American International Group (AIG) Exceeded Expectations
Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy performed roughly in line with the Russell 1000 Index. Early indications of consumer weakness among select merchants and a significant increase in interest rates impacted the portfolio in the third quarter. The strategy returned -3.04% net of fees compared to -3.15% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Diamond Hill Large Cap Strategy highlighted stocks like American International Group, Inc. (NYSE:AIG) in the third quarter 2023 investor letter. Headquartered in New York, New York, American International Group, Inc. (NYSE:AIG) is an insurance company. On November 20, 2023, American International Group, Inc. (NYSE:AIG) stock closed at $64.36 per share. One-month return of American International Group, Inc. (NYSE:AIG) was 7.50%, and its shares gained 5.72% of their value over the last 52 weeks. American International Group, Inc. (NYSE:AIG) has a market capitalization of $45.183 billion.
Diamond Hill Large Cap Strategy made the following comment about American International Group, Inc. (NYSE:AIG) in its Q3 2023 investor letter:
"Insurance company American International Group, Inc. (NYSE:AIG) was also among our top contributors. The company’s most recent operating results outperformed expectations, as it reported robust earnings with improving underwriting margins in the property and casualty business. AIG’s strategic initiatives also added to the positive sentiment. The company made further progress in separating its Life & Retirement unit by selling additional shares via a secondary offering. Furthermore, AIG announced the sale of its reinsurance business to RenaissanceRe at an attractive valuation, a move that will further reduce volatility in AIG’s continuing operations."
An individual signing financial documents with a representative from the life insurance company nearby.
American International Group, Inc. (NYSE:AIG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held American International Group, Inc. (NYSE:AIG) at the end of second quarter which was 46 in the previous quarter.
We discussed American International Group, Inc. (NYSE:AIG) in another article and shared Diamond Hill Large Cap Strategy's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.
