Fidelity National Financial, Inc.

Fidelity National Financial's $2.72B quarterly portfolio is dominated by a single name — an 88.3% allocation to F&G Annuities and Life Inc (FG) that anchors the entire book and dwarfs every other position combined. That concentration is the defining risk feature of this filing: even as the filer executed 25 position changes across its smaller marketable securities sleeve, the FG stake ($2.40B, down $526M quarter-over-quarter) determines the portfolio's volatility profile more than everything else put together. The balance of the book tells a different story — a diversified institutional investor rotating out of energy and transportation names and into technology and consumer staples. Chevron, Union Pacific, and UPS were all fully liquidated; Meta Platforms, Amgen, Albertsons, and Amcor were initiated as brand-new stakes ranging from $14M to $21M. The tension in this filing is the split personality: the FG position reads like a controlled, possibly related-party or legacy corporate holding that has little to do with active asset allocation, while the satellite portfolio shows a professional manager working the equity book with genuine selection. For observers watching FNF's broader corporate structure, the key question is whether the FG stake is a permanent structural feature of this entity's balance sheet or a position that will eventually be reduced to free capital for the marketable portfolio.