Ariel Investments, an investment management company, released its “Ariel Global Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the Ariel Global fund traded -3.16% lower, ahead of its primary benchmark the MSCI ACWI Index’s -3.40% return while underperformed its secondary benchmark MSCI ACWI Value Index’s -1.76% loss. 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 third 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 December 13, 2023, Verizon Communications Inc. (NYSE:VZ) stock closed at $36.99 per share. One-month return of Verizon Communications Inc. (NYSE:VZ) was 2.24%, and its shares lost 2.07% of their value over the last 52 weeks. Verizon Communications Inc. (NYSE:VZ) has a market capitalization of $155.51 billion.
Ariel Global Fund made the following comment about Verizon Communications Inc. (NYSE:VZ) in its Q3 2023 investor letter:
“By comparison, global communications and technology leader, Verizon Communications Inc. (NYSE:VZ), continued to weigh on performance following an article in the Wall Street Journal outlining concerns on lead cable lines posing a significant public health threat. Although the lead covered cable lines remain an overhang on shares, we find Verizon’s valuation to be compelling. The company delivered a solid earnings report, with subscriber and financial metrics in-line or ahead of consensus. Management also reiterated full year guidance and noted it may exceed its outlook for free-cash-flow. From a competitive and financial standpoint, we view Verizon to be among one of the best positioned telecoms in the world. Looking forward, we expect free cash flow to grow significantly in the years ahead as the company moves past the secular peak in 5G capital spending.”
Close-up of a technician’s hands adjusting a communication router.
Verizon Communications Inc. (NYSE:VZ) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 61 hedge fund portfolios held Verizon Communications Inc. (NYSE:VZ) at the end of third quarter which was 53 in the previous quarter.
We discussed Verizon Communications Inc. (NYSE:VZ) in another article and shared the list of Dow stocks that billionaires really don’t like. 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.
