Miller Value Partners, an investment management company, released its “Income Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned 1.85% (net of fees) outperforming the ICE BofA US High Yield Index’s 0.54% return and the S&P 500 Index’s -3.27% return. There is a weakness in the global market which is largely tied to rates continuing their parabolic move higher. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Miller Value Income Strategy highlighted stocks like Jackson Financial Inc. (NYSE:JXN) in the third quarter 2023 investor letter. Headquartered in Lansing, Michigan, Jackson Financial Inc. (NYSE:JXN) is an investment holding company that operates through Retail Annuities, Institutional Products, and Closed Life and Annuity Blocks segments. On October 18, 2023, Jackson Financial Inc. (NYSE:JXN) stock closed at $40.48 per share. One-month return of Jackson Financial Inc. (NYSE:JXN) was 3.69%, and its shares gained 25.91% of their value over the last 52 weeks. Jackson Financial Inc. (NYSE:JXN) has a market capitalization of $3.316 billion.
Miller Value Income Strategy made the following comment about Jackson Financial Inc. (NYSE:JXN) in its Q3 2023 investor letter:
“Jackson Financial Inc. (NYSE:JXN) was another top performer during the quarter. The company reported 2Q23 Adjusted Operating Earnings per Share (EPS) of $3.34, -26.8% year-over-year (Y/Y), below consensus of $3.54. Management noted that its estimated Risk-Based Capital (RBC) ratio increased sequentially from 1Q23 and remained within their target range of 425-500%. Total annuity account value rose 9% Y/Y to $227B, driven primarily by higher equity markets over the trailing twelve-month (TTM) period. The company returned $100MM to common shareholders in the quarter via $47MM of share repurchases and $53MM in dividends, as management reiterated its full-year 2023 (FY23) capital return target of $500MM, or ~16.0% of the company’s market cap. Statutory Total Adjusted Capital (TAC) fell to $3.8B as of quarter-end, compared to $4.7B at the end of 1Q23, with the reduction in TAC driven primarily by hedging losses as reserve releases were limited by the cash surrender minimum reserve, and related tax impacts including deferred tax asset admissibility limits.”
A portfolio manager holding an open binder, showing a portfolio of investments the company offers. Editorial photo for a financial news article. 8k. –ar 16:9
Jackson Financial Inc. (NYSE:JXN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Jackson Financial Inc. (NYSE:JXN) at the end of second quarter which was 22 in the previous quarter.
We discussed Jackson Financial Inc. (NYSE:JXN) in another article and shared Miller Value Partners Income Strategy’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.
