Ron Baron bought Charles Schwab shares during Monday’s double-digit sell-off

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Ron Baron bought Charles Schwab shares during Monday's double-digit sell-off

Ron Baron, founder of Baron Capital

Anjali Sundaram | CNBC

Longtime investor Ron Baron said he bought the dip Karl Schwab during Monday’s double-digit sell-off, reported CNBC’s Becky Quick.

The 79-year-old investor said he had “modestly increased” his position in the financial name as he saw Monday’s pullback as a buying opportunity. He did not reveal how much he bought. Baron Capital owned 7.8 million shares as of December 31.

The stock rose 9.2% on Tuesday.

Schwab shares fell 11.6% on Monday as investors dumped the financial institution amid fears of a banking crisis following the collapse of tech-focused Silicon Valley Bank and crypto-related Signature Bank.

The Westlake, Texas-based financial firm defended its financial position, saying it has ample access to liquidity and a low loan-to-deposit ratio. Schwab was hit along with other financial companies with massive bond holdings at longer maturities.