Ariel Investments, an investment management company, released its “Ariel Global Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the Ariel Global fund traded +3.32% higher, trailing the +6.18% return of the MSCI ACWI Index and outperforming the MSCI ACWI Value Index’s +2.98% gain. The fund’s lack of exposure to Materials and Energy was the greatest source of positive attribution in the quarter, while Communication Services holdings and choices within Information Technology 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 Verizon Communications Inc. (NYSE:VZ) in the second quarter 2023 investor letter. Headquartered in New York, New York, Verizon Communications Inc. (NYSE:VZ) offers communications, technology, information, and entertainment products and services. On September 12, 2023, Verizon Communications Inc. (NYSE:VZ) stock closed at $34.04 per share. One-month return of Verizon Communications Inc. (NYSE:VZ) was 2.31%, and its shares lost 17.54% of their value over the last 52 weeks. Verizon Communications Inc. (NYSE:VZ) has a market capitalization of $143.106 billion.
Ariel Global Fund made the following comment about Verizon Communications Inc. (NYSE:VZ) in its Q2 2023 investor letter:
“Global communications and technology leader, Verizon Communications Inc. (NYSE:VZ), also weighed on performance in the period on mixed earnings results. Consolidated revenues came in slightly below expectations, EBITDA was in-line and management reiterated full year 2023 guidance. Although share price action has been weak, we find the company valuation to be compelling and the approximately 7% dividend yield to be both stable and secure. We view Verizon as one of the best positioned telecoms in the world. Looking forward, we expect the free cash flow to grow significantly in the years ahead as Verizon moves past the secular peak in 5G capital spending.”
Photo by Mika Baumeister on Unsplash
Verizon Communications Inc. (NYSE:VZ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 53 hedge fund portfolios held Verizon Communications Inc. (NYSE:VZ) at the end of second quarter which was 59 in the previous quarter.
We discussed Verizon Communications Inc. (NYSE:VZ) in another article and shared the list of stocks receiving a massive vote of approval from Wall Street analysts. In addition, please check out our hedge fund investor letters Q2 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.
