Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 4.20% compared to a 3.18% return for the Russell 2000 Value Index. The Fund returned 4.93% in the first half compared to 2.50% for the index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
FPA Queens Road Small Cap Value Fund highlighted stocks like American Equity Investment Life Holding Company (NYSE:AEL) in the second quarter 2023 investor letter. Based in West Des Moines, Iowa, American Equity Investment Life Holding Company (NYSE:AEL) provides life insurance products and issues fixed index and rate annuities and single premium immediate annuities. On September 12, 2023, American Equity Investment Life Holding Company (NYSE:AEL) stock closed at $54.00 per share. One-month return of American Equity Investment Life Holding Company (NYSE:AEL) was 1.07%, and its shares gained 45.24% of their value over the last 52 weeks. American Equity Investment Life Holding Company (NYSE:AEL) has a market capitalization of $4.228 billion.
FPA Queens Road Small Cap Value Fund made the following comment about American Equity Investment Life Holding Company (NYSE:AEL) in its Q2 2023 investor letter:
“American Equity Investment Life Holding Company (NYSE:AEL) is a leading writer of fixed-index annuities. The company is undergoing an ambitious transformation plan led by CEO Anant Bhalla to diversify into alternatives and move assets off balance sheet, creating a fee income stream and freeing up capital for buybacks (AEL 2.0). We are warily watching, but so far, results have been good. As of 23Q1, AEL had 24% of its balance sheet in private assets.15 The company has had several takeover offers over the years and on June 27, Brookfield bid $55 per share for the business.”
American Equity Investment Life Holding Company (NYSE:AEL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held American Equity Investment Life Holding Company (NYSE:AEL) at the end of second quarter which was 17 in the previous quarter.
We discussed American Equity Investment Life Holding Company (NYSE:AEL) in another article and shared the list of best annual dividend stocks to buy. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 Countries That Care About The Environment Most
- 50 Countries with the Most Attractive People
- 15 Countries That Watch the Most Gay Content
Disclosure: None. This article is originally published at Insider Monkey.
