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 Credicorp Ltd. (NYSE:BAP) in the third quarter 2023 investor letter. Headquartered in Lima, Peru, Credicorp Ltd. (NYSE:BAP) offers various financial, insurance, and health services and products. On December 13, 2023, Credicorp Ltd. (NYSE:BAP) stock closed at $130.29 per share. One-month return of Credicorp Ltd. (NYSE:BAP) was 4.34%, and its shares lost 2.70% of their value over the last 52 weeks. Credicorp Ltd. (NYSE:BAP) has a market capitalization of $10.362 billion.
Ariel Global Fund made the following comment about Credicorp Ltd. (NYSE:BAP) in its Q3 2023 investor letter:
“Peruvian banking franchise, Credicorp Ltd. (NYSE:BAP), also declined in the quarter. Although the company delivered solid earnings results, management anticipates slower loan growth and higher provisions in the back half of the year due to an increasingly challenging macro backdrop. Our thesis remains focused on Credicorp’s attractive long-term earnings potential. The company holds a dominant position in a highly concentrated banking system with many attractive features including low penetration and high returns on equity. Credicorp also continues to invest in digital transformation and accelerate disruptive innovations. Moreover, it views venture capital and the underdeveloped fintech market in Peru as an opportunity to boost growth and enhance shareholder value.”
A banking specialist consulting with a customer on the benefits of a certificate of deposit.
Credicorp Ltd. (NYSE:BAP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Credicorp Ltd. (NYSE:BAP) at the end of third quarter which was 19 in the previous quarter.
We discussed Credicorp Ltd. (NYSE:BAP) in another article and shared Ariel Global Fund’s views on the company in the previous quarter. 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.
