Is Corebridge Financial (CRBG) a Good Investment bet?
Oakmark Funds, advised by Harris Associates, released its “Oakmark Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund returned -3.98% in the second quarter, compared to a 4.28% return for the S&P 500 Index. The fund has returned 12.72% since its inception compared to the index return of 10.57% over the same period. The largest contributors to the fund for the quarter were communication services and information technology while health care and energy sectors detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Oakmark Fund highlighted stocks like Corebridge Financial, Inc. (NYSE:CRBG), in the second quarter 2024 investor letter. Corebridge Financial, Inc. (NYSE:CRBG) offers retirement solutions and insurance products. Corebridge Financial, Inc.’s (NYSE:CRBG) one-month return was 5.61%, and its shares gained 60.62% of their value over the last 52 weeks. On July 11, 2024, Corebridge Financial, Inc. (NYSE:CRBG) stock closed at $29.94 per share with a market capitalization of $18.217 billion.
Oakmark Fund stated the following regarding Corebridge Financial, Inc. (NYSE:CRBG) in its Q2 2024 investor letter:
"Corebridge Financial, Inc. (NYSE:CRBG) is one of the largest providers of retirement solutions and insurance products in the United States. Corebridge’s extensive distribution network and long-standing relationships with large financial institutions have helped it maintain a high market share position for decades. In our view, the market values Corebridge as a variable annuity company despite its more diversified and less risky earnings profile relative to peers. In addition, we believe the recent reduction in AIG's significant ownership stake removes an overhang on the stock price. The combination of these factors provided the opportunity to invest in Corebridge at a discount to other non-variable annuity peers and our estimate of intrinsic value."
A close-up of a person's hands counting a stack of coins, illustrating the importance of retirement solutions.
Corebridge Financial, Inc. (NYSE:CRBG) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Corebridge Financial, Inc. (NYSE:CRBG) at the end of the first quarter which was 39 in the previous quarter. While we acknowledge the potential of Corebridge Financial, Inc. (NYSE:CRBG) 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.
We discussed Corebridge Financial, Inc. (NYSE:CRBG) in another article and shared Artisan Value Income Fund's views on the company. In addition, please check out our hedge fund investor letters Q2 2024 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.