F&G: Private Credit Exposure Is Manageable Despite Fears (Upgrade)

2025-10-15 16:24:26 ET

Shares of F&G Annuities & Life, Inc. ( FG ) have been a very poor performer over the past year, losing about 30% of their value. Challenges began earlier this year with a surprising equity issuance despite relatively low sales, which raised concerns about its capital allocation policies. Frankly, the stock has simply not recovered from that lost confidence in management. More recently, F&G has been caught up in the current private credit scare, though I believe this is creating an opportunity ahead of earnings. Admittedly, though, I have been overly positive on F&G. Since I last rated shares a “Buy” in August , F&G has lost 13% while the market has added 4%. With recent developments, I am upgrading shares to a " S trong Buy."...

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