Negative Sentiment Impacted American International Group (AIG) in Q1

Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the strategy underperformed and returned -0.75% (net) compared to a 7.46% return for the Russell 1000 Index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.

Diamond Hill Large Cap Strategy highlighted stocks like American International Group, Inc. (NYSE:AIG) in the first quarter 2023 investor letter. Headquartered in New York, New York, American International Group, Inc. (NYSE:AIG) is an insurance company.  On May 11, 2023, American International Group, Inc. (NYSE:AIG) stock closed at $52.81 per share. One-month return of American International Group, Inc. (NYSE:AIG) was 2.31%, and its shares lost 9.59% of their value over the last 52 weeks. American International Group, Inc. (NYSE:AIG) has a market capitalization of $38.577 billion.

Diamond Hill Large Cap Strategy made the following comment about American International Group, Inc. (NYSE:AIG) in its Q1 2023 investor letter:

“Elsewhere in financials, the stocks of two of our insurance holdings – American International Group, Inc. (NYSE:AIG) and Allstate – came under pressure we believe due to the negative sentiment in the sector generally. These businesses are very different from banks, and we continue to have strong conviction in their ability to grow intrinsic value over the long term.”

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American International Group, Inc. (NYSE:AIG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held American International Group, Inc. (NYSE:AIG) at the end of the fourth quarter which was 48 in the previous quarter.

We discussed American International Group, Inc. (NYSE:AIG) in another article and shared biggest holding companies in USA. 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.