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F&G Annuities & Life (FG) Gaining Market Share with FNF Ownership

Soumya Eswaran
·2-min read

Investment management company Ave Maria recently released its “Ave Maria World Equity Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund returned 6.54% compared to the MSCI All Country World Index’s 8.20% return. Since its inception on April 30, 2010, the fund’s annualized return was 7.60% compared to the 9.06% annualized return for the benchmark. You can check the top 5 holdings of the fund to know its best picks in 2024.

Ave Maria World Equity Fund highlighted stocks like F&G Annuities & Life, Inc. (NYSE:FG), in the first quarter 2024 investor letter. F&G Annuities & Life, Inc. (NYSE:FG) is a do-it-yourself moving and storage operator for household and commercial goods. The one-month return of F&G Annuities & Life, Inc. (NYSE:FG) was -12.35%, and its shares gained 75.14% of their value over the last 52 weeks. On June 17, 2024, F&G Annuities & Life, Inc. (NYSE:FG) stock closed at $63.40 per share with a market capitalization of $12.022 billion.

Ave Maria World Equity Fund stated the following regarding F&G Annuities & Life, Inc. (NYSE:FG) in its first quarter 2024 investor letter:

"F&G Annuities & Life, Inc. (NYSE:FG) is a fixed income annuity provider, which is majority owned by Fidelity National Financial. The fixed income annuity business is benefiting from the graying of America and the disappearance of the traditional pension plan. F&G is gaining significant market share under FNF ownership by capitalizing on Fidelity National Financial’s strong relationships with leading banks and broker dealers."

Top 12 Retirement Savings Tips for 55-to-64-Year-Olds
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An elderly customer discussing her retirement options with a smiling life insurance agent.

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F&G Annuities & Life, Inc. (NYSE:FG)  is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held F&G Annuities & Life, Inc. (NYSE:FG) at the end of the first quarter which was 7 in the previous quarter. While we acknowledge the potential of F&G Annuities & Life, Inc. (NYSE:FG) 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.

F&G Annuities & Life, Inc. (NYSE:FG) was the top contributor to Ave Maria World Equity Fund's performance during the previous quarter and calendar year 2023. In addition, please check out our hedge fund investor letters Q1 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.