Investment Thesis
Loews Corporation is a conglomerate with majority stakes in CNA Financial, Boardwalk Pipelines, and Loews Hotels. Conservative capital allocation and opportunistic buybacks drive NAV accretion.
- Insurance Anchor: CNA provides dividends and steady earnings.
- Energy Infrastructure: Boardwalk natural gas pipelines benefit from Gulf Coast LNG growth.
- Hotel Upside: Owned/managed hotel portfolio recovers with travel demand.