Miller Value Partners, an investment management company, released its “Income Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 11.07% net of fees versus a 7.04% return for the benchmark, ICE BofA US High Yield Index, and underperforming the S&P 500’s 11.69% gain. Year-to-date the fund was up 12.59% net of fees compared to 13.44% for the benchmark and 26.29% return for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Miller Value Partners Income Strategy featured stocks such as Jackson Financial Inc. (NYSE:JXN) in the fourth quarter 2023 investor letter. Headquartered in Lansing, Michigan, Jackson Financial Inc. (NYSE:JXN) is an investment holding company that operates through Retail Annuities, Institutional Products, and Closed Life and Annuity Blocks segments. On January 11, 2024, Jackson Financial Inc. (NYSE:JXN) stock closed at $49.91 per share. One-month return of Jackson Financial Inc. (NYSE:JXN) was -1.94%, and its shares gained 37.08% of their value over the last 52 weeks. Jackson Financial Inc. (NYSE:JXN) has a market capitalization of $3.968 billion.
Miller Value Partners Income Strategy stated the following regarding Jackson Financial Inc. (NYSE:JXN) in its fourth quarter 2023 investor letter:
“Jackson Financial Inc. (NYSE:JXN) reported 3Q23 Adjusted Operating EPS of $3.80, -10.4% Y/Y, ahead of consensus of $3.53. Registered index-linked annuity (RILA) sales rose 43.5% Y/Y to $807MM in the quarter, while total annuity account value rose 10.1% Y/Y to $218B, primarily driven by higher equity markets over the TTM period, with capital ratios rising. During the quarter, management returned $123MM to shareholders (3.0% of market cap) via $71MM of share repurchases and $52MM in dividends, and remains on track to achieve its 2023 capital return target of $500MM at the midpoint, or 12.3% of the company’s market cap.”
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Jackson Financial Inc. (NYSE:JXN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Jackson Financial Inc. (NYSE:JXN) at the end of third quarter which was 23 in the previous quarter.
We discussed Jackson Financial Inc. (NYSE:JXN) in another article and shared the list of stocks with the lowest PE ratio. 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.
