Artisan Partners, an investment management company, released its “Artisan Mid Cap Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTQX returned -2.94%, Advisor Class fund APDQX posted a return of -2.95%, and Institutional Class fund APHQX returned -2.89 %, compared to a -4.46% return for the Russell Midcap Value Index. The portfolio had a negative return in Q3 but performed better than the Russell Midcap Value Index due to favorable security selection. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Mid Cap Value Fund highlighted stocks likeCorebridge Financial, Inc. (NYSE:CRBG) in the third quarter 2023 investor letter. Headquartered in Houston, Texas, Corebridge Financial, Inc. (NYSE:CRBG) is a retirement solutions and insurance products provider. On October 13, 2023, Corebridge Financial, Inc. (NYSE:CRBG) stock closed at $20.62 per share. One-month return of Corebridge Financial, Inc. (NYSE:CRBG) was 9.91%, and its shares gained 3.00% of their value over the last 52 weeks. Corebridge Financial, Inc. (NYSE:CRBG) has a market capitalization of $13.113 billion.
Artisan Mid Cap Value Fund made the following comment about Corebridge Financial, Inc. (NYSE:CRBG) in its Q3 2023 investor letter:
“Corebridge Financial, Inc. (NYSE:CRBG), a provider of life insurance and retirement solutions, was a standout in the financials sector. Corebridge was previously a unit of AIG and a September 2022 IPO. Earnings and cash flow have been solid, aided by increased spread income in the general account due to higher reinvestment rates. We added Corebridge to the portfolio in Q1 2023. Our thesis is now that Corebridge is not a part of a large inefficient and capital-constrained parent, the company should have plenty of room to improve its competitive position. Establishing new processes that both improve capabilities and wring out efficiencies as a standalone entity should help improve ROE in coming years. It has a 4%+ dividend yield and a double-digit free cash flow yield, even in 2022 when negative fixed income and equity markets reduced fee revenue. In addition to the dividend, free cash flow will be used to ensure holding company liquidity, repurchase stock and support modest growth expectations.”
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Corebridge Financial, Inc. (NYSE:CRBG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Corebridge Financial, Inc. (NYSE:CRBG) at the end of the second quarter, which was 22 in the previous quarter.
We discussed Corebridge Financial, Inc. (NYSE:CRBG) in another article and shared Oakmark Global Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
