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The specter of Security Benefit Life Insurance’s final liquidation of its FIGS stake-a portfolio once aggregated at 1.51% of assets under management-now dances like a stagflationary ballet. The insurer, after cradling 565,560 shares in its third-quarter ledger, has cashed out entirely, its financial retreat echoing faintly through the corridors of fintech’s echo chamber.
\n
What Happened
\n
A filing dated Nov. 12, 2025, confessed to the full erosion of this position in Figs (FIGS 0.93%), its remaining shares like a palimpsest of former investment confidence. The transaction, which netted an approximate $3.19 million for the firm’s ledgers, leaves behind a void where 1.51% of assets once nested. One might muse whether this is a reluctant hula or a calculated pirouette in the waltz of market uncertainty.
\n
What Else to Know
\n
Stepping barefoot from the arena, Security Benefit now holds not even a single micro-cap fragment of Figs’ share tapestry. The shift, however, is not merely a transactional erasure but a philosophical gesture: the insurer’s top holdings now cling to momentum-charged securities and interest-from-bond-horizon futures. Consider the quintet:
\n
- \n
- Accelerant Holdings (ARX +5.79%): $81 million (32.3% of AUM)
- Eldridge AAA CLO ETF (CLOX +0.06%): $58 million (23.1% of AUM)
- Eldridge BBB-B CLO ETF (CLOZ +0.19%): $44 million (17.4% of AUM)
- Vivid Seats (SEAT 4.29%): $36 million (14.6% of AUM)
- iShares 20+ Year Treasury Bond ETF (TLT +0.57%): $10 million (3.9% of AUM)
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The arbitrage here is telling-an abandonment of the sartorial supply chain for the cryptography of credit default futures. Figs, now at $9.59 per share (Nov. 24 data), trades 103% from this same calendar period last year, its rise a nosedive compared to the S&P 500’s lumbering ascent. One might call it a “high-collared” performance.
\n
Company Overview
\n
| Metric | Value |
|---|---|
| Revenue (TTM) | $581.03 million |
| Net Income (TTM) | $17.63 million |
| Price (as of market close 2025-11-24) | $9.59 |
| One-Year Price Change | 103% |
\n
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This numerical lectern reveals a business adrift between sartorial science and supply-side poetry. Figs, a purveyor of “scrubs” and activewear to the white-coated proletariat, thrives on a direct-to-consumer ethos. Its proprietary algorithms market numbered necklines and ties, their algorithms whispering equations of profit into a niche constituency. Yet its net margin-6%-is a somnambulant compared to the quilomere-adjacent 15% attained by rivals. The arithmetic here is a riddle: How to dress the market in elegance when profitability clings like a moth to a moth-eaten suit.
\n
Company Snapshot
\n
Let us dissect the specimen:
\n
- \n
- Furnishes the medical sartorialist with pliable fiber and pompous poise.
- Operates a digital-first leviathan, vendoring products through a platform that hums with the efficiency of a well-tailored tonic.
- Targets the U.S. healthcare professional, that most discerning of dressers.
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Its competitive astuteness lies in vertical integration-a sartorial Kintsugi, where supply chains are not merely managed but woven into fabric. Yet this verticality is both sword and scalpel, slicing margins for the sake of precision.
\n
Foolish Take
\n
Security Benefit’s prompt liquidation-secured at $6 per share, a figure as tenuous as a fig’s grip in winter-suggests either a trader’s intuition or a myopic reflex. Two quarters hence, the stock scaled $9, a climb that invites the question: What else lies beneath the surface of this sartorial agora?
\n
The allure of Figs is a blend of utility and that ineffable “mutual exclusivity” prized by the elite-those who disdain mere muumuu for the haute couture of hygiene. Yet its financials remain a conundrum. An 8% quarterly revenue pulse, though its highest in two years, is as thrilling to a equity enthusiast as a metronome at 60 BPM.
\n
Let us perform an academic exorcism with Lululemon as our exorcist. If Figs were to replicate its rival’s 15% net margin, it would trade at 20 times forward earnings-a valuation neither exorbitant nor azure-sky reckless. However, at a paltry 6%, the company’s fiscal ascent is a meander, not a promenade.
\n
Demographically, Figs is a blight-free bloom in the U.S. but a shrub in global territories, garnering 14% of its revenue abroad. To those who see geopolitics as a ledger of possibilities, this statistic is a perfume accord in need of amplification.
\n
In summation, Figs trades between two realms-the quotidian and the quotational. For the trader, it remains a subplot; for the Nabokovian speculator, a narrative of seams and shadows. ♝
\n
Glossary
\n
Assets Under Management (AUM): The aggregate capital supervised by an institutional gardener of money.
\n 13F Reportable Assets: Securities above a homage threshold, their benches of numbers filed quarterly for the SEC’s scrutiny.
\n Exited Position: A trader’s penultimate farewell to volatility, rendering shares to cash like a moth to a flame.
\n Stake: The fractional claim on a company, a sliver of its fate held in one’s insured hands.
\n Direct-to-Consumer: A logistical séance where products bypass mannequins and speak directly to consumers.
\n Vertically Integrated: The economic version of a well-documented ancestry tree, where every leaf knows its root.
\n Premium: The velvet tax of retail, a term often concealed in the lapel of price tags.
\n Proprietary: That which is monogamous with a company, its secrets locked in corporate vaults.
\n Outperforming: The market’s silent applause, a 52-week note that never quite crescendos.
\n TTM: A financial moat, the 12-month ledger’s frontier.
\n
The specter of Security Benefit Life Insurance’s final liquidation of its FIGS stake-a portfolio once aggregated at 1.51% of assets under management-now dances like a stagflationary ballet. The insurer, after cradling 565,560 shares in its third-quarter ledger, has cashed out entirely, its financial retreat echoing faintly through the corridors of fintech’s echo chamber.
What Happened
A filing dated Nov. 12, 2025, confessed to the full erosion of this position in Figs (FIGS 0.93%), its remaining shares like a palimpsest of former investment confidence. The transaction, which netted an approximate $3.19 million for the firm’s ledgers, leaves behind a void where 1.51% of assets once nested. One might muse whether this is a reluctant hula or a calculated pirouette in the waltz of market uncertainty.
What Else to Know
Stepping barefoot from the arena, Security Benefit now holds not even a single micro-cap fragment of Figs’ share tapestry. The shift, however, is not merely a transactional erasure but a philosophical gesture: the insurer’s top holdings now cling to momentum-charged securities and interest-from-bond-horizon futures. Consider the quintet:
- Accelerant Holdings (ARX +5.79%): $81 million (32.3% of AUM)
- Eldridge AAA CLO ETF (CLOX +0.06%): $58 million (23.1% of AUM)
- Eldridge BBB-B CLO ETF (CLOZ +0.19%): $44 million (17.4% of AUM)
- Vivid Seats (SEAT 4.29%): $36 million (14.6% of AUM)
- iShares 20+ Year Treasury Bond ETF (TLT +0.57%): $10 million (3.9% of AUM)
The arbitrage here is telling-an abandonment of the sartorial supply chain for the cryptography of credit default futures. Figs, now at $9.59 per share (Nov. 24 data), trades 103% from this same calendar period last year, its rise a nosedive compared to the S&P 500’s lumbering ascent. One might call it a “high-collared” performance.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $581.03 million |
| Net Income (TTM) | $17.63 million |
| Price (as of market close 2025-11-24) | $9.59 |
| One-Year Price Change | 103% |
This numerical lectern reveals a business adrift between sartorial science and supply-side poetry. Figs, a purveyor of “scrubs” and activewear to the white-coated proletariat, thrives on a direct-to-consumer ethos. Its proprietary algorithms market numbered necklines and ties, their algorithms whispering equations of profit into a niche constituency. Yet its net margin-6%-is a somnambulant compared to the quilomere-adjacent 15% attained by rivals. The arithmetic here is a riddle: How to dress the market in elegance when profitability clings like a moth to a moth-eaten suit.
Company Snapshot
Let us dissect the specimen:
- Furnishes the medical sartorialist with pliable fiber and pompous poise.
- Operates a digital-first leviathan, vendoring products through a platform that hums with the efficiency of a well-tailored tonic.
- Targets the U.S. healthcare professional, that most discerning of dressers.
Its competitive astuteness lies in vertical integration-a sartorial Kintsugi, where supply chains are not merely managed but woven into fabric. Yet this verticality is both sword and scalpel, slicing margins for the sake of precision.
Foolish Take
Security Benefit’s prompt liquidation-secured at $6 per share, a figure as tenuous as a fig’s grip in winter-suggests either a trader’s intuition or a myopic reflex. Two quarters hence, the stock scaled $9, a climb that invites the question: What else lies beneath the surface of this sartorial agora?
The allure of Figs is a blend of utility and that ineffable “mutual exclusivity” prized by the elite-those who disdain mere muumuu for the haute couture of hygiene. Yet its financials remain a conundrum. An 8% quarterly revenue pulse, though its highest in two years, is as thrilling to a equity enthusiast as a metronome at 60 BPM.
Let us perform an academic exorcism with Lululemon as our exorcist. If Figs were to replicate its rival’s 15% net margin, it would trade at 20 times forward earnings-a valuation neither exorbitant nor azure-sky reckless. However, at a paltry 6%, the company’s fiscal ascent is a meander, not a promenade.
Demographically, Figs is a blight-free bloom in the U.S. but a shrub in global territories, garnering 14% of its revenue abroad. To those who see geopolitics as a ledger of possibilities, this statistic is a perfume accord in need of amplification.
In summation, Figs trades between two realms-the quotidian and the quotational. For the trader, it remains a subplot; for the Nabokovian speculator, a narrative of seams and shadows. ♝
Glossary
Assets Under Management (AUM): The aggregate capital supervised by an institutional gardener of money.
13F Reportable Assets: Securities above a homage threshold, their benches of numbers filed quarterly for the SEC’s scrutiny.
Exited Position: A trader’s penultimate farewell to volatility, rendering shares to cash like a moth to a flame.
Stake: The fractional claim on a company, a sliver of its fate held in one’s insured hands.
Direct-to-Consumer: A logistical séance where products bypass mannequins and speak directly to consumers.
Vertically Integrated: The economic version of a well-documented ancestry tree, where every leaf knows its root.
Premium: The velvet tax of retail, a term often concealed in the lapel of price tags.
Proprietary: That which is monogamous with a company, its secrets locked in corporate vaults.
Outperforming: The market’s silent applause, a 52-week note that never quite crescendos.
TTM: A financial moat, the 12-month ledger’s frontier.
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2025-11-25 07:12