Greenlight Capital, an investment management company, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned (1.3%), net of fees and expenses, in the first quarter compared to a 7.5% return for the S&P 500 Index. Furthermore, the longs gained 9.9%, while its shorts lost 10.8% and macro lost 0.4%, net of fees and expenses during the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Greenlight Capital highlighted stocks like Brighthouse Financial, Inc. (NASDAQ:BHF) in the first quarter 2023 investor letter. Headquartered in Charlotte, North Carolina, Brighthouse Financial, Inc. (NASDAQ:BHF) provides life insurance products and annuities. On May 02, 2023, Brighthouse Financial, Inc. (NASDAQ:BHF) stock closed at $42.47 per share. One-month return of Brighthouse Financial, Inc. (NASDAQ:BHF) was 1.60%, and its shares lost 23.82% of their value over the last 52 weeks. Brighthouse Financial, Inc. (NASDAQ:BHF) has a market capitalization of $2.858 billion.
Greenlight Capital made the following comment about Brighthouse Financial, Inc. (NASDAQ:BHF) in its Q1 2023 investor letter:
“Brighthouse Financial, Inc. (NASDAQ:BHF) was the other material loser during the quarter, with shares declining by 14%. In response to the bank failures, partially caused by a few banks buying long duration bonds that fell in value when interest rates rose, the market sold other industries that own long duration bonds as well. Life insurers went to the top of the pile and, well, BHF is a life insurer and owns a lot of bonds. Though BHF is a beneficiary of higher rates by virtue of having very long duration liabilities, which are quite different from short-term deposits that can leave abruptly, the market decided to simply ignore this difference and focus on its exposure to bonds. We don’t believe any of the concern is BHF specific, as other life insurers suffered similar stock performance.”
Brighthouse Financial, Inc. (NASDAQ:BHF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 26 hedge fund portfolios held Brighthouse Financial, Inc. (NASDAQ:BHF) at the end of the fourth quarter which was 31 in the previous quarter.
We discussed Brighthouse Financial, Inc. (NASDAQ:BHF) in another article and shared the list of top life insurance companies in the world. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 20 Most Profitable Movies Of All Time Compared To Budget
- 15 Most Acquisitive Public Companies in the US
- Top 15 Railroad Companies In The World
Disclosure: None. This article is originally published at Insider Monkey.
