Billionaire Cliff Asness 2023 Portfolio: Top 5 Blue Chip Value Stocks

4. American International Group, Inc. (NYSE:AIG)

Trailing P/E Ratio: 4.13x

Cliff Asness’ AQR Capital Management’s Holdings: $290,024,531

Percentage of Cliff Asness’ AQR Capital Management’s Portfolio: 0.63%

Number of Hedge Fund Holders: 46

On May 8, Paul Newsome at Piper Sandler raised the price target on American International Group, Inc. (NYSE:AIG) from $73 to $76. The analyst maintained an Overweight rating on the stock following better-than-expected Q1 2023 results. The positive results were driven by the company’s investment income from the life insurance division. The analyst added that the current share price does not reflect the true profitability of the business. American International Group, Inc. (NYSE:AIG) reported an EPS of $1.63, surpassing the analysts’ forecast by 21 cents. The company also increased its quarterly dividends from 32 cents to 36 cents.

Here’s what Diamond Hill Capital said about American International Group, Inc. (NYSE:AIG) in its Q1 2023 investor letter:

“Elsewhere in financials, the stocks of two of our insurance holdings – American International Group, Inc. (NYSE:AIG) and Allstate – came under pressure we believe due to the negative sentiment in the sector generally. These businesses are very different from banks, and we continue to have strong conviction in their ability to grow intrinsic value over the long term.”