Artisan Partners, an investment management company, released its third quarter 2023 investor letter for the Artisan Mid Cap Value Fund. Despite a negative return for the quarter, the fund outperformed the Russell Midcap Value Index due to favorable security selection. One standout stock in the portfolio is Corebridge Financial, Inc. (NYSE: CRBG), a provider of life insurance and retirement solutions. Corebridge Financial was previously a unit of AIG and had its IPO in September 2022. The company has shown solid earnings and cash flow, and Artisan Partners believes that as a standalone entity, it has room to improve its competitive position and return on equity.
Corebridge Financial, Inc. (NYSE: CRBG) closed at $20.62 per share at the end of the third quarter. The company has a 9.91% one-month return and a market capitalization of $13.113 billion. Artisan Partners added Corebridge Financial to its portfolio in the first quarter of 2023. The company offers a 4%+ dividend yield and a double-digit free cash flow yield, even during challenging market conditions in 2022. Artisan Partners believes that Corebridge Financial has the potential for growth and will use its free cash flow to support liquidity, repurchase stock, and achieve modest growth expectations.
According to the article, Corebridge Financial is not among the 30 most popular stocks among hedge funds. However, 26 hedge fund portfolios held the stock at the end of the second quarter. Previous articles have discussed the attractiveness of Corebridge Financial as an investment, and the views of Oakmark Global Fund on the company. Readers are encouraged to explore more hedge fund investor letters from the third quarter of 2023 for additional insights from leading investors.
In summary, Artisan Partners’ third quarter investor letter highlighted the performance of the Artisan Mid Cap Value Fund and the outperformance of Corebridge Financial, Inc. within its portfolio. The article provides information on Corebridge Financial’s stock performance, market capitalization, and the reasons why Artisan Partners is optimistic about its future prospects.
