Ariel Investments, an investment management company, released its “Ariel Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the Ariel fund gained +6.66% outperforming +1.40% and +3.39% gains of both the Russell 2500 Value Index and the Russell 2500 Index. The average annual returns of Ariel Fund (Investor class) for 1-, 5-, and 10-year periods were -8.74%, +5.80%, and +9.06% respectively, for the period ended March 31, 2023. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Fund highlighted stocks like Paramount Global (NASDAQ:PARA) in the first quarter 2023 investor letter. Headquartered in New York, New York, Paramount Global (NASDAQ:PARA) is a media and entertainment company. On June 1, 2023, Paramount Global (NASDAQ:PARA) stock closed at $15.39 per share. One-month return of Paramount Global (NASDAQ:PARA) was -8.72%, and its shares lost 50.03% of their value over the last 52 weeks. Paramount Global (NASDAQ:PARA) has a market capitalization of $10.125 billion.
Ariel Fund made the following comment about Paramount Global (NASDAQ:PARA) in its Q1 2023 investor letter:
“Shares of leading entertainment company, Paramount Global (NASDAQ:PARA) also increased in the period, as the company’s fresh array of hit global content drove subscriber momentum worldwide. Paramount+ added a record 9.9 million subscribers in the quarter, with global direct-to-consumer subscriptions rising above 77 million. Additionally, Paramount Pictures opened six #1 films in the U.S. box office in 2022 and regained its position as the most-watched media family in linear television. While we acknowledge investments in content and international expansion continue to weigh on cash flow, we expect spending to moderate as the company enhances its focus on profitability for its streaming service, which should drive free cash flow in 2024 and beyond. In our view, the company’s long-term opportunity in streaming and the value of its proprietary content remain meaningfully underappreciated.”
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Paramount Global (NASDAQ:PARA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Paramount Global (NASDAQ:PARA) at the end of first quarter 2023 which was 38 in the previous quarter. 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.
