Ariel Appreciation Fund Adds BOK Financial, Continues to Believe in Viacom, J.M. Smucker

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In J M Smucker Co (NYSE:SJM), the fund held 1.17 million shares, down by 10% on the quarter. In its letter to investors, Ariel Appreciation Fund reported that stock suffered due to less than expected results from its acquisition of pet food company, Big Hear Pet Brands. The acquisition did not provide expected revenue or profit boost. However, the fund believes that the issue is short term in nature and the management will be able to draw better returns in the future. The number of funds from our hedge fund database long J M Smucker went up by three to 30 during the second quarter.

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In Viacom Inc. (NASDAQ:VIAB), Ariel Investments increased its stake by 34% to 3.06 million shares during the second quarter. The stock lost over 7% in the third quarter, but the fund considers that it mainly suffered on account of its management shuffle, as the company replaced its CEO Philippe Dauman with COO Tom Dooley. However, Dooley announced his resignation from the position in September. The company also slashed the quarterly dividend by 50%. However, the fund believes in the company’s long term potential. A total of 41 hedge funds from our database had positions in Viacom Inc. (NASDAQ:VIAB) heading into the third quarter.

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BOK Financial Corporation (NASDAQ:BOKF) stock has climbed by 17% year-to-date. As stated earlier, the company represented a new addition to Ariel’s equity portfolio last quarter, as the fund decided to take advantage of macroeconomic headwinds caused by lower oil prices to acquire a stake in a “a conservatively managed bank with a geographic niche.” BOK Financial serves to businesses and individuals in the middle-south and Ariel considers that BOK Financial is likely to provide superior returns as its experienced management and skilled underwriting capabilities set it apart from its competitors. At the end of June, 11 of the funds we track held shares of the company, compared to 10 funds a quarter earlier.

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Disclosure: none

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