Ariel Investments, an investment management company, released its “Ariel Appreciation Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the Ariel Appreciation fund fell -6.48% underperforming Russell Midcap Value and Russell Midcap indices, which returned -4.46% and -4.68%, respectively. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Ariel Appreciation Fund highlighted stocks like Axalta Coating Systems Ltd. (NYSE:AXTA) in the third quarter 2023 investor letter. Headquartered in Philadelphia, Pennsylvania, Axalta Coating Systems Ltd. (NYSE:AXTA) manufactures, markets, and distributes coatings systems. On December 12, 2023, Axalta Coating Systems Ltd. (NYSE:AXTA) stock closed at $33.04 per share. One-month return of Axalta Coating Systems Ltd. (NYSE:AXTA) was 6.65%, and its shares gained 23.79% of their value over the last 52 weeks. Axalta Coating Systems Ltd. (NYSE:AXTA) has a market capitalization of $7.272 billion.
Ariel Appreciation Fund made the following comment about Axalta Coating Systems Ltd. (NYSE:AXTA) in its Q3 2023 investor letter:
“Lastly, leading manufacturer and distributor of coatings technologies, Axalta Coating Systems Ltd. (NYSE:AXTA), traded lower as earnings came in slightly below expectations due to currency headwinds and a near-term disruption related to the implementation of its new Enterprise Resource Planning (ERP) system. Nonetheless, management reaffirmed its 2024 full year outlook. We expect AXTA’s margins will improve as inflation for raw materials ease. We also expect vehicle production and corresponding demand for mobility coatings to increase as supply chain constraints ease. Longer-term, we believe the company will continue to gain market share in its refinishing business and improve margins through cost savings.”
A close-up of an artist carefully applying a coat of paint to a wood structure.
Axalta Coating Systems Ltd. (NYSE:AXTA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Axalta Coating Systems Ltd. (NYSE:AXTA) at the end of third quarter which was 49 in the previous quarter.
We discussed Axalta Coating Systems Ltd. (NYSE:AXTA) in another article and shared Artisan Select Equity Fund’s views on the company. 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.
