Investment management firm Miller Value Partners has released its Q1 2024 “Income Strategy” investor letter. A copy of the letter can be downloaded here. In the first quarter, the strategy returned 11.69% net of fees, compared to the benchmark ICE BofA US High Yield Index's return of 1.52%. Plus, check out the fund's top 5 holdings to find out the best stocks for 2024.
Miller Value Income Strategy featured stocks such as Jackson Financial (NYSE:JXN) in its Q1 2024 Investor Letter. Jackson Financial Inc. (NYSE:JXN), headquartered in Lansing, Michigan, is an investment holding company operating through individual annuities, institutional products, closed life insurance and annuity blocks segments. On April 15, 2024, Jackson Financial Inc. (NYSE: JXN) stock closed at $64.16 per share. Jackson Financial, Inc. (NYSE: JXN)'s 1-month return is 3.27%, and the company's stock has increased 72.10% of its value over the past 52 weeks. Jackson Financial Inc. (NYSE:JXN) has a market capitalization of $4.916 billion.
Miller Value Income Strategies has this to say about Jackson Financial Inc. (NYSE:JXN) in its Q1 2024 Investor Letter:
“Jackson Financial Co.” (NYSE:JXN) reported fourth-quarter 2023 adjusted operating EPS of $2.53. In comparison, Q4 2022 EPS was $5.66, below the consensus of $3.49. Registered index linked annuity (RILA) sales in the same quarter increased 78.6% year over year to $1.0 billion, but annuity sales in FY2023 decreased -18.5% year over year to $12.8 billion. The company returned $117 million to shareholders in the fourth quarter of 2023, resulting in a 2023 return on equity of $464 million, or approximately 9.1% of the company's market capitalization. Management increased the quarterly dividend by 12.9% to $0.70 per share (a yield of about 4.2%) and set a midpoint 2024 return on equity target of $600 million (11.7% of market capitalization). ”
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Jackson Financial Inc. (NYSE:JXN) isn't included in our list of 30 most popular stocks among hedge funds. At the end of the fourth quarter, Jackson Financial (NYSE: JXN)'s hedge fund portfolio was held in 26 companies, compared to 19 in the previous quarter, according to our database.
Previously, I covered Jackson Financial, Inc. (NYSE:JXN) in another article and shared Miller Value Income Strategy's take on the company. Additionally, for investor letters from hedge funds and other leading investors, please visit our Hedge Fund Investor Letters Q1 2024 page.
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Disclosure: None. This article was originally published on Insider Monkey.
