Oakmark Fund added Equitable Holdings as a new position in the second quarter of 2026, citing its shift toward capital-light fee businesses and the pending merger with Corebridge Financial. The fund noted that more than half of Equitable's distributable cash flow now comes from nonregulated fee segments, and it views the Corebridge deal as a merger of equals that could create a leading U.S. retirement, wealth, and asset management franchise. Oakmark initiated the stake at less than six times its estimate of 2027 distributable cash flow, a valuation it believes understates the earnings quality of the business. Equitable Holdings closed at $47.80 per share on July 13, 2026, with a market capitalization of $13.05 billion.
Axa Equitable Holdings IncOakmark initiated a position citing undervaluation at less than 6x 2027 distributable cash flow and shift to capital-light fee businesses.
Corebridge Financial Inc.Pending merger with Equitable Holdings viewed as creating a leading retirement and asset management franchise, enhancing Corebridge's value.