Appleseed Fund Exited The Allstate Corporation (ALL) as the Stock Reached Its Intrinsic Value Estimate

Appleseed Fund, an investment management company released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund’s Investor Class returned 5.42% over the six months that ended March 31, 2023, and outperformed the Morningstar Global Small/Midcap Index, which generated a 3.57% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Appleseed Fund highlighted stocks like The Allstate Corporation (NYSE:ALL) in the Q1 2023 investor letter. Headquartered in Northbrook, Illinois, The Allstate Corporation (NYSE:ALL) is an insurance company that provides property and casualty, and other insurance products. On May 30, 2023, The Allstate Corporation (NYSE:ALL) stock closed at $110.66 per share. One-month return of The Allstate Corporation (NYSE:ALL) was -2.52%, and its shares lost 19.31% of their value over the last 52 weeks. The Allstate Corporation (NYSE:ALL) has a market capitalization of $28.569 billion.

Appleseed Fund made the following comment about The Allstate Corporation (NYSE:ALL) in its Q1 2023 investor letter:

“During the quarter, Appleseed Fund sold two equity investments: Adidas AG (ADS-DE) and The Allstate Corporation (NYSE:ALL). Allstate’s stock price reached our estimate for intrinsic value, so Appleseed Fund exited its position.”

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The Allstate Corporation (NYSE:ALL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 49 hedge fund portfolios held The Allstate Corporation (NYSE:ALL) at the end of first quarter 2023 which was 37 in the previous quarter.

We discussed The Allstate Corporation (NYSE:ALL) in another article and shared the list of best June dividend stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.