Ariel Investments, an investment management company, released its “Ariel Small Cap Value Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The Ariel Small Cap Value Tax-Exempt Composite declined -7.53% gross of fees (-7.76% net of fees) in the quarter underperforming both the Russell 2000 Value Index and the Russell 2000 Index, which returned -2.96% and -5.13%, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Small Cap Value Strategy highlighted stocks like Affiliated Managers Group, Inc. (NYSE:AMG) in the third quarter 2023 investor letter. Based in West Palm Beach, Florida, Affiliated Managers Group, Inc. (NYSE:AMG) is an investment management company. On December 12, 2023, Affiliated Managers Group, Inc. (NYSE:AMG) stock closed at $141.53 per share. One-month return of Affiliated Managers Group, Inc. (NYSE:AMG) was 4.90%, and its shares lost 9.92% of their value over the last 52 weeks. Affiliated Managers Group, Inc. (NYSE:AMG) has a market capitalization of $4.785 billion.
Ariel Small Cap Value Strategy made the following comment about Affiliated Managers Group, Inc. (NYSE:AMG) in its Q3 2023 investor letter:
“Also in the quarter, we initiated a new position in boutique asset manager, Affiliated Managers Group, Inc. (NYSE:AMG). AMG has a unique business model in which it purchases meaningful equity interests in boutique asset management firms and in return receives a fixed percentage of revenues. The Company’s partnership approach allows for its affiliates’ management teams to own significant equity while maintaining operational independence. We believe AMG’s size and scale allow the company to be the leading destination for growing boutique firms addressing succession issues and/or seeking assistance in marketing, distribution and product development. In our view, investors currently underappreciate the company’s active and alternative-asset affiliate business model.”
A portfolio manager poring over financial documents in her office, illustrating the company’s asset management process.
Affiliated Managers Group, Inc. (NYSE:AMG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Affiliated Managers Group, Inc. (NYSE:AMG) at the end of third quarter which was 33 in the previous quarter.
We discussed Affiliated Managers Group, Inc. (NYSE:AMG) in another article and shared the list of oversold financial stocks to buy. In addition, please check out our hedge fund investor letters Q3 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.
