Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 12.47% compared to an 8.42% return for the Russell 2000 Value Index. The fund delivered a -9.16% return in 2022 compared to a -14.48% return for the Russell 2000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
FPA Queens Road Small Cap Value Fund highlighted stocks American Equity Investment Life Holding Company (NYSE:AEL) in the Q4 2022 investor letter. Based in West Des Moines, Iowa, American Equity Investment Life Holding Company (NYSE:AEL) is a life insurance products provider. On February 7, 2023, American Equity Investment Life Holding Company (NYSE:AEL) stock closed at $47.64 per share. One-month return of American Equity Investment Life Holding Company (NYSE:AEL) was 2.58%, and its shares gained 10.69% of their value over the last 52 weeks. American Equity Investment Life Holding Company (NYSE:AEL) has a market capitalization of $4.083 billion.
FPA Queens Road Small Cap Value Fund made the following comment about American Equity Investment Life Holding Company (NYSE:AEL) in its Q4 2022 investor letter:
“American Equity Investment Life Holding Company (NYSE:AEL) is a leading writer of fixed index annuities. The company is benefitting from an ambitious plan by CEO Anant Bhalla to diversify into alternatives and move assets off balance sheet, creating a fee income stream and freeing up capital for buybacks (AEL 2.0 Strategy). We are warily watching, but so far, results have been good. As of Q3 2022, AEL had 18% of its balance sheet in private assets.”
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American Equity Investment Life Holding Company (NYSE:AEL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held American Equity Investment Life Holding Company (NYSE:AEL) at the end of the third quarter, which was 14 in the previous quarter.
We discussed American Equity Investment Life Holding Company (NYSE:AEL) in another article and shared the list of undervalued insurance stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 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.