Oakmark Funds, advised by Harris Associates, released its “Oakmark Equity and Income Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund increased 3.3% in the first quarter compared to a 4.3% return for the Lipper Balanced Fund Index. The fund generated a 9.4% compounded annual rate of return since its inception in 1995 compared to the Index’s return of 6.7%. The equities returned 4.4% in the quarter underperforming the S&P 500 Index which returned 7.5%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Oakmark Equity and Income Fund highlighted stocks like Corebridge Financial, Inc. (NYSE:CRBG) in the first quarter 2023 investor letter. Headquartered in Houston, Texas, Corebridge Financial, Inc. (NYSE:CRBG) provides life and retirement solutions. On April 12, 2023, Corebridge Financial, Inc. (NYSE:CRBG) stock closed at $16.00 per share. One-month return of Corebridge Financial, Inc. (NYSE:CRBG) was -3.38%, and year-to-date its shares lost 20.24% of their value. Corebridge Financial, Inc. (NYSE:CRBG) has a market capitalization of $10.361 billion.
Oakmark Equity and Income Fund made the following comment about Corebridge Financial, Inc. (NYSE:CRBG) in its Q1 2023 investor letter:
“We added two new positions, Corebridge Financial, Inc. (NYSE:CRBG) and Wendy’s, in the quarter. Corebridge is a life and retirement company that was partially spun off from American International Group (AIG) through an initial public offering last fall. Corebridge has extensive, long-standing relationships with many of the largest financial institutions to sell various retirement products. It is also one of the largest retirement service providers to the education market through VALIC Financial Advisors. It also operates a high performing, seasoned life insurance business. The market is valuing the company like it is just a variable annuity provider despite its much more diversified and stable earnings stream. Part of the discount is due to the lack of liquidity and an overhang from AIG’s 77% ownership, which will eventually be brought to market. Trading at five times our estimate of normalized distributable cash flow, the stock is highly attractive to us, and we are willing to wait for the ownership overhang to resolve itself.”
Corebridge Financial, Inc. (NYSE:CRBG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Corebridge Financial, Inc. (NYSE:CRBG) at the end of the fourth quarter which was 30 in the previous quarter.
We discussed Corebridge Financial, Inc. (NYSE:CRBG) in another article and shared the list of best stocks to buy for the next ten years. In addition, please check out our hedge fund investor letters Q1 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.
