Oakmark Fund, advised by Harris Associates, released the “Oakmark Fund” Investor Letter for Q2 2024. 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 inception, compared to a 10.57% return for the index during the same period. The largest contributors to the fund during the quarter were communication services and information technology, while the healthcare and energy sectors were negative. Additionally, you can check out the fund’s top 5 stocks to know our best picks for 2024.
Oakmark Funds highlighted stocks such as CoreBridge Financial (NYSE:CRBG) in their Q2 2024 investor letter. CoreBridge Financial (NYSE:CRBG) offers retirement solutions and insurance products. CoreBridge Financial (NYSE:CRBG) saw a one-month return of 5.61% and the company’s shares rose 60.62% over the past 52 weeks. On July 11, 2024, CoreBridge Financial (NYSE:CRBG) shares closed at $29.94 per share, giving the company a market capitalization of $18.217 billion.
In its Q2 2024 investor letter, Oakmark Fund said the following about Corebridge Financial, Inc. (NYSE:CRBG):
“Corebridge Financial, Inc.” (NYSE:CRBG) is one of the largest retirement solutions and insurance product providers in the United States. CoreBridge has maintained a strong market share for decades due to its extensive distribution network and long-standing relationships with major financial institutions. In our view, CoreBridge is highly valued in the market as a variable annuity company, despite having a more diversified revenue structure and lower risk compared to its peers. In addition, we believe AIG’s recent significant reduction in its stake has removed some weight from the stock. The combination of these factors creates an opportunity to invest in CoreBridge at a discount to other non-variable annuity companies and to our estimate of its intrinsic value.”
Close up of a person’s hands counting a stack of coins, showing the importance of retirement solutions.
Corebridge Financial, Inc. (NYSE:CRBG) is not included in our list of the 31 most popular stocks among hedge funds. According to our database, 29 hedge funds held Corebridge Financial, Inc. (NYSE:CRBG) in their portfolios at the end of the first quarter, up from 39 in the previous quarter. While we acknowledge the investability of Corebridge Financial, Inc. (NYSE:CRBG), we believe AI stocks offer a better chance of delivering higher returns in a shorter time frame. If you are looking for AI stocks that are as promising as NVIDIA but trade at less than 5x, check out our report. Cheapest AI Stocks.
We’ve covered Corebridge Financial, Inc. (NYSE:CRBG) in a separate article, sharing Artisan Value Income Fund’s views on the company. Additionally, you can see our Hedge Fund Investor Letters Q2 2024 page for other investor letters from hedge funds and other leading investors.
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Disclosures: None. This article was originally published on Insider Monkey.
