Ariel Investments, an investment management company, released its “Ariel Focus Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund increased +1.97%, compared to a +4.07% and +8.74% return for the Russell 1000 Value Index and the S&P 500 Index, respectively. Global markets continued to rise in the second quarter however, the US economy continues to show signs of cooling. Despite uncertainty and volatility expected to remain high, the firm views these near-term concerns as noise from the perspective of its long-term investment horizon. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Focus Fund highlighted stocks like Oracle Corporation (NYSE:ORCL) in the second quarter 2023 investor letter. Headquartered in Austin, Texas, Oracle Corporation (NYSE:ORCL) provides products and services for enterprise information technology environments. On September 8, 2023, Oracle Corporation (NYSE:ORCL) stock closed at $126.32 per share. One-month return of Oracle Corporation (NYSE:ORCL) was 9.30%, and its shares gained 63.88% of their value over the last 52 weeks. Oracle Corporation (NYSE:ORCL) has a market capitalization of $342.865 billion.
Ariel Focus Fund made the following comment about Oracle Corporation (NYSE:ORCL) in its Q2 2023 investor letter:
“Several stocks in the portfolio had strong returns over the period. Global leader in enterprise software, Oracle Corporation (NYSE:ORCL), was the top contributor to relative performance in the quarter. Fiscal full year 2023 revenues reached an all-time high led by accelerating growth in the cloud applications and infrastructure businesses. ORCL is benefitting from a significant expansion in artificial intelligence (AI) demand, with existing customers burning through commitments at a heightened rate. We believe these results highlight ORCL’s ability to effectively cross-sell and upsell apps and infrastructure, as well as the emergence of the company’s cloud platform as a competitive offering. Looking ahead, we expect ORCL will be a continued beneficiary of Generative AI workloads.”
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Oracle Corporation (NYSE:ORCL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 84 hedge fund portfolios held Oracle Corporation (NYSE:ORCL) at the end of second quarter which was 67 in the previous quarter.
We discussed Oracle Corporation (NYSE:ORCL) in another article and shared the list of fastest-growing AI stocks to buy. 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.
