Hotchkis & Wiley Funds, an investment management company, released its “Hotchkis & Wiley Mid-Cap Value Fund” third quarter 2024 investor letter. A copy of the same can be downloaded here. In the third quarter of 2024, the Russell Midcap Index produced a strong +9.2% return. Over the course of the quarter, the Russell Midcap Value Index beat the Russell Midcap Growth Index by +10.1% vs +6.5%. Macroeconomic factors significantly influenced market performance during the quarter. The fund returned 6.03% in the quarter, underperforming the 10.08% returns for the Russell Midcap Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Hotchkis & Wiley Mid-Cap Value Fund highlighted stocks like CNO Financial Group, Inc. (NYSE:CNO), in the third quarter 2024 investor letter. CNO Financial Group, Inc. (NYSE:CNO) is an insurance holding company, that develops and markets health insurance, annuity, individual life insurance and other insurance products. The one-month return of CNO Financial Group, Inc. (NYSE:CNO) was -8.32%, and its shares gained 32.14% of their value over the last 52 weeks. On December 24, 2024, CNO Financial Group, Inc. (NYSE:CNO) stock closed at $37.13 per share with a market capitalization of $3.83 billion.
Hotchkis & Wiley Mid-Cap Value Fund stated the following regarding CNO Financial Group, Inc. (NYSE:CNO) in its Q3 2024 investor letter:
“CNO Financial Group, Inc. (NYSE:CNO) is a life insurance company that sells savings and protections products into the lower middle-market. The company has unique distribution capabilities into the traditionally under-served lower middle-market. The company posted strong Q2 ’24 results over the period, beating consensus estimates, and raised their FY24 guidance. The stock’s performance was further supported by upward estimate revisions by a few sell-side analysts.”
A financial analyst pouring over graphs and charts related to annuities and fixed index annuities.
CNO Financial Group, Inc. (NYSE:CNO) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held CNO Financial Group, Inc. (NYSE:CNO) at the end of the third quarter which was 28 in the previous quarter. While we acknowledge the potential of CNO Financial Group, Inc. (NYSE:CNO) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.