Oakmark Funds, advised by Harris Associates, released its “Oakmark Global Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 4.3% compared to a 6.8% return for the MSCI World Index. Year-to-date, the fund returned 15.3% versus 15.1% for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Oakmark Global Fund highlighted stocks like Corebridge Financial, Inc. (NYSE:CRBG) in the second quarter 2023 investor letter. Headquartered in Houston, Texas, Corebridge Financial, Inc. (NYSE:CRBG) is a retirement solutions and insurance products provider. On July 10, 2023, Corebridge Financial, Inc. (NYSE:CRBG) stock closed at $18.16 per share. One-month return of Corebridge Financial, Inc. (NYSE:CRBG) was 5.83%, and year-to-date its shares lost 9.47% of their value. Corebridge Financial, Inc. (NYSE:CRBG) has a market capitalization of $11.77 billion.
Oakmark Global Fund made the following comment about Corebridge Financial, Inc. (NYSE:CRBG) in its second quarter 2023 investor letter:
“Corebridge Financial, Inc. (NYSE:CRBG) is a life and retirement company that was partially spun off from American International Group (AIG) through an initial public offering in September 2022. Corebridge has extensive, long-standing relationships with many of the largest financial institutions to sell various retirement products. It is 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 as 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 significant ownership, which will eventually be brought to market. Trading at around 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, 22 hedge fund portfolios held Corebridge Financial, Inc. (NYSE:CRBG) at the end of first quarter which was 29 in the previous quarter.
We discussed Corebridge Financial, Inc. (NYSE:CRBG) in another article and shared the list of struggling IPOs to buy for the long-term. In addition, please check out our hedge fund investor letters Q2 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.