Investment management company First Pacific Advisors recently released its “FPA Queens Road Small Cap Value Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -2.25% compared to a -2.96% return for the Russell 2000 Value Index. The Fund returned 2.57% YTD compared to -0.53% 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 third quarter 2023 investor letter. Based in West Des Moines, Iowa, American Equity Investment Life Holding Company (NYSE:AEL) provides life insurance products. On November 17, 2023, American Equity Investment Life Holding Company (NYSE:AEL) stock closed at $54.70 per share. One-month return of American Equity Investment Life Holding Company (NYSE:AEL) was 2.88%, and its shares gained 39.61% of their value over the last 52 weeks. American Equity Investment Life Holding Company (NYSE:AEL) has a market capitalization of $4.323 billion.
FPA Queens Road Small Cap Value Fund made the following comment about American Equity Investment Life Holding Company (NYSE:AEL) in its Q3 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 (a program they refer to as AEL 2.0). As of 23Q2, AEL had 25% of its balance sheet in private assets. The company has had several takeover offers over the years and on June 27, 2023 Brookfield bid $55 per share for the business.”
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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 ClearBridge Small Cap Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.
