Ariel Investments, an investment management company, released its “Ariel Focus Fund” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined -7.45%, compared to -5.62% return for the Russell 1000 Value Index and -4.88% loss for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Ariel Investment highlighted stocks like Bank of America Corporation (NYSE:BAC) in its Q3 2022 investor letter. Headquartered in Charlotte, North Carolina, Bank of America Corporation (NYSE:BAC) is a banking company that provides banking and financial services. On December 2, 2022, Bank of America Corporation (NYSE:BAC) stock closed at $36.08 per share. One-month return of Bank of America Corporation (NYSE:BAC) was -1.85%, and its shares lost 18.93% of their value over the last 52 weeks. Bank of America Corporation (NYSE:BAC) has a market capitalization of $289.449 billion.
Ariel Investment made the following comment about Bank of America Corporation (NYSE:BAC) in its Q3 2022 investor letter:
“We initiated three new positions in the quarter. We added leading financial institution Bank of America Corporation (NYSE:BAC) which serves individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management, and other financial and risk management products and services. The current company was formed through various mergers including NationsBank, FleetBoston, US Trust, Countrywide Financial, and Merrill Lynch with the legacy commercial bank to form a national banking powerhouse and bulge bracket investment firm. As one of the ‘Big Four’ U.S. banks it enjoys scale driven cost advantages and economies of scale which provide meaningful competitive advantages and potential for strong returns in the largely commoditized banking industry. A survivor of the financial crisis, BAC has emerged with a solid capital base and stands to benefit from a rising interest rate environment.”
Bank of America Corporation (NYSE:BAC) is in 15th position on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 97 hedge fund portfolios held Bank of America Corporation (NYSE:BAC) at the end of the third quarter, which was 99 in the previous quarter.
We discussed Bank of America Corporation (NYSE:BAC) in another article and shared the best bear market stocks to buy. In addition, please check out our hedge fund investor letters Q3 2022 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.
