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 Gilead Sciences, Inc. (NASDAQ:GILD) in the second quarter 2023 investor letter. Headquartered in Foster City, California, Gilead Sciences, Inc. (NASDAQ:GILD) is a biopharmaceutical company. On September 12, 2023, Gilead Sciences, Inc. (NASDAQ:GILD) stock closed at $76.80 per share. One-month return of Gilead Sciences, Inc. (NASDAQ:GILD) was -1.54%, and its shares gained 17.83% of their value over the last 52 weeks. Gilead Sciences, Inc. (NASDAQ:GILD) has a market capitalization of $95.694 billion.
Ariel Global Fund made the following comment about Gilead Sciences, Inc. (NASDAQ:GILD) in its Q2 2023 investor letter:
“Lastly, shares of biopharmaceutical company, Gilead Sciences, Inc. (NASDAQ:GILD), declined in the quarter on investor concerns over positioning of their drug, Trodelvy, amidst a crowded competitive landscape. Nevertheless, we maintain a positive outlook on the company, which is bolstered by the resilience of its core virology commercial business and the increasingly compelling oncology portfolio. We believe Gilead’s strategic transformation into a more diversified biopharmaceutical entity, expanding its focus from virology to oncology, provides a strong foundation for its future growth.”
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Gilead Sciences, Inc. (NASDAQ:GILD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 56 hedge fund portfolios held Gilead Sciences, Inc. (NASDAQ:GILD) at the end of second quarter which was 60 in the previous quarter.
We discussed Gilead Sciences, Inc. (NASDAQ:GILD) in another article and shared the list of undervalued wide moat stocks to invest in. 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.
