Do You Believe in the Long-Term Opportunity of Baidu (BIDU)?

Ariel Investments, an investment management company, released its “Ariel Global Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the Ariel Global fund traded +4.19% higher, trailing the +7.31% return of the MSCI ACWI Index and outperforming the MSCI ACWI Value Index’s +1.24% gain. Utilities holdings and lack of exposure to Energy were the sources of positive performance in the quarter, while Information Technology and positioning within Health Care and cash detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Ariel Global Fund highlighted stocks like Baidu, Inc. (NASDAQ:BIDU) in the first quarter 2023 investor letter. Headquartered in Beijing, China, Baidu, Inc. (NASDAQ:BIDU) is an internet search service provider. On May 31, 2023, Baidu, Inc. (NASDAQ:BIDU) stock closed at $122.85 per share. One-month return of Baidu, Inc. (NASDAQ:BIDU) was 1.24%, and its shares lost 15.97% of their value over the last 52 weeks. Baidu, Inc. (NASDAQ:BIDU) has a market capitalization of $43.919 billion.

Ariel Global Fund made the following comment about Baidu, Inc. (NASDAQ:BIDU) in its Q1 2023 investor letter:

“China’s internet search and online community leader, Baidu, Inc. (NASDAQ:BIDU) was the top contributor in the quarter. Shares traded higher following the announcement Baidu plans to launch an AI chatbot similar to ChatGPT. While some investors remain on the sidelines due to uncertainty surrounding Covid, China’s economic growth, and the political rhetoric towards Taiwan, we remain enthusiastic about Baidu’s longer-term opportunity for revenue growth and margin expansion across internet search, cloud, autonomous driving, artificial intelligence and online video.”

Baidu Inc (ADR) (NASDAQ:BIDU), homepage, website, online, close up, magnifying glass

Gil C / Shutterstock.com

Baidu, Inc. (NASDAQ:BIDU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Baidu, Inc. (NASDAQ:BIDU) at the end of first quarter 2023 which was 40 in the previous quarter.

We discussed Baidu, Inc. (NASDAQ:BIDU) in another article and shared the list of most undervalued Hong Kong stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.