The Collapse of SVB Impacted American International Group (AIG) in Q1

Third Point Management, a New York-based investment advisor, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Third Point Offshore Fund returned -4.1% net in the first quarter compared to a 7.5% return for the S&P 500 INDEX (TR) and a 7.9% return for the MSCI WORLD INDEX (TR). In addition, please check the fund’s top five holdings to know its best picks in 2023.

Third Point Management 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 30, 2023, American International Group, Inc. (NYSE:AIG) stock closed at $54.72 per share. One-month return of American International Group, Inc. (NYSE:AIG) was 6.56%, and its shares lost 5.39% of their value over the last 52 weeks. American International Group, Inc. (NYSE:AIG) has a market capitalization of $39.604 billion.

Third Point Management made the following comment about American International Group, Inc. (NYSE:AIG) in its Q1 2023 investor letter:

“FIS and American International Group, Inc. (NYSE:AIG) were also hit by the indiscriminate defenestration of most Financials immediately following the collapse of SVB, but AIG has rallied nearly 8% from its lows and our thesis, which we wrote about in our last quarterly letter, remains the same.”

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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 first quarter 2023 which was 46 in the previous quarter.

We discussed American International Group, Inc. (NYSE:AIG) in another article and shared the list of blue-chip value stocks from billionaire Cliff Asness’ 2023 portfolio. 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.