Ariel Investments, an investment management company, released its “Ariel Global Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the Ariel Global fund traded +4.19% higher, trailing the +7.31% return of the MSCI ACWI Index and outperforming the MSCI ACWI Value Index’s +1.24% gain. Utilities holdings and lack of exposure to Energy were the sources of positive performance in the quarter, while Information Technology and positioning within Health Care and cash detracted. 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 Ambev S.A. (NYSE:ABEV) in the first quarter 2023 investor letter. Headquartered in São Paulo, Brazil, Ambev S.A. (NYSE:ABEV) engages in the production, distribution, and sale of beverages. On May 31, 2023, Ambev S.A. (NYSE:ABEV) stock closed at $2.7900 per share. One-month return of Ambev S.A. (NYSE:ABEV) was -4.12%, and its shares lost 4.78% of their value over the last 52 weeks. Ambev S.A. (NYSE:ABEV) has a market capitalization of $44.773 billion.
Ariel Global Fund made the following comment about Ambev S.A. (NYSE:ABEV) in its Q1 2023 investor letter:
“Also during the quarter, we initiated a new position in Brazil-based brewing company, Ambev S.A. (NYSE:ABEV) in the quarter. The company produces, distributes and sells beer, carbonated soft drinks and other non-alcoholic and non-carbonated beverages across the Americas. Ambev appointed a new executive leadership team in 2020 focused on transforming the company’s culture and operations. Following several consecutive years of margin contraction, we expect 2023 to be a turning point and believe Ambev’s commercial strategy will help improve the sales mix resulting in market share, revenue and earnings growth. In addition, we like the net cash balance sheet and high free cashflow generation of the business.”
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Ambev S.A. (NYSE:ABEV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Ambev S.A. (NYSE:ABEV) at the end of first quarter 2023 which was 16 in the previous quarter.
We discussed Ambev S.A. (NYSE:ABEV) in another article and shared the list of best brewery and distillery stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.
