Morris Financial Concepts Inc. has decreased its holdings in the Schwab US Large-Cap ETF (NYSEARCA:SCHX) by 3.7% during the second quarter of 2023. According to the company’s latest 13F filing with the Securities and Exchange Commission, this reduction involved the sale of 50,558 shares, leaving the firm with a total of 1,327,241 shares. This adjustment positions the Schwab US Large-Cap ETF as the second largest holding in Morris Financial’s investment portfolio, accounting for approximately 12.9% of its total assets.
At the end of the most recent quarter, Morris Financial Concepts reported that its stake in the Schwab US Large-Cap ETF was valued at around $32,438,000, representing about 0.06% of the total outstanding shares of the ETF. This move reflects a broader trend among institutional investors, as several large firms have recently adjusted their positions in the ETF.
Institutional Investors Adjust Positions
Among the notable changes, US Bancorp DE increased its stake in the Schwab US Large-Cap ETF by 5.2% during the first quarter. This adjustment brought their total ownership to 217,201,393 shares, valued at approximately $4,795,807,000, following the acquisition of an additional 10,782,297 shares.
Similarly, HBK Sorce Advisory LLC enhanced its position by 2.8%, now holding 33,030,817 shares worth $729,320,000 after adding 890,971 shares in the last quarter. Sage Financial Group Inc. also increased its holdings by 1.9%, bringing its total to 25,345,106 shares, valued at $559,620,000.
In a more significant move, Northwestern Mutual Wealth Management Co. raised its holdings by 17.8%, acquiring an additional 3,701,133 shares and now owning 24,479,012 shares worth $540,497,000. Wealth Enhancement Advisory Services LLC also reported a substantial increase of 17.7%, now holding 19,566,506 shares, valued at $484,662,000.
Current Performance of Schwab US Large-Cap ETF
As of the latest trading session, shares of the Schwab US Large-Cap ETF opened at $26.23. The ETF has exhibited a fifty-day simple moving average of $25.87 and a two-hundred-day simple moving average of $24.11. Over the past year, the ETF reached a low of $19.00 and a high of $26.68. Currently, it holds a market capitalization of $60.78 billion, with a price-to-earnings ratio of 25.66 and a beta of 1.01.
The Schwab US Large-Cap ETF aims to mirror the total return of the Dow Jones U.S. Large-Cap Total Stock Market Index, which includes the largest 750 companies ranked by market capitalization available to investors. The ETF’s investment strategy continues to attract attention from institutional investors, reflecting its significance in the market.
As the financial landscape evolves, it will be interesting to observe how other institutional investors respond to market conditions and the ongoing performance of the Schwab US Large-Cap ETF.