Headwaters Capital recently released its Q1 2021 Investor Letter, a copy of which you can download here. The fund posted a return of 0.4% for the quarter, underperforming its benchmark, the Russell Mid Cap Index which returned 8.1% in the same quarter. You should check out Headwaters Capital's top 5 stock picks for investors to buy right now, which could be the biggest winners of 2021. In the Q4 2020 Investor Letter, the fund highlighted a few stocks and American Financial Group Inc (NYSE: AFG ) is one of them. American Financial Group Inc (NYSE: AFG ) is a financial services company. In the last three months, American Financial Group Inc (NYSE: AFG ) stock gained 26.1% and on April 6th it had a closing price of $115.75. Here is what the fund said: "American Financial Group is proof that I'm less concerned with whether a stock is a "value" or "growth" stock, but more concerned with the quality of the business and the durability of its earnings power.