American International Group (AIG) Rose on Improved Underwriting Margin
Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy trailed the Russell 1000 Index for Q4 and underperformed for the calendar year. In Q4, both the fund’s below-benchmark weighting and individual holdings underperformed index peers, resulting in relative weakness in the technology exposure for both the full year and the quarter. In addition, overweight exposure to the weak energy sector detracted from the relative results, along with healthcare holdings. Financial holdings and over-benchmark allocation boosted performance. Positive stock picks in real estate and consumer staples sectors also contributed. The strategy returned 11.39% (net) in Q4 compared to 11.96% for the Russell 1000 Index. For the full year, the strategy returned 13.68% (net) compared to a 26.53% return 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 featured stocks like American International Group, Inc. (NYSE:AIG) in the fourth quarter 2023 investor letter. Headquartered in New York, New York, American International Group, Inc. (NYSE:AIG) is an insurance company. On February 28, 2024, American International Group, Inc. (NYSE:AIG) stock closed at $72.43 per share. One-month return of American International Group, Inc. (NYSE:AIG) was 5.25%, and its shares gained 20.66% of their value over the last 52 weeks. American International Group, Inc. (NYSE:AIG) has a market capitalization of $49.321 billion.
Diamond Hill Large Cap Strategy stated the following regarding American International Group, Inc. (NYSE:AIG) in its fourth quarter 2023 investor letter:
"Other top contributors in Q4 included Allstate, American International Group, Inc. (NYSE:AIG) and Target. Insurance company AIG is likewise benefiting from improved underwriting margins while simultaneously making progress selling its stake in life insurer Corebridge and redeploying the proceeds into share repurchases at attractive prices."
American International Group, Inc. (NYSE:AIG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, American International Group, Inc. (NYSE:AIG) was held by 51 hedge fund portfolios, up from 42 in the previous quarter, according to our database.
We discussed American International Group, Inc. (NYSE:AIG) in another article and shared the list of most valuable insurance companies in the US. In addition, please check out our hedge fund investor letters Q4 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.
