company for First-Citizens Bank & Trust Company, providing retail and commercial banking services. On September 14, 2026, First Citizens BancShares, Inc. (NASDAQ:FCNCA) closed at $2,173.88 per share. Over the past month, First Citizens BancShares, Inc. (NASDAQ:FCNCA) declined 1.03%, but its shares are up 17.10% over the past year. First Citizens BancShares, Inc. (NASDAQ:FCNCA) has a market capitalization of $24.55 billion, and its stock has traded within a 52-week range of $1,623.76 to $2,296.30.
Broyhill ******* et Management stated the following regarding First Citizens BancShares, Inc. (NASDAQ:FCNCA) in its Q2 2026 investor letter:
"First Citizens BancShares, Inc. (NASDAQ:FCNCA), initiated in June, is a well-run company which we believe to be undervalued and with catalysts on the horizon. The company has retired almost 20% of its Class A shares since July 2024, and inside its roughly $25 billion market capitalization sits a rail leasing fleet of approximately 128,000 cars valued by the market at bank multiples. Management has proven themselves highly competent and highly aligned with shareholders, with the Holding family in key executive positions, owning over 20% of the economics and controlling roughly half the vote through their Class B shares. Much of what we are waiting on has a date attached to it: two separations have completed, and Masco and First Citizens are retiring shares at a pace that improves per-share value whether or not the multiples change."
#first #fcnca
In its second-quarter 2026 investor letter, Broyhill ******* et Management highlighted First Citizens BancShares, Inc. (NASDAQ:FCNCA). First Citizens BancShares, Inc. (NASDAQ:FCNCA) operates as the holding company for First-Citizens Bank & Trust Company, providing retail and commercial banking services. On September 14, 2026, First Citizens BancShares, Inc. (NASDAQ:FCNCA) closed at $2,173.88 per share. Over the past month, First Citizens BancShares, Inc. (NASDAQ:FCNCA) declined 1.03%, but its shares are up 17.10% over the past year. First Citizens BancShares, Inc. (NASDAQ:FCNCA) has a market capitalization of $24.55 billion, and its stock has traded within a 52-week range of $1,623.76 to $2,296.30.
Broyhill ******* et Management stated the following regarding First Citizens BancShares, Inc. (NASDAQ:FCNCA) in its Q2 2026 investor letter:
"First Citizens BancShares, Inc. (NASDAQ:FCNCA), initiated in June, is a well-run company which we believe to be undervalued and with catalysts on the horizon. The company has retired almost 20% of its Class A shares since July 2024, and inside its roughly $25 billion market capitalization sits a rail leasing fleet of approximately 128,000 cars valued by the market at bank multiples. Management has proven themselves highly competent and highly aligned with shareholders, with the Holding family in key executive positions, owning over 20% of the economics and controlling roughly half the vote through their Class B shares. Much of what we are waiting on has a date attached to it: two separations have completed, and Masco and First Citizens are retiring shares at a pace that improves per-share value whether or not the multiples change."
#first #fcnca
2 months ago
First Citizens BancShares, Inc. (NASDAQ:FCNCA), through its First-Citizens Bank & Trust Company subsidiary, completed the acquisition of 138 BMO Bank N.A. branches on September 4. The locations span 11 states across the Midwest, Great Plains and West.
The completion announcement did not disclose final transferred balances. At the announcement, First Citizens BancShares, Inc. (NASDAQ:FCNCA) expected to ****** ume approximately $5.7 billion of deposits and acquire $1.1 billion of loans. Its July 2026 update lowered those estimates to $5.3 billion and $700 million, respectively. Both estimates imply roughly $4.6 billion of net liquidity. That difference represents funding capacity, not transaction income, and remains subject to final balances and acquisition accounting.
The deposit franchise could be the transaction's most valuable ****** et. At announcement, the acquired deposits carried a weighted average rate of 1.43%, with 21% in noninterest-bearing demand accounts. First Citizens BancShares, Inc. (NASDAQ:FCNCA) reported a 2.07% average total deposit cost in the second quarter of 2026. Retaining the acquired accounts near their original pricing could lower the consolidated funding cost.
The 138 branches also establish or deepen a presence across 11 states. The original transaction presentation identified approximately $1.0 billion of wealth ****** ets under management, creating opportunities to cross-sell commercial lending, treasury services, and wealth products. Retaining branch personnel could help preserve local relationships.
First Citizens BancShares, Inc. (NASDAQ:FCNCA) can deploy the surplus funding in several ways. As of June 30, 2026, the company held $151.03 billion of loans and $32.19 billion of borrowings, including a $28.42 billion purchase money note owed to the Federal Deposit Insurance Corporation. The acquired liquidity could support loan growth, replace more expensive funding, or be invested in securities. The original presentation projected immediate earnings-per-share accretion and an approximately 27-basis-point reduction in the Common Equity Tier 1 capital ratio.
#billion #first #citizens
The completion announcement did not disclose final transferred balances. At the announcement, First Citizens BancShares, Inc. (NASDAQ:FCNCA) expected to ****** ume approximately $5.7 billion of deposits and acquire $1.1 billion of loans. Its July 2026 update lowered those estimates to $5.3 billion and $700 million, respectively. Both estimates imply roughly $4.6 billion of net liquidity. That difference represents funding capacity, not transaction income, and remains subject to final balances and acquisition accounting.
The deposit franchise could be the transaction's most valuable ****** et. At announcement, the acquired deposits carried a weighted average rate of 1.43%, with 21% in noninterest-bearing demand accounts. First Citizens BancShares, Inc. (NASDAQ:FCNCA) reported a 2.07% average total deposit cost in the second quarter of 2026. Retaining the acquired accounts near their original pricing could lower the consolidated funding cost.
The 138 branches also establish or deepen a presence across 11 states. The original transaction presentation identified approximately $1.0 billion of wealth ****** ets under management, creating opportunities to cross-sell commercial lending, treasury services, and wealth products. Retaining branch personnel could help preserve local relationships.
First Citizens BancShares, Inc. (NASDAQ:FCNCA) can deploy the surplus funding in several ways. As of June 30, 2026, the company held $151.03 billion of loans and $32.19 billion of borrowings, including a $28.42 billion purchase money note owed to the Federal Deposit Insurance Corporation. The acquired liquidity could support loan growth, replace more expensive funding, or be invested in securities. The original presentation projected immediate earnings-per-share accretion and an approximately 27-basis-point reduction in the Common Equity Tier 1 capital ratio.
#billion #first #citizens
